First-home buyers looking to break into Perth’s most premium suburbs might need to consider looking at units.
Real Estate Institute of Western Australia (REIWA) president Damian Collins said some of the most expensive suburbs for houses in the state have affordable units for first-home buyers.
“The unit market in these 10 premium Perth suburbs offers buyers a more affordable entry point into the area that allows them to enjoy the lifestyle benefits without the expensive price tag,” he said.
“Of course, that’s not to say the calibre of the house and units in these areas are necessarily comparable, but if location and lifestyle is what you after, buying a unit is an affordable alternative.”
Wembley is one premium suburb with affordable units — the difference between its median house price and median unit price is over $1m.
The gap is even bigger in Mosman Park, where houses are $1.32m more expensive than units.
To compare, the difference between the median house price and median unit price across Perth is only a little over $100,000.
“Perth has the most affordable median house sale price of any capital city in the country; however, we still have our share of suburbs with house prices that are out of reach for the average person,” Mr Collins said.
“If you have your heart set on the lifestyle of one of these affluent suburbs but the house prices are out of your budget, then buying a unit may be a good option.”
According to Bluestone, homebuyers in Western Australia spend the smallest proportion of their income on home loans.
A separate study by Bankwest found that buyers in the state are the most optimistic, with more than half believing the Great Australian Dream is still achievable despite the current uncertainties.
Here are the ten premium suburbs with the most affordable unit prices for first-home buyers:
|
Suburbs |
Median unit price |
Median house price |
|
1. Wembley |
$282,000 |
$1.29 million |
|
2. Mosman Park |
$365,000 |
$1.68 million |
|
3. Mount Lawley |
$410,000 |
$1.15 million |
|
4. North Perth |
$460,000 |
$1 million |
|
5. West Leederville |
$480,000 |
$1.29 million |
|
6. Bicton |
$500,000 |
$1.28 million |
|
7. Leederville |
$507,500 |
$1.02 million |
|
8. East Fremantle |
$525,000 |
$1.3 million |
|
9. Subiaco |
$560,000 |
$1.48 million |
|
10. North Coogee |
$579,500 |
$1.2 million |
|
Perth |
$415,000 |
$525,000 |
—
Photo by @fadder8 on Unsplash
Collections: Mortgage News Property News
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