The Aussie capital city where you can buy a unit by the beach for less than $350,000

Perth City

Domain Article – Published 16 May 2022

It’s the one Australian capital city where you can you buy a city apartment for less than $300,000, a unit by the beach for less than $350,000 or a house within nine kilometres of the CBD for $420,000.

Many interstate investors are now making a beeline for Perth to snap up the country’s biggest real estate bargains – and from a city that, just eight years ago, had the nation’s most expensive median property price.

“Our prices are pretty incredible when you compare them to most other places around Australia,” said Stephen Kyle of Vale Real Estate who’s currently selling a one-bedroom unit for offers from $150,000 in Maylands, just north of the Swan River and east of the Perth CBD.

Cheapest units near the city

StateSuburbPostcodeRegionMedianDistance To CBD
WAWembley6014City$245,5004.4km
WAMaylands6051North$259,0004.3km
WARivervale6103South East$285,0005.4km
WAVictoria Park6100South East$295,0004.1km
WAMount Lawley6050City$340,0003km

Source: Domain House Price Report, March quarter, 2022.

It’s the one Australian capital city where you can you buy a city apartment for less than $300,000, a unit by the beach for less than $350,000 or a house within nine kilometres of the CBD for $420,000.

Many interstate investors are now making a beeline for Perth to snap up the country’s biggest real estate bargains – and from a city that, just eight years ago, had the nation’s most expensive median property price.

“Our prices are pretty incredible when you compare them to most other places around Australia,” said Stephen Kyle of Vale Real Estate who’s currently selling a one-bedroom unit for offers from $150,000 in Maylands, just north of the Swan River and east of the Perth CBD.

“I originally come from Sydney, and I can see how cheap it is here. You mightn’t get a car space for that much in Sydney. It’s great for investors, especially when you think we had the highest median price eight years back. And you get decent rents, too. That one rents for $220 a week, and that’s because the tenant has been there a long time. Other similar units fetch $250-260.”

Apartments in Maylands, a suburb four kilometres from the city centre that’s on the rail line, has lots of buses and has good shops and cafes, generally have a median price of $259,000, down 10.4 per cent from prices last year.

But it’s certainly not the cheapest area in which to buy a unit. That title belongs to Wembley, midway between the CBD and Floreat Beach, with a unit median of $245,500, down 7.4 per cent on the year.

Darcy Glynn of Xceed Real Estate is selling a one-bedroom unit there from $395,000 in a good complex, within a short walk of cafes, restaurants, bars and shops.

“There was a lot of property built here back in the 1960s and 1970s, so it created a bit of an oversupply,” he said. “But it’s good investor stock and rents are good too, with a lower vacancy rate than in the CBD.”

If being closer to the beach is a lure, then Mosman Park holds a lot of promise, too, near Cottesloe and Leighton Beaches. Units there have a median of just $336,500.

Trent Vivian of Vivian’s Real Estate is selling a two-bedroom unit in the area, just 820 metres from South Cottesloe Beach, from $319,000. Then there’s Scarborough, with its own glorious white sands and surf, as well as Brighton Beach next door, with a unit median of just $406,500.

Ginette Tan of Harcourts Focus believes that Scarborough offers fabulous value to investors. With the beach, the bustling esplanade and a great variety of property types around, she regularly receives inquiries from interstate.

“Scarborough is like our Gold Coast,” said Ms Tan, who’s selling a spacious one-bedroom apartment by the beach with a massive al fresco outdoor area, with a barbecue, for offers in the low $400,000s. “But it’s a lot cheaper than the Gold Coast!

“It definitely is the place to invest for the next couple of years as it’s still so undervalued. It’s much more affordable than City Beach to the south or some of the beach suburbs to the north, and is a great place to live.”

Scarborough is also a bit of a steal for houses, too, with the median at just $740,000.

If you’d like a home by the water, Bicton is another good option too, on the Swan River, near Fremantle. Todd Grierson from Yard Property is selling a two-bedroom villa in the suburb for $475,000, well under its house median of $790,000; already 11.5 per cent less than it was last year.

“There’s a real mix of properties in Bicton from one and two-bedroom units to villas to big property around the river that can go up to $5 million,” Mr Grierson said. “This is a very good villa, solidly built in a very nice part of the world.

“There’s great access to the river here, good cafes and shops and restaurants, really good schools and a good community. People tend to come here and never move away again.”

Cheapest houses near the city

StateSuburbPostcodeRegionMedianDistance To CBD
WANollamara6061North$420,0008.3km
WAOsborne Park6017North$437,5006.7km
WARedcliffe6104South East$460,2509km
WAHighgate6003City$473,0001.9km
WABalcatta6021North$480,6009.8km

Source: Domain House Price Report, March quarter, 2022.

For those looking for a house closer to the city, there’s always Nollamara, just 15 minutes due north from the absolute city centre, with a low median house price of $420,000. Brand new three-bedroom, two-bathroom houses currently being built there by B1 Homes are being sold for only slightly more at $450,990.

Osborne Park is another good option, near major parkland and lakes, yet still just 6.7 kilometres from the CBD. It has a median house price of $437,500.

Local agent Steve McMahon of Ray White Whiteman & Associates says it’s exceptionally affordable. He has a two-bedroom villa on his books which is just $339,000.

“We’re getting quite a few inquiries from interstate at the moment simply because the market is where it’s at,” he said. “Osborne Park is a very old established area, close to freeways and to the city. We offer great value, particularly for investors and first-home buyers.”

This article was originally posted by Domain and can be viewed in full here

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