If you are looking to build wealth over the long term, then having a few high-quality Australian growth shares in your portfolio could be a good idea.
After all, if you can find shares with strong earnings growth potential, you can take advantage of the power of compounding and watch your investments snowball over many years.
But not all growth shares were born equal. So, let's try and narrow things down now by looking at a couple of ASX growth shares that some of Australia's leading brokers are tipping as buys.
Here's what they are recommending to clients:
Goodman Group (ASX: GMG)
The first Australian growth share that could be a buy according to brokers is Goodman Group.
It is a global industrial property giant that owns, develops, and manages high quality, sustainable logistics properties and data centres in major global cities, that are critical to the digital economy.
Goodman's portfolio is currently valued at $85.8 billion, but it certainly isn't resting on its laurels. The company has $13.7 billion of development work in progress (WIP) across 66 projects at present, which looks set to drive its growth over the remainder of the decade.
Especially given that over 50% of its WIP relates to data centres, which leaves it in a great position to capitalise on the artificial intelligence and machine learning boom.
The team at Bell Potter is very positive on Goodman's outlook and sees plenty of value in its shares.
The broker has a buy rating and $39.35 price target on them.
Siteminder Ltd (ASX: SDR)
Another Australian growth share that brokers believe could be in the buy zone this month is Siteminder.
It is a fast-growing software-as-a-service (SaaS) company with a focus on the travel industry.
Its software helps hotels and accommodation providers manage bookings across multiple channels, connecting properties with major travel websites like Booking.com, Airbnb, and Expedia, streamlining availability, pricing, and reservations in one place.
Macquarie is feeling bullish about the company's outlook and believes that rapid growth could be on the cards for the company in the coming years.
Its analysts recently said that they "think SDR will rapidly grow medium-term revenue on continued 1) market share growth; and 2) transaction product adoption. Smart Platform represents material upside revenue potential and if successfully executed should support a long-term re-rate."
Macquarie currently has an outperform rating and $6.09 price target on Siteminder's shares.
