Investors eyeing Australia's property market have fresh reason to act, with the Reserve Bank's latest 0.25 percentage point interest rate cut unlocking new borrowing power and boosting buyer confidence.

The move, which brings the cash rate down to 3.6 per cent, is expected to increase average borrowing capacity by up to $20,000, creating an opportunity for those looking to enter or re-enter the market or expand their portfolios further.

With the spring selling season approaching and competition heating up, we reveal the top areas across Australia where investors can secure high-growth, high rental-yield properties between $600,000 and $800,000 - from coastal hubs to emerging metro pockets.

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Victoria

For investors looking for a standalone house in a capital city, buyer agent Cate Bakos is pointing investors with a budget under $800,000 to suburbs in Melbourne's middle to outer ring suburbs, such as St Albans, Deer Park and Ardeer in the west and Thomastown, Lalor and Broadmeadows in the north.

"If you are looking in the east or southeast for that price point, you will need to consider suburbs that little bit further out, such as Frankston North or Carrum Downs, where we are seeing some strong growth," she says.

Bakos also says regional cities, particularly Geelong, Ballarat and Bendigo, also offer good investment opportunities for investors looking for a house, rather than a townhouse or apartment.

"Victoria's second biggest city has turned a corner and we are starting to see modest gains, slightly better rental yields and a good tenant demographic, particularly in those areas with access to good schools and easy access to the freeway," she says.

Even before the latest rate cut, Bakos said she had started to see an increase in investor interest from interstate buyers.

"Interstate investors would make up greater than 50 per cent of my clients at the moment, which I haven't had in a long time," she says.

"We've got quite a few who are in a hurry to beat the hordes with all these predictions of further interest rate cuts, and I think this latest cut will certainly fuel investor activity," she says.

Meanwhile, buyers advocate Wendy Chamberlain says villa units in blocks of three to six are a great option for investors looking to invest in Melbourne's inner suburbs.

"They rent really well because they often have a larger floor plan than a typical apartment, and their own little courtyard, and for investors, the owner corporate fees are far more moderate than large apartment fees," she says.

"They are very popular, but if you can find one, especially in places like Brunswick and Coburg in the inner north or in and around Carnegie and Oakleigh in the south east, they can make a great investment, particularly if they are close to public transport and a good high street and schools," Chamberlain says.

New South Wales

With Sydney's median house price more than $1.2 million, investors looking to buy a house with land are often being forced to look outside the capital city.

But Matt Sharp from Sharp Property Buyers says there are plenty of good investment opportunities, especially in places close to Sydney and the state's coastline.

"Our preference is always for free-standing homes, ultimately because they tend to perform better than units and because you have more flexibility to make improvements or extensions," Sharp says.

"For anyone determined to buy in Sydney at that $600,000 to $800,000 budget, then our advice is to look at smaller blocks of apartments with no more than 12 in a complex," he says.

When it comes to buying a house for an investment in that price range, Sharp says Newcastle and the Central Coast, including places like Avoca Beach and Terrigal, provide great investment opportunities, due to their proximity to Sydney as well as the lifestyles they offer.

For both Newcastle and the Central Coast, you have the fact that you can easily commute to Sydney, there are strong economic drivers and being close to the coastline, there are strong lifestyle opportunities," he says.

However, he is quick to point out that buying a good investment property is not just about location.

"Once you've identified an area you want to buy in, you then have to look at a property through the lens of an owner-occupier.

A renter often wants the same things from a home as an owner-occupier, so he says if you don't want to live on a busy road or a steep block, chances are a renter doesn't want to either.

Queensland

Sharp, who also helps investors buy properties in other states, says areas such as Moreton Bay, Toowoomba and Townsville are also good options for investors looking for a house under $800,000.

"You've got Moreton Bay, which has that proximity to Brisbane, and Toowoomba and Townsville, which both have those strong economic drivers, such as very new hospitals, as well as those lifestyle opportunities I've mentioned before," he says.

Brisbane-based buyers advocate Joanna Boyd says a lot of interstate investors are seeking houses over townhouses and apartments at the moment.

She says for those investors, she points them towards the northern suburbs, including Kippa-Ring and Deception Bay, Caboolture and Morayfield, Warner and Joyner.

That northern corridor provides some good investment opportunities at that price point, particularly with infrastructure that is set to be developed for the Olympic Games.

Meanwhile, she says for those considering a townhouse or apartment, outer CBD suburbs such as Woolloongabba, Greenslopes and Mount Gravatt.

"With apartments and townhouses, it's about finding that sweet spot where you're not going to be competing with first home buyers," she says.

South Australia

Catherine Skinner from National Property Buyers in Adelaide says that with house prices soaring in South Australia's capital city in recent years, it is getting more difficult to secure a house under $800,000, but there is still good value to be found if you know where to look.

In line with this trend, Adelaide has seen a noticeable decline in new property listings, further tightening supply and supporting price growth.

"While the growth has slowed and is now below double digits, it remains the highest among all capital cities," Skinner says.

She says a reduction in new listings over the winter months has tightened supply and put upward pressure on prices, making Adelaide an attractive market for both local and interstate.

Skinner says Christie Downs in Adelaide's south, and just 28 kilometres from the CBD, is an area worth considering for investors looking to buy under $800,000.

"We expect to see a flow-on effect from the price rises we have seen in Christies Beach. It is close to the beach, it has great amenities, good-sized blocks and easy access to the CBD," Skinner says.

In the north of the city, Skinner says Paralowie and Salisbury North offer good growth opportunities for investors as well as strong rental yields.

"In that $700,000 to $800,000 range, we're pointing investors to areas like Salisbury North and Paralowie and some other pockets in the Salisbury region, where you've got some good government and private schools, easy city access and lots of amenities.

"We are finding these areas are highly attractive for both home buyers and tenants," Skinner says.

Western Australia

Damian Collins, the managing director of Momentum Wealth in Perth, says there are still plenty of investment opportunities in the Perth market for buyers with a budget under $800,000.

He says, despite runaway growth in recent years, he doesn't expect that to change anytime soon.

"The Perth market has come a long way in last five years, but we are still seeing too much demand and not enough supply.

"Properties listed for sale are selling in near record low times, selling on average in just 12 days.

"We are seeing the same in the rental market where there is high demand and low supply, and with population growth set to continue for a few more years to come, we can expect to continue to see high price growth," he says.

Though Collins believes that with some suburbs already overpriced, and others experiencing slower growth, it is important to invest in the right areas.

"The median house price in Perth is between $800,000 and $840,000, and so there are still a lot of suburbs where you can buy a good investment property between $600,000 and $800,000, albeit fewer than a couple of years ago.

With a median house price of $720,000, Forrestfield, in Perth's east, is one such suburb.

"They've just put an airport link in, which means there is now a train line that goes from behind the airport out to Forrestfield and into the city. While it's always been close in proximity to the city, this has just made it a lot easier to access. We've already seen price growth of over 16 per cent in the last 12 months," Collins says.

Another area we like is Redcliffe, which is just nine kilometres from the CBD with a median price of $769,000.

It's an area which you might say has had a bit of a mixed reputation in the past but as Perth prices grow, we are seeing more people flocking to these kinds of areas and really rejuvenating them with more investment and housing and renovations," he said.

Collins advises against investing in some of Perth's outer suburbs, such as Armadale, despite its significant price growth.

"We believe some of these outer suburbs have overshot a little with a lot of east coast investors buying it when stock in those suburbs was very cheap. But that interest has already tapered off and so we always go back to long-term fundamentals for investing

"And in Perth, we're looking at investment properties within about 18 kilometres of the CBD," he said.

With the latest rate cut, we can expect to see further demand for property, as people's affordability increases, pushing prices even further.