I'm a big fan of growth shares and feel very fortunate to have such a large number to choose from on the Australian share market.
Three ASX growth shares that I think would be top options for investors are listed below. Here's why I think they could generate outsized returns for investors over the next decade:
IDP Education Ltd (ASX: IEL)
The first growth share to look at is IDP Education. It is a leading provider of international student placement services and English language testing services. Given the closure of borders globally, IDP Education has been impacted negatively by the pandemic. However, with its shares down almost 50% from their 52-week high, I'm confident this is more than priced in now. In light of this, I think now could be an opportune time to invest. Especially given its strong balance sheet and its very positive long term growth outlook.
NEXTDC Ltd (ASX: NXT)
Another growth share to consider buying is NEXTDC. Unlike IDP Education, NEXTDC has been a big winner from the pandemic thanks to the accelerating shift to the cloud. The good news is that there's still a long way to go for the cloud computing boom. According to global technology research firm Gartner, it has forecast that 80% of all organisations will shift their workloads to third-party data centres by 2025. Overall, I expect this to lead to increasing demand for its innovative data centre outsourcing solutions over the next decade.
ResMed Inc. (ASX: RMD)
A final ASX growth share to consider buying is ResMed. I'm confident the medical device company can continue its solid growth over the next decade thanks to its focus on the sleep treatment market. This lucrative market is growing quickly due to the proliferation of obstructive sleep apnoea and other sleep disorders. And given the quality of its products and software, I believe it is well-positioned to capture a growing slice of this market.
