Five hotspots for Perth’s first homebuyers

Five hotspots for Perth's first homebuyersWhere can first homebuyers find a Perth property cheaper than the city’s median price and within 15km of the CBD?

With the housing market figures recently in from RP Data, it’s clear to say that Perth is outrunning the rest of the capitals, which is leaving first homebuyers wondering ‘is now the time to jump off the rental treadmill?’

Let’s first take a quick look at the figures. RP Data’s Cameron Kusher claims that Perth is “the strongest capital city housing market in Australia”.

In the RP Data Australian Housing Market Update, Kusher reports that over the recent quarter Perth’s dwelling values were up by 3.1%. Perth’s median house price now sits at $510,000.

Over the three months to June this year Kusher notes that 23.2% more Perth home sales occurred compared to the same quarter in 2012. Also, properties are this year being snapped up in almost half the time compared to last year.

And while prices have still been rising, Perth rents have also been ascending this year; a 5.6% rent rise this year for houses and a 6.5% rent rise for units.

So with rents rising and price growth continuing, we’re finding that more renters are turning to property buying. This is because it’s becoming increasingly more affordable than staying on the rental circuit, particularly over the medium to long term.

As buyers’ advocates acting for the homebuyer and investor, we like to find the right property and location that not only suits the buyer’s needs, desires and budget, but will also perform in the long term.

We’re finding that most of our first homebuyers want to buy as close to the Perth CBD as possible, rather than far beyond the city boundary. This is often for accessibility to jobs but also for social interaction with Perth’s cultural hub.

So with all that in mind here are our top 5 hotspots of Perth suburbs priced comfortably under the current Perth median price of $510,000 and within 15km of the Perth CBD, perfect for the first homebuyer.

Median data is courtesy of the Real Estate Institute of Western Australia.

Belmont – 6km east of the CBD; median price $503,750. Excellent value for money with the added bonus of buying a developable block and seeing suburb gentrification, which means improving surrounding landscape.

Kewdale – 9.3km southeast of the Perth CBD; median price $485,000. Great development opportunities here. Its close proximity to the CBD and airport means demand will continue to rise for this suburb.

Ashfield – 9.7km northeast of the Perth CBD; median price $482,500. This suburb is very close to the city and extremely accessible along a train line.

Cannington – 11.8km southeast of the Perth CBD; median price $415,000. Great prices available here, while still close to the city.

Mirrabooka – 12.9km north of the Perth CBD; median price $365,000. Proposed light rail and rezoning here, so added potential of long-term development opportunities.

Time to start hunting, first homebuyers?

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