Nollamara, Cloverdale, and Belmont are among Perth’s 10 cheapest suburbs in terms of median house price within 10km of the CBD, according to the latest data from the Real Estate Institute of Western Australia (REIWA).
“Buyers in Perth really are in an enviable position. It’s unheard of in other parts of Australia, particularly in Sydney and Melbourne, for buyers to be able to purchase a house close to the city for less than $530,000,” said Hayden Groves, president of REIWA.
“We are very lucky in Western Australia that there are still great bargains to be had in and around the CBD. It won’t always be this way, so I advise buyers to act sooner rather than later if they are wanting to secure an affordable house close to the city.”
Nollamara was the most affordable suburb on REIWA’s list, with a median price of $410,000, and a lower quartile price of $375,000.
“Buyers only have to look 10 kilometres north of the Perth CBD to find great value. Nollamara is currently undergoing a lot of change, with infill redevelopment rejuvenating the well-established suburb and attracting a lot of first-home buyers to the area,” Groves said.
Of the 10 suburbs on the list, seven were situated east of Perth.
Groves said that the eastern corridor of Perth’s inner-city area held a lot of opportunity for homebuyers and property investors.
“The median house price in suburbs like Cloverdale, Belmont and Redcliffe is hovering around the $450,000 mark, which is notably lower than the Perth median house price. First home buyers in particular will find good opportunity here, especially if they look to these suburbs’ lower quartile prices, which are even more affordable,” Groves said.
“With the Perth Stadium and surrounding infrastructure nearing completion, the opportunity is there for savvy buyers and investors to purchase in a fast growing area at an affordable price.”
| SUBURB | MEDIAN HOUSE PRICE | LOWER QUARTILE PRICE |
| 1. Nollamara | $410,000 | $375,000 |
| 2. Cloverdale | $443,500 | $408,750 |
| 3. Belmont | $450,000 | $408,000 |
| 4. Redcliffe | $452,000 | $395,000 |
| 5. Bentley | $480,000 | $430,000 |
| 6. Embleton | $490,000 | $450,000 |
| 7. Osborne Park | $490,000 | $450,250 |
| 8. Kewdale | $497,500 | $390,000 |
| 9. Morley | $500,000 | $450,000 |
| 10. Carlisle | $525,750 | $445,000 |
Year to June 2017 data for suburbs filtered for more than 20 sales
Source: REIWA
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