Best ASX 200 shares vs. best suburbs for property investment in 2023

Based on capital growth, these were the best performing ASX 200 shares and suburban property markets of 2023.

a man sits on a ridge high above a large city full of high rise buildings as though he is thinking, contemplating the vista below.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Looking at the overall capital growth of shares vs. property in 2023, we saw a dead heat with the S&P/ASX 200 Index (ASX: XJO) and CoreLogic's national Home Value Index both rising by 8.1%.

In this article, we investigate the numbers further to reveal the top 10 ASX 200 shares for capital gains vs. the top 10 suburban property markets of Australia's capital cities and regional areas.

Let's take a look.

Top 10 suburbs for real estate investment in 2023 (capital cities)

Here are the top 10 suburbs for capital growth across Australia's capital city property markets in 2023.

Property marketCapital growth in 2023
Armadale, WA25.2%
Gosnells, WA22.6%
Nathan, QLD22%
Rockingham, WA21.5%
Mt Gravatt, QLD21.2%
Mandurah, WA19.9%
Kwinana, WA19.7%
Sunnybank, QLD19.4%
Carindale, QLD19.1%
Holland Park — Yethonga, QLD18.8%
Source: CoreLogic

Top 10 suburbs for real estate investment in 2023 (regions)

Here are the top 10 suburbs for capital growth across Australia's regional property markets in 2023.

Property marketCapital growth in 2023
Bunbury, WA15%
Gold Coast — North, QLD 14.4%
Barossa, SA 14.2%
Nerang, QLD13.2%
Southport, QLD 13.2%
Innisfail — Cassowary Coast, QLD12.1%
Bundaberg, QLD11.9%
Darling Downs — East, QLD11.7%
Rockhampton, QLD11%
Ormeau — Oxenford, QLD10.6%
Source: CoreLogic

Top 10 ASX 200 shares of 2023

Here are the top 10 ASX 200 shares for capital growth in 2023.

ASX 200 sharesCapital growth in 2023
Neuren Pharmaceuticals Ltd (ASX: NEU)214%
Emerald Resources NL (ASX: EMR)155%
James Hardie Industries plc (ASX: JHX) 117%
Boss Energy Ltd (ASX: BOE) 89%
Boral Limited (ASX: BLD) 86%
Seven Group Holdings Ltd (ASX: SVW) 76%
Pro Medicus Limited (ASX: PME) 73%
REA Group Ltd (ASX: REA) 63%
Xero Limited (ASX: XRO)60%
Reece Ltd (ASX: REH) 58%
Source: CommSec

If you're considering investing in shares vs. property, check out our article on the opportunities of 2024.

mid-cap healthcare stocks. However, those that achieved material commercial milestones have generated positive shareholder returns in the last six months (NEU, DXB, 4DX and PME). With many companies currently trading at depressed valuations, there are stock picking opportunities for those with solid balance sheets to ride out the cyclical downturn and clear catalysts to drive momentum.The new class of GLP-1/GIP drugs continue to dominate news flow for their impact on weight loss and other health outcomes (e.g. lowering cardiovascular events). There is little doubt these drugs will form one of the biggest selling classes to date, with both Novo Nordisk and Eli Lilly unable to keep up with demand. ASX large-cap healthcare companies, including RMD and CSL were sold off as investors drew read throughs for what these drugs could mean for long term demand growth. Fortunately there were no adverse impacts on companies in our coverage and data suggests the sell off in large cap stocks has been overdone in any case

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the 'five best ASX stocks' for investors to buy right now. We believe these stocks are trading at attractive prices and Scott thinks they could be great buys right now...

See The 5 Stocks *Returns as of 30 April 2025

Motley Fool contributor Bronwyn Allen has positions in James Hardie Industries Plc and REA Group. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Pro Medicus, REA Group, and Xero. The Motley Fool Australia has positions in and has recommended Xero. The Motley Fool Australia has recommended Pro Medicus and REA Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Share Market News

A man looking at his laptop and thinking.
Share Gainers

Here are the top 10 ASX 200 shares today

The markets lost their steam this Thursday.

Read more »

A young man pointing up looking amazed, indicating a surging share price movement for an ASX company
Broker Notes

3 amazing ASX 200 shares to buy and hold forever

Brokers think these shares are in the buy zone. Let's see why they could be top buy and hold picks.

Read more »

iPhone with the logo and the word Google spelt multiple times in the background.
Opinions

I've been buying these 2 US stocks in 2025. Here's why

Sometimes the US markets are a better place to go shopping for stocks.

Read more »

Ecstatic woman looking at her phone outside with her fist pumped.
Share Gainers

Why Catapult, Hutchinson, SKS, and West African shares are pushing higher today

These shares are having a strong session despite the market weakness.

Read more »

A man sits in despair at his computer with his hands either side of his head, staring into the screen with a pained and anguished look on his face, in a home office setting.
Share Fallers

Why Dexus, Mayne Pharma, Nufarm, and Treasury Wine shares are falling today

These shares are having a tough session on Thursday. But why?

Read more »

A woman sits at her computer with her chin resting on her hand as she contemplates her next potential investment.
Mergers & Acquisitions

IAG share price lifts off on strategic alliance approval

IAG shares are racing higher in Thursday’s sinking market.

Read more »

Rising gold share price represented by a green arrow on piles of gold block.
Gold

Up 72% in 2025, why is this ASX 200 gold stock racing ahead of the benchmark again today?

Investors are bidding up this high-flying ASX 200 gold stock again on Thursday. But why?

Read more »

A woman wearing a black and white striped t-shirt looks to the sky with her hand to her chin contemplating buying ASX shares today as the market rebounds
Share Market News

Where could the RBA interest rate go in the next 12 months?

Here’s what one expert thinks could happen with interest rates by early 2026.

Read more »