Falling housing prices in Perth are improving affordability with 49 suburbs located within 20km of the Perth CBD showing a median house value under $500,000
The falls in house values across Perth of approximately 10 per cent since 2014 has proven to be good news for those seeking to enter the property market, according to a report by Aussie Home Loans and CoreLogic.
Chief Executive Officer of Aussie, Mr James Symond said “The silver lining on the fall has seen a dramatic improvement in housing affordability in Perth, with the typical Perth house now showing a median value of just under $527,000.
“This a 47 per cent lower than Sydney’s median house value and 24 per cent lower than Melbourne, providing a great option for young people seeking to enter the housing market in Australia”, he added.
The four most affordable suburbs across the Perth metro area are all located within the Kwinana council area to the south of Perth, with each showing a median house value under $400,000. The suburb of Medina, which is located 32km south of Perth, has the lowest median value at $258,842.
Research Director of CoreLogic, Mr Tim Lawless, said “For those looking at properties which are closer to the Perth CBD, there are still nine suburbs with a median house value under $500,000 that are located within 10km of the Perth GPO, presenting excellent value relative to other capital cities”.
Westminster, located 9.7 km from the CBD within the Stirling council area, records the lowest median house value ($405,716) of any suburb within 10km of the city centre, while there are 49 Perth suburbs within 20km of the CBD with a median house value that is less than $500,000.
The most affordable suburb within 20km of the city centre is Stratton, where the median house value is $344,489 and the mean loan value is $210,525.
To view the report, please click here.
For further information: Tim Allerton City PR 0412 715 707