DATA shows Perth house prices may be starting to claw back up after three years in decline.
CoreLogic figures showed dwelling prices rose by about one percent in the month of March, meaning if you’re looking to buy – this might be as good as it gets for some time.
So let’s say you’re a first home buyer, looking to get into the market, but you don’t want to set up camp in a suburb far north or south of the city.
We thought we’d ask REIWA president Hayden Groves where the best value was for buyers looking within 10km of the city centre.
Here’s the list:
Nollamara is Perth’s most affordable suburb for first home buyers within 10km of the city. Situated north of the Perth CBD, Nollamara presents good value for aspiring home buyers, with house prices in its lower quartile range sitting at $385,000. Prices in Nollamara’s middle-range are also good for first home buyers, with the median house price in the area sitting at $427,500 for the year to February 2017.
Just behind Nollamara, is Redcliffe. The suburb’s lower quartile price range comes in below $400,000 at $388,750, while its median house price is $450,000. Situated 10km east of Perth near Ascot and the Perth airport, Redcliffe provides aspiring home buyers the prospect of leveraging growth from rail infrastructure planned for the area.
Belmont is Perth’s third most affordable suburb for first home buyers wanting to live no more than 10km from city, with a lower quartile price of $405,000. Close to the new Perth Stadium, airport and major entertainment precincts, Belmont provides first home buyers plenty of lifestyle opportunities. Its median house price also presents good value, sitting at $449,500 for the year to February 2017.
Close to Ascot, Belmont and Tonkin Highway, Cloverdale is located 10km east of Perth. First home buyers who want to live in the area can expect to pay around $420,000 to enter the local market in its lower quartile price range. Cloverdale’s median house price also falls within the traditional first home buyer price range, coming in at $460,000 for the year to February 2017.
Carlisle rounds out the top five, with a lower quartile median house price of $430,000. Situated just 8km east of the Perth CBD, Carlisle enjoys proximity to the café strip and entertainment hubs of Victoria Park and East Victoria Park. The suburb’s median house price is $525,750, which is only marginally above the ‘$500,000 and below’ price range typically associated with first home buyer activity.
Located 9km south east of the Perth CBD near the Canning River, Wilson is the sixth suburb on the list. Prospective buyers looking to buy a house in the lower end of this suburb’s housing market should expect to pay around $440,000 for a house. The median house price in Wilson for the year to February 2017 is $544,000.
Suburbs to the east of Perth continue to dominate the list, with Kewdale taking out seventh spot with a lower quartile house price of $444,000. Situated 8km from the CBD, Kewdale’s median house price also falls within the traditional first home buyer range, coming in at $500,000 for the year to February 2017.
Located 8km south east of Perth, Bentley presents good opportunity for first home buyers to enter the WA real estate market in close proximity to Curtin University, sporting facilities and large shopping centres. Its lower quartile price is $450,000 for the year to February 2017, and its median house price is just $50,000 more at $500,000.
First home buyers looking for an affordable suburb north of the river should consider Morley. Just 9km north east of the Perth CBD and undergoing significant urban infill rejuvenation, Morley has a lower quartile house price of $450,000. Its median house price is at $518,000 for the year to February 2017.
10. St James
Only 7km south east from the Perth CBD, St James is the final suburb on the list. First home buyers wanting to live close to the city without the expensive price tag can enter St James’ property market in its lower quartile at $455,000, while the median house price in the area is $537,500.