Buying on a budget in Perth
It isn’t always easy to get your foot in the door in Perth’s property market and with the median price having reached $550,000 in March, it is becoming ever harder to find a great property in a convenient location on a tight budget.
API Magazine ventured out to explore the cheapest median price suburbs for 3-bedroom houses within 20km of the Perth CBD, (as identified by API data), and approached Liz Sterzel for comment on the areas they identified in their March 2014 issue.
As a Perth homebuyer or entry-level investor looking for a house at an affordable price within 20km of Perth, what you’ll find are older established areas with a scarcity of new housing estates which are hungry for a taste of urban renewal.
Your options in these areas will generally be between an older established house on a large 700-800sqm block, or occasionally, a new, smaller house on a much smaller 200-300sqm block. But where are these options?
Perth’s north: Girrawheen, Koondoola
Just 15km north of the Perth CBD these suburbs are easily accessible to city, and also only 10km from the beaches of Marmion and Hillarys. Both suburbs offer small pockets of cheaper housing and have the potential to gentrify, however their reputation for being ‘rough’ has put off some buyers.
Perth’s northeast: Midland, Stratton, Bellevue
In Perth’s northeast you’ll find one of the city’s larger clusters of affordable 3-bedroom houses. This area is very attractive to young people on a moderate wage, especially tradespeople who can find local employment in the thriving industrial areas, or professionals who work in Perth city.
Perth’s southeast: Gosnells, Maddington, Kenwick, Langford
This area in Perth’s southeast offers limited opportunities for redevelopment compared to those above. While there are pockets of development and renewal, these suburbs are firmly established.
Also, while still located within 20km of Perth’s CBD, the perception exists that these suburbs are ‘out of the way’, meaning properties here may be less attractive to homebuyers and investors.
If you have an interest in building your wealth through property, then call us on (08) 9381-7450, or request a FREE Starter Pack.
Image courtesy of Vichaya Kiatying-Angsulee/FreeDigitalPhotos.net