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The Western Australian capital continues to boast one of the most affordable property markets in Australia, with new figures showing just how affordable parts of the city are.
Even with strong price growth over the last 12 months, Perth’s median house price sits at $696,600, making it the fourth most affordable capital city following Hobart, Darwin and Adelaide.
As such, new data from the Real Estate Institute of Western Australia (REIWA) has revealed it is now cheaper to buy than rent in 112 suburbs across the capital city, with a number of first home buyer suburbs reported to be offering the best value.
“It is more affordable to pay the costs associated with servicing a home loan than pay the weekly rent in 112 Perth suburbs, which should give tenants encouragement that home ownership is within reach,” REIWA president Damian Collins has stated.
“The bulk of the suburbs on this list fall within the traditional first home buyer price range.”
According to Mr Collins, record-low interest rates, combined with “some of the most affordable housing in the country”, ultimately led to Perth’s general affordability.
“Even though Perth house prices have grown over the last 12 months, there is still an excellent opportunity for prospective buyers to exit the rental market and step onto the property ladder,” Mr Collins said.
In a number of these suburbs, median house sale prices are even sitting below $300,000.
The top 10
Based on an analysis that assumes an 80 per cent loan-to-value ratio on the suburbs median price, as well as a 30-year loan repayment period and 2 per cent interest rate, here are the top 10 Perth suburbs where it’s cheaper to buy than rent, according to the REIWA:
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