The most affordable inner-city suburbs of Perth have homes that cost less than half the price of the cheapest homes in Melbourne and Sydney.

According to the latest Real Estate Market Facts report from the Real Estate Institute of Australia (REIA), Perth has the lowest median price of any capital city in the entire country at $515,000, about 43.7% lower than the national average.

The difference is even greater when you consider that the most affordable inner-city suburbs of Perth cost less than half the price of the most affordable housing in Sydney and Melbourne.

At the current median prices, Westminster in Perth has the cheapest homes with a price tag of $404,577.

Homes in Melbourne’s most affordable suburb, Maidstone, have a median value of $922,681, which is more than double the price of homes in Westminster.

In inner-city Sydney, Arncliffe is the most accessible, but the average price is $1.46 million, which is 3.5 times higher than in Westminster.

Damian Collins, president of the Real Estate Institute of Western Australia (REIWA), said affordable suburbs within 10 kilometers of the Perth CBD have more housing options for first-time homebuyers compared to the cheapest suburbs in Melbourne and Sydney.

“There is a significant difference between what is considered affordable in Sydney and Melbourne and their equivalent in Perth,” said Mr Collins.

“A million dollars will go a long way in our local real estate market, while on the East Coast you should probably spend close to a million dollars for your first home.”

Most Affordable Inner City Suburbs

Perth

Melbourne

Sydney

suburb

Median Price ($)

suburb

Median Price ($)

suburb

Median Price ($)

Westminster

404,577

Maidstone

922,681

Arncliffe

1.46m

nollamara

417,614

Footscray

1.02m

waterloo

1.50m

Queens Park

473.922

Coburg North

1.04m

Sydenham

1.53 m

redcliffe

482.891

West Footscray

1.06m

tempeh

1.64m

Cloverdale

490,121

Spotswood

1.12m

St. Peter’s

1.67m

Bentley

520,432

Preston

1.17m

Mascot

1.69m

Kewdale

527,961

South Kingsville

1.18m

Erskineville

1.71m

Belmont

539,686

Maribyrnong

1.2 m

Earlwood

1.72m

Morley

549,745

Yarraville

1.2 m

Eastlakes

1.78m

St. James

576,564

Flemington

1.21m

New city

1.79m

Source: CoreLogic and REIWA

Suburbs with the highest sales volume

A separate report from Domain revealed the busiest suburbs for the year through June 2021.

The Domain House Price Report found that the most popular suburbs for real estate transactions over the period reflect the trend of sea and boom change among buyers, especially first-home buyers.

The best place for real estate deals during the year to June was Surfers Paradise in Queensland.

The single market reported 2,325 sales, pushing the median price up 8.3% to $425,000.

Surprisingly, the second best performing location was Melbourne, with sales volume of 1,210 over the year.

Despite this, the median unit price in Melbourne fell 1.4% to $542,500.

Victoria’s Point Cook came in third. Home sales in this suburb reached 1,154 during the year, with the median home price rising 6.2% to $685,000.

Suburbs with the highest sales volume

Year to June 2021

Stands

suburb

Property type

Revenue

Median

Price ($)

QLD

Surfers paradise

Unit

2.325

425,000

VIC

Melbourne

Unit

1,210

542,500

VIC

Point Cook

House

1,154

685,000

VIC

Craigieburn

House

1.088

592,000

NSW

Port Macquarie

House

1.026

620,000

VIC

Pakenham

House

1.025

525,000

NSW

Orange

House

998

525,000

QLD

Southport

Unit

984

385,000

VIC

Delivered

House

969

575,000

VIC

Berwick

House

925

745,000

QLD

broadbeach

Unit

859

615,000

UNTIL

Adelaide

Unit

838

535,000

NSW

dubbo

House

837

410,000

WA

baldivis

House

802

408,000

VIC

Mildura

House

783

350,000

VIC

Werribee

House

781

540,000

QLD

Maroochydore

Unit

775

550,000

QLD

Buderim

House

761

820,000

VIC

Traralgon

House

757

365,000

NSW

Wollongong

Unit

737

599,000

Source: Domain

Image by Shah Rokho by Pixabay

Top Suburbs: Berala, Rooty Hill, New Farm, Whyalla, Emerald

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