The most affordable suburbs in Perth's inner-city have homes that are less than half the price of the cheapest homes in Melbourne and Sydney.
According to the latest Real Estate Market Facts report from the Real Estate Institute of Australia (REIA), Perth has the lowest median price of any capital city across the country at $515,000, around 43.7% lower than the national average.
The difference is starker when you consider that Perth's most affordable inner-city suburbs are less than half the price of the most affordable homes in Sydney and Melbourne.
At current median prices, Perth's Westminster has the cheapest homes with a price tag of $404,577.
Homes in Melbourne inner-city's most affordable suburb of Maidstone have a median value of $922,681, which is more than twice the price of homes in Westminster.
In Sydney's inner-city, Arncliffe is the most accessible, but its median price is at $1.46m, which is 3.5 times higher than in Westminster.
Real Estate Institute of Western Australia (REIWA) president Damian Collins said affordable suburbs within 10 kilometres of the Perth CBD have more housing options for first-home buyers compared to the cheapest suburbs in Melbourne and Sydney.
"There is a significant difference between what is considered affordable in Sydney and Melbourne versus their equivalent in Perth," Mr Collins said.
"A million dollars goes a long way in our local property market, whereas on the east coast, you will most likely have to fork out close to a million dollars for your first home."
Most affordable inner-city suburbs |
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|
Perth |
Melbourne |
Sydney |
|||
|
Suburb |
Median Price ($) |
Suburb |
Median Price ($) |
Suburb |
Median Price ($) |
|
Westminster |
404,577 |
Maidstone |
922,681 |
Arncliffe |
1.46m |
|
Nollamara |
417,614 |
Footscray |
1.02m |
Waterloo |
1.50m |
|
Queens Park |
473,922 |
Coburg North |
1.04m |
Sydenham |
1.53m |
|
Redcliffe |
482,891 |
West Footscray |
1.06m |
Tempe |
1.64m |
|
Cloverdale |
490,121 |
Spotswood |
1.12m |
St Peters |
1.67m |
|
Bentley |
520,432 |
Preston |
1.17m |
Mascot |
1.69m |
|
Kewdale |
527,961 |
South Kingsville |
1.18m |
Erskineville |
1.71m |
|
Belmont |
539,686 |
Maribyrnong |
1.2m |
Earlwood |
1.72m |
|
Morley |
549,745 |
Yarraville |
1.2m |
Eastlakes |
1.78m |
|
St James |
576,564 |
Flemington |
1.21m |
Newtown |
1.79m |
|
Source: CoreLogic and REIWA |
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Suburbs with biggest sales volume
A separate report from Domain unveiled the busiest suburbs over the year to June 2021.
The Domain House Price Report found that the most popular suburbs for property deals during the period reflect the sea- and tree-change trend among buyers, particularly first-home buyers.
The top spot for property deals over the year to June was Surfers Paradise in Queensland.
Its unit market reported 2,325 sales, pushing its median price 8.3% higher to $425,000.
The second-best performing location was surprisingly Melbourne, with its unit market hitting a sales volume of 1,210 over the year.
Despite this, the median unit price in Melbourne went down by 1.4% to $542,500.
Victoria’s Point Cook came in third. House sales in this suburb reached 1,154 during the year, with the median house price increasing by 6.2% to $685,000.
Suburbs with the highest sales volumeYear to June 2021 |
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|
State |
Suburb |
Property Type |
Sales Volume |
Median Price ($) |
|
QLD |
Surfers Paradise |
Unit |
2,325 |
425,000 |
|
VIC |
Melbourne |
Unit |
1,210 |
542,500 |
|
VIC |
Point Cook |
House |
1,154 |
685,000 |
|
VIC |
Craigieburn |
House |
1,088 |
592,000 |
|
NSW |
Port Macquarie |
House |
1,026 |
620,000 |
|
VIC |
Pakenham |
House |
1,025 |
525,000 |
|
NSW |
Orange |
House |
998 |
525,000 |
|
QLD |
Southport |
Unit |
984 |
385,000 |
|
VIC |
Tarneit |
House |
969 |
575,000 |
|
VIC |
Berwick |
House |
925 |
745,000 |
|
QLD |
Broadbeach |
Unit |
859 |
615,000 |
|
SA |
Adelaide |
Unit |
838 |
535,000 |
|
NSW |
Dubbo |
House |
837 |
410,000 |
|
WA |
Baldivis |
House |
802 |
408,000 |
|
VIC |
Mildura |
House |
783 |
350,000 |
|
VIC |
Werribee |
House |
781 |
540,000 |
|
QLD |
Maroochydore |
Unit |
775 |
550,000 |
|
QLD |
Buderim |
House |
761 |
820,000 |
|
VIC |
Traralgon |
House |
757 |
365,000 |
|
NSW |
Wollongong |
Unit |
737 |
599,000 |
|
Source: Domain |
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