Has there ever been a better time to pick up a bargain in WA?
Aussie and CoreLogic have teamed up to reveal the most affordable suburbs across Western Australia in their latest report Most affordable suburbs in Australia.
WA tops the nation’s top 20 cheapest suburbs for homes
Regional WA dominates the list of Australia’s cheapest suburbs, taking out eight of the 20 most affordable townships to buy a house. Sitting on top of the leaderboard is Mount Magnet, where a house can set you back just $37,497.
Other super-cheap regional locations include Laverton and Meekatharra, both with a median value of around $40,000, as well as Morowa ($41,569) and Norseman ($48,906).
Affordable suburbs in Perth
Property values in Perth have been tracking backward since mid-2014, giving today’s buyers the benefit of improved affordability. In fact, CoreLogic says values are back to 2006 levels.
This puts buyers very much in the driver’s seat. However, rental markets have tightened suggesting a healthier balance between supply and demand, and population growth is improving, which will support an overall improvement in housing demand.
For now though, Perth offers a wealth of opportunities for value buying.
Nineteen of Perth’s 20 cheapest suburbs for houses have a median value below $300,000. The Kwinana area dominates the most affordable regions, claiming six of the top 20 spots. That’s followed by Armadale, with five of the 20 cheapest suburbs.
Topping the list of bargain suburbs is Medina, a half-hour drive south of the Perth CBD, where the median house value is $233,000. At the lower end of the Medina market, a budget of $208,000 could secure a house.
Armadale takes the title of cheapest suburb for apartments with a median value of just $173,679, well in front of runner-up – Greenfields in the Mandurah area, where buyers are looking at prices of around $205,797.
Affordable property 20km from Perth’s city centre
In Perth’s middle ring suburbs, Gosnells tops the list of cheap suburbs in Perth, with a median house value of $282,730. Three other suburbs – Maddington, Girrawheen and Stratton, all have median values below $300,000.
The cheapest apartments within 20km of the city centre can be found at Glendalough, where a budget of $277,835 could secure a home.
Affordable property 10km from the Perth CBD
In Perth’s inner ring suburbs, Westminster ($366,534) and Nollamara ($371,826) offer the lowest median house values. Buyers on a budget are spoilt for choice, with 12 different suburbs having median house values under $500,000 – a third of these are located in the Belmont region.
Unit values with close proximity to the city are even cheaper, and each of the 20 most affordable suburbs have a median value of $350,000 or less.
For value buying, head to Glendalough where the median unit value is just $277,835, though it can be possible to pick up an apartment priced from around $204,000.