Buyers looking for a holiday home or great investment opportunity in a picturesque location should consider the hidden gems of the South West, according to the Real Estate Institute of Western Australia (REIWA).
The institute recently revealed the region’s 10 most affordable suburbs, with Collie, Withers, and Manjimup topping the list.
“Whether you’re looking for a property to invest in or seeking to move to the region, there is an abundance of options available to buyers down south,” said Hayden Groves, president of REIWA. “Most notable is the exceptional lifestyle opportunities on offer, which are not readily available at these prices in the metro area.”
The median house prices of the 10 suburbs on REIWA’s list range from $205,000 to $335,000, which are well below the Perth metropolitan median house price of $525,000, according to Groves.
REIWA Councillor Joe White, who is a passionate advocate for the South West, said many of the suburbs on the list were “hidden gems.” He expects these suburbs to grow in popularity over the coming years.
“Withers and Usher, for example – ranked two and six on the list respectively – are both located on the coast. West Australians love to live on the coast; to be able to buy a property that close to the beach for $300,000 or less is simply unheard of in the city,” White said.
“I suspect in the coming years Withers and Usher will grow in popularity as buyers begin to discover the full extent of their superb geographic locations. With their proximity to the Bunbury CBD and sporting facilities, infill re-development will change the perception of these locations as the benefits of this redevelopment radiate out from the town centre,” he added.
One of the greatest appeals of the South West for owner-occupiers and investors is the diversity of the landscape, according to Groves. “Whether you’re looking to live near the beach, prefer a rural secluded lifestyle, or would rather live near a vibrant, fast-growing and modern town like Bunbury, there is lots of choice available at very affordable prices,” he said.
Planned investment in the region is bound to increase the value of local properties. “[There are] sizable infrastructure developments currently either underway or in the works. Specifically, the Busselton Airport Terminal Expansion will prove to be integral in supporting the region’s tourism industry, while also helping to drive further growth in the region,” Groves said.
South West Australia’s 10 most affordable suburbs
|
Suburb |
Median House Price (Year to April 2017) |
Annual Growth Rate |
|
$205,000 |
0.0% |
|
$237,500 |
(-8.7%) |
|
$248,750 |
(-10.2%) |
|
$267,500 |
(-5.3%) |
|
$270,000 |
(-14.3%) |
|
$300,000 |
+5.3% |
|
$323,500 |
(-8.7%) |
|
$325,000 |
+9.2% |
|
$330,000 |
(-5.7%) |
|
$335,000 |
0.0% |
*Perth median house price of $525,000 recorded for the year to March 2017
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