Due to having a higher than average tolerance for risk, I'm a big fan of growth shares.
Luckily for me the Australian share market is home to a large number of quality growth shares right now.
Three top growth shares which I think could be in the buy zone are listed below:
Cochlear Limited (ASX: COH)
Earlier this week this hearing solutions company posted a 9% lift in sales revenue to $1,351 million and a 10% increase in net profit after tax to $245.8 million. While this was a strong result, it fell a touch short of the market's expectations and its share price pulled back. I think this is buying opportunity for investors that are willing to make a buy and hold investment. After all, with populations around the world ageing, demand for hearing products is expected to grow strongly. And with Cochlear's industry-leading products sold in over 100 countries worldwide, I think it is in a great position to benefit from this tailwind.
Webjet Limited (ASX: WEB)
I think Webjet is a quality company and positioned perfectly to grow earnings at a strong rate over the medium term. The online travel agent has a number of popular brands in its portfolio and all have been growing ahead of the industry average, leading to solid profit growth. With the shift to booking online continuing to accelerate, I feel this growth can continue for some time to come. This should be supported by the inorganic growth generated from its acquisition of JacTravel.
Xero Limited (ASX: XRO)
I think this accounting software company is one of the best growth shares on the Australian share market. Although its expansion into the U.S. has been slower than expected, I think investors ought to be patient and remember that this is a marathon and not a sprint. I remain confident that the quality of its product will allow the company to win a decent share of the U.S. market in time, complementing its growing share of the ANZ and UK markets.
