Most affordable homes in Australia are in Perth

By Gerv Tacadena | 21 Sep 2021

The cheapest home in Perth is less than half the price of the most affordable homes in Sydney and Melbourne.

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

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

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 volume

Year to June 2021

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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Image by Shah Rokh from Pixabay 

Top Suburbs : emerald , east victoria park , wiley park , leumeah , bligh park

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