If you're a growth investor then you're in luck. This is because the Australian share market is home to a large number of quality shares that have the potential to grow very strongly in the coming years.
Five top growth shares I would buy in FY 2021 are listed below:
Afterpay Ltd (ASX: APT)
Due to the increasing popularity of the buy now pay later payment method with consumers and merchants, I believe this payments company could be a strong performer again in FY 2021. Especially given the incredible active customer growth it is experiencing in the United Kingdom and United States markets. It is also worth noting that Afterpay will launch into Canada this financial year and I wouldn't be surprised to see further geographic expansion over the next 12 months.
Altium Limited (ASX: ALU)
Due to its key Altium Designer product and its exposure to the rapidly growing Internet of Things market, I believe this electronic design software company can continue to grow its revenue and earnings at solid rate in FY 2021. Looking further ahead, I feel confident that Altium is on a path to achieving its revenue target of US$500 million by FY 2025. This is thanks to increasing demand for Altium Designer and its other growing businesses such as NEXUS and Octopart.
Appen Ltd (ASX: APX)
Another top growth share to consider buying for FY 2021 is Appen. It is a fast-growing developer of high-quality, human-annotated training data for machine learning and artificial intelligence. Given how spending in these markets is expected to grow materially in the future, I believe Appen is well-placed to continue its impressive growth for many years to come.
Pushpay Holdings Group Ltd (ASX: PPH)
Pushpay is another growth share I would buy. It is a donor management platform provider for the faith sector. Pushpay has been growing at a rapid rate in recent years and looks well-placed to continue this trend in the coming years thanks to its leadership position in a niche but lucrative market. Management certainly believes this to be the case. It is aiming to win a 50% share of the medium to large church market in the future. This represents a US$1 billion revenue opportunity and compares very favourably to FY 2020's revenue of US$127.5 million.
ResMed Inc. (ASX: RMD)
A final growth share to consider buying is ResMed. I think the sleep treatment-focused medical device company is well-placed for growth over the next decade thanks to its industry-leading products and sizeable market opportunity. Management estimates that there could be upwards of 1 billion people impacted by sleep apnoea worldwide. As more and more of these sufferers are diagnosed in the coming years, I expect demand for its products to increase.
