The top 10 urban renewal suburbs across Australia have been named, showing where residents are getting younger and home prices are going up.
The list sees suburbs across NSW, Victoria and Queensland identified in a national study.
"The critical elements that increase attractiveness for younger people are generally consistent, " said report author, Ray White Group chief economist, Nerida Conisbee.
"The first is higher density residential development.
"This creates affordability for younger people wanting to buy and rent in well established suburbs where a house may be out of their reach.
"The second is great transport infrastructure to make it easier to get around.
"The third is a strong mixed-use focus, providing such things as a great retail precinct, places to work and recreational spaces."
Those suburbs on the list aw the average age of their residents come down over the past five years.
The average age of residents in Altona North in Melbourne, for example, fell by just under two years over this period.
The biggest age drop since 2018 however came in the suburb of Fawkner, where there was an average age drop of 2.3 years.
Ms Conisbee said major infrastructure changes, in particular new transport links, were key in urban renewal.
"They attract younger residents by creating highly connected, amenity-rich neighbourhoods that align with their lifestyle preferences," she said.
"Projects like Cross River Rail in Woolloongabba and the Airport Line in Mascot significantly improve accessibility to employment hubs, entertainment districts, and urban services, while also spurring the development of new apartments, retail, and dining precincts."
She said suburbs on the new Sydney Metro line, currently across the north and north-west, could also be on the rise.
"The better connectivity is awesome for suburbs that now have the line," she said.
The suburbs of Altona North in Melbourne, Cannon Hill in Brisbane, the neighbouring suburbs of Royal Park and Hendon in Adelaide and Rosebery and Beaconsfield in Sydney also made the list.
These former industrial areas that had been transformed into more residential areas with new apartments were attractive to those getting their foot on the property ladder.
"These areas often retain elements of their industrial heritage that add character and authenticity to these emerging precincts, creating distinctive neighbourhoods with strong identities," Ms Conisbee said.
"These transformations typically result in significant price advantages compared to established inner-city areas, making them particularly attractive to younger buyers and renters."
She said the combination of modern design and conveniences in new apartment buildings, along with older buildings such as warehouses being repurposed for restaurants and bars in these area make an attractive mix for young buyers.
"The wholesale renewal of these areas allows for contemporary urban design that emphasises community spaces, sustainability, and lifestyle amenities," she said.
"Meanwhile their industrial past often evolves into a cultural advantage, with warehouses and factories being repurposed into trendy food, entertainment, and creative venues that particularly appeal to younger people."
Neighbourhoods that have changed from mainly business districts to lively suburbs where there is a mix of homes, shops and smaller offices such as in the inner-city suburb of Redfern also made the top 10.
"The transformation of business districts, such as Redfern in Sydney, demonstrates how formerly commercial-centric areas can evolve into vibrant, mixed-use neighbourhoods that attract younger residents," she said.
"These transformations often involve the reimagining of traditional office precincts into more dynamic spaces that blend work, residential, and lifestyle elements."
She said this type of transformation was particularly attractive for younger buyers and renters for whom "boundaries between work and life are more fluid".
Ray White real estate agent Hayden Richards, who is currently selling a two-bedroom terrace in Redfern said the area was appealing to younger buyers.
"The typical buyer in Redfern is a young couple, an upsizer of younger buyer who is getting into the market with the help of the bank of mum and dad," Mr Richards said.
"It definitely has gotten younger with older people now moving to Paddington or Kensington where they have more space."
He said the pocket of East Redfern in particular was on the rise, with those priced out of neighboring suburbs now putting it on their list.
"It's what Surry Hills was like 10 years ago," he said.
While price was a consideration, many were drawn by what the suburb offered today.
"People are buying here because they love the area," he said.
