Compared to bigger cities on the east coast, Perth is coming in a lot cheaper (at least for now), where the median house price is around $561,000. Sitting behind only Darwin on the list of affordable capital cities, Perth residents and investors from other states alike are rushing to get in on the value presented.
Perth’s price growth increases at a very slow and steady pace – slower than other cities. Although investors may not be too happy about this specific detail, it is something that home buyers can rejoice about. But there’s still good news for investors. Perth is currently the second most affordable capital city in Australia, coming in a close second to Darwin.
While the prices are still low relative to other capital cities, it’s indeed an excellent time for buyers to start looking for their future homes. So, where should you look? Luckily for you, we have done our research, so you do not have to.
Here are the top 12 most affordable places in Perth that you should check out:
Armadale consistently has had several real estate properties for sale over the last decade. Many buyers do not know that Armadale has a median sale price of $317,00, which is so low compared to the national average ($702,000).
Prices have gone up for the last 12 months, resulting in a 9.7% price change. Nevertheless, Armadale is an incredibly affordable place to buy in Perth this 2022. This low pricing may remain for a while, mainly due to Perth’s home price stickiness.
Just 8 km from the CBD, Bentley is a great place to live for many families, professionals, and students. With Curtin University at its heart, along with a shopping centre, a retirement housing complex, and several restaurants, it has just about everything you could want. But because Bentley is close to Perth CBD, the prices here are a little higher, especially if you compare them to Armadale.
The median price in Bentley is $530,000, which is still well below the national average. Considering its location and proximity to highways, public transport, and other establishments, we rank this as one of our top places to buy.
This large suburb is within the City of Swan. Bullsbrook welcomed its first residents back in the 1890s, but it was only in the 1970s when significant property development took place. The population continues to grow, and you may be interested in buying a property in this rural and rural-residential suburb.
As of March 2023, the median price is $500,000. Despite prices rising by 16.3% over the past 12 months, Bullsbrook still presents great value for those looking for a larger property.
Camillo is not always a popular place in Perth to buy, but that may be what you are looking for. The current population here is a little over 4,400.
Camillo’s annual growth is quite appealing for investors with a 15.3% increase in the past year. The median price in the area is recorded to be $340,000. A four bedroom house is currently selling for about $375,000, whilst a three bedroom is going for closer to $323,000.
If you look up places to buy in Perth in 2023, many lists neglect to include Greenfields. However, the truth is that Greenfields will always be relevant in the property market. It is an ideal area to invest if you are planning to buy and sell the house after a year or so. This suburb is in the City of Mandurah and already has numerous smaller communities within its boundaries.
Greenfields is a family-friendly area and offers the quintessential residential lifestyle. Many estates here are surrounded by trees and parks. If you’re thinking about buying, Greenfields has a median property price of $380,000. It has seen a growth of over 15% over the past year.
Like Greenfields, Kewdale is underrated considering what it has to offer to its residents. Conveniently located near Tomato Lake and the shopping centre on the northern side of the suburb, Kewdale is also only eight kilometres from Perth.
The median price is higher than some of the places in this list, which is $532,000. Kewdale only saw a 4.4% increase in the last year, which is a satisfying indicator for property investors. It has also had relatively moderate growth over the past five years compared to other suburbs.
Leda is a suburb of Perth located in the southern end and is within the City of Kwinana. It is considered a family-friendly area with lots of educational facilities to choose from, including Leda Primary School. The main economic contribution of Leda’s population is in the industrial sector. There are plenty of employment opportunities, including oil refineries and factories.
If you think that Leda is a good place to buy, you may be pleased that the property prices here are indeed affordable. The average cost of houses is $386,000. Over the last 12 months, a four bedroom house has been selling for around $416,000, which is cheaper than many areas for the same size. And if these are not enough reasons for you to check out Leda, this suburb has seen a 12.9% increase in prices over the past year. This growth may persist, making the properties here a good investment.
This Perth suburb’s name comes from a Swan Valley property. A portion of Lockridge was once the Pyrton Estate, where soldiers settled in in the 1920s. Today, most of the residential properties that we see began as part of the State Housing Commission (SHC) initiative. The SHC bought 240-acre land in 1969 to develop a residential area.
Lockridge offers affordable pricing for homes with the median price set at $368,000. Lockridge has been one of the fastest-growing suburbs of Perth when it comes to real estate prices over the past two years, with a 26.9% increase in 2021 and a 9.9% increase in 2022.
Mandurah is a popular place to buy in Perth and is, in fact, an excellent choice throughout Western Australia. This is true, particularly for buyers searching for a mixed residential and commercial area. Mandurah offers a vibrant location for young families and professionals. It has become an established sea change destination, thanks to the numerous property developments in the area, and easy access to the train line makes it suitable for those working in the city.
Mandurah has an array of family homes, apartments, and mansions to choose from. These properties average $355,000 in price. Some areas are a little costlier, but a four bedroom will still only set you back around $391,000. It’s a great deal!
Orelia is one more of your top options to buy in Perth if you are searching for an affordable property for your family. It is situated in the City of Kwinana. Orelia was originally the name of a ship that brought settlers to Fremantle back in October 1829. Many of the improvements we see today in Orelia are due to the area development that commenced in 1952.
Orelia has a median price of $360,000, making it one of the cheapest suburbs to buy in Perth. Bouncing back from a 5 year decrease, the suburb saw a 24% price increase in 2021 and has continued to grow rapidly with 17.6% growth in 2022.
Another southern suburb of Perth, Parmelia, is one of the established locations and is just 34 km from the city. It’s prominent for its commercial spaces and parklands, prompting several families to move into the area.
Parmelia is close to schools and has a shopping centre. It is a thriving suburb in Kwinana with a median price of $350,000. This is a 15.5% increase in prices over the last year, with prices reaching their highest point in 5 years.
Westminster is probably the cheapest inner-city suburb of Perth, with a median price of $415,000. This area is over $1 million less than Arncliffe, which is Sydney’s equivalent of the mentioned suburb. This is one reason why Perth offers the most affordable housing in the country.
Westminster is only 12 km north of the Perth CBD. Over the past year, the house prices in the area have increased but remain attractive to buyers. Despite the previous housing boom, Westminster’s prices sit well below the country’s average property costs.
Whether you are looking to buy near Perth’s CBD or in a farther suburb, there are plenty of selections waiting for you to discover. You do not have to dig deep to find great value for money properties. Simply check out the locations we have listed above. If you want assistance, you may talk to Perth’s leading mortgage brokers at Quantum Finance on 1300 813 113.