Last month REIWA president Hayden Groves said housing affordability was an east coast issue.
And if you look at their list of Perth’s top 10 most-affordable suburbs you’d have to agree with him.
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Buyers in Sydney would be hard-pressed to find a home priced in the early to mid $200,000s, but you can buy them here.
Most are found in the southern suburbs, some are even close to the coast, and there is one within 11km of the CBD.
Here is REIWA’s list of Perth’s top 10 most-affordable suburbs:
This coastal suburb is located 46 kilometres southwest of Perth, near Port Kennedy and Waikiki. Its median house price for the year to March 2017 came in at $336,750, which represents an 11.6 per cent decline to its annual average growth rate. Buyers looking for affordable properties in the area would be well advised to look at the suburb’s lower quartile, which sits at $308,000 for the year to March 2017.
Just 11 kilometres north of the CBD, Lockridge is located the shortest distance from Perth out of all the suburbs on the list. Lockridge has a median house price of $330,000 for the year to March 2017, which represents great value for buyers given the suburb’s proximity to the city. Its lower quartile price range presents more opportunity for buyers, with prices in this sector of the local market sitting at around $315,000.
At number eight, Stratton is one of only two suburbs on the list located north of Perth. Stratton has a median house price of $330,000, which represents a 7.6 per cent decline to its annual average growth rate in the year to March 2017. Nineteen kilometres from the Perth CBD, Stratton’s lower quartile price offers slightly more opportunity to prospective buyers, coming in $10,000 more affordable than the median at $320,000.
Next on the list is Orelia which has a median house price of $318,550 for the year to March 2017. Located 38 kilometres south of Perth, Orelia is the only suburb on the list to have experienced an increase to its median house price in the year to March 2017, with REIWA data showing it lifted 3.3 per cent over the year. House prices in the suburb’s lower quartile remain particularly affordable for home buyers, coming in more than $50,000 cheaper than its median price at $265,000.
Cooloongup is 40 kilometres southwest of Perth, near the ocean-adjacent suburbs of Rockingham and Safety Bay. Cooloongup’s median house price for the year to March 2017 sits at $310,000, while house prices in the suburb’s lower quartile sit at $280,000. Cooloongup’s median house price softened by 6.8 per cent in the year to March 2017.
Rounding out the top five is Leda, which is situated 35 kilometres south of Perth city, close to the coastal suburb of Rockingham. Leda’s median house price for the year to March 2017 was recorded at $300,000, which is a 7.7 per cent decline on its year to March 2016 median house price. Buyers seeking an affordably priced property will find even more value in Leda’s lower quartile price range, with house prices in this range sitting at around $280,000.
Camillo has a median price of $293,500 for the year to March 2017, and is the first suburb on the list with a median below $300,000. Located 23 kilometres southeast of Perth near Seville Grove and Kelmscott, Camillo’s median house price adjusted down 7.4 per cent in the year to March 2017. Buyers in the area can purchase a property in the suburb’s more affordable lower quartile for around $258,000.
Parmelia takes out third spot with a median house price of $290,000 for the year to March 2017. This median represents a seven per cent annual decline on the year to March 2016 median price. Situated 34 kilometres south of the Perth CBD, Parmelia borders the Kwinana Town Centre and features a lower quartile median price of $255,000.
Situated 25 kilometres southeast of Perth, Armadale is Perth’s second-most affordable suburb, with a median house price of $289,500 for the year to March 2017. Like Medina, Armadale also experienced a decline of 7.2 per cent to its annual median house price in the year to March. The suburb’s lower quartile price sits at $250,000, offering an even more affordable avenue for buyers to secure a home in the area.
Medina is Perth’s most affordable suburb, with its median house price coming in at $250,000 for the year to March 2017 – significantly less than the overall Perth metro median of $525,000. Located 37 kilometres southwest of Perth, house prices in the area adjusted down 7.2 per cent in the year to March. Buyers looking to purchase a house in Medina’s lower quartile price range can do so for as little as $205,000.
*All figures are based on year to March 2017 data.
*Medians, lower quartile and annual growth rate figures are based on suburbs filtered for more than 30 house sales.