BIS Shrapnel associate director of economics Richard Robinson told nestegg.com.au that accommodation for the aged care sector is undersupplied at the moment.

"It does tend to rely on government subsidies, and with government revenues being constrained, they’re trying to constrain their spending too. Aged care suffered a cut in the budget, but it is going to be a growth sector over the long term," said Mr Robinson.

"Another area of accommodation is student accommodation, because the education sector for international students is growing quite strongly, so that might be a mini sector among the accommodation sector."

Mr Robinson said investors should be careful where student accommodation is tied in with general housing supply because there are oversupplies of apartments in some cities.

Tourism is another sector he expects will do well, with the sector significantly benefiting from the lower Australian dollar and already beginning to pick up.

"It's probably got some of the brightest growth prospects, and it's quite diverse," he said.

Mr Robinson said on the home front, Australians will increasingly be going on fewer holidays overseas, which have become a lot more expensive than domestic holidays.

"The lower dollar also makes Australia an attractive destination, particularly for those countries [where] the Australian dollar has fallen the most against, which is the US and also China.

"Australia is becoming a much cheaper destination for the Chinese, and Chinese growth has been quite strong."

In-bound tourism, he said, will probably be the strongest boost for the sector.

Mr Robinson said the hardest part for investors will be determining in what part of the tourism sector they want to invest specifically, but said investors can expect growth in tourism across both the cities and regional areas.