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New data from Real Estate Institute of Western Australia (REIWA) has shown the 10 cheapest Perth suburbs for median house price located within 10 kilometres of the central business district.
Hayden Groves, president of REIWA, said that these suburbs are in an “envious” 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,” Mr Groves said.
“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.”
The most affordable suburb on the list is Nollamara, coming in with a median price of $410,000 and a lower quartile price (that is, the median of the lowest 25 per cent of prices) 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,” he said.
Out of the top 10 suburbs, seven were found east of Perth, which Mr Groves emphasised how this area was advantageous for property buyers.
“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,” Mr Groves said.
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.
“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.”
The 10 cheapest suburbs within 10 kilometres of Perth’s CBD for the last year to June 2017 and for more than 20 sales are:
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