Recent REIWA data shows getting a foot on the property ladder is still achievable for Perth first home buyers, with more than 500 houses available throughout the metropolitan area for $400k or under.
REIWA Chief Executive Officer Cath Hart said the data was encouraging for first home buyers.
The dream of home ownership is very much still alive in Western Australia, Ms Hart said.
Whilst the biggest issue facing the Perth property market right now is the housing shortage, Perth still has the cheapest median house price out of all the capital cities and the statistics show there are still a range of affordable houses to choose from.
The challenge for buyers is that competition is fierce and they must act quickly to secure a property. Many of these listings will become under offer in a matter of days, with the median time to sell a house in Perth currently at 15 days.
While many of the suburbs are at the outer edge of the metropolitan area such as Ellenbrook and Baldivis, the pandemic normalised working from home and hybrid working arrangements which has seen interest in lifestyle properties increase.
Topping the list is Balga with 56 houses for sale at or under $400k at the end of October.
Balga is just 11 kilometres from the CBD and has a median house price of $365,000 which is well below the Perth median of $535,000. This should give confidence to prospective buyers who want to live close to the CBD that they dont have to pay millions like you would in Sydney or Melbourne, Ms Hart said.
Despite strong market conditions over the past two years, first home buyers can rest assured that Perth is still very affordable, and we are best placed in the country to manage the costs of servicing a home loan in the face of rising interest rates thanksto our strong economy.
Perth's top 10 suburbs with the most houses for sale for $400 or under
| Suburb | Number of house listings for sale for $400k or under | Median house sale price |
|---|---|---|
| 1. Balga | 56 | $365,000 |
| 2. Armadale | 55 | $297,500 |
| 3. Gosnells | 39 | $355,000 |
| 4. Ellenbrook | 36 | $442,000 |
| 5. Baldivis | 28 | $452,000 |
| 6. Butler | 24 | $412,000 |
| 7. Midland | 23 | $365,000 |
| 8. Maddington | 23 | $364,000 |
| 9. Girrawheen | 23 | $395,000 |
| 10. Seville Grove | 21 | $393,500 |
| Greater Perth | 516 | $535,000 |
*Data is number of house listings for sale as at 27 October 2022 and is subject to change.
*Greater Perth listings is for houses for sale on reiwa.com as at 2 November 2022. Subject to change.
