10 premium Perth suburbs with affordable unit markets

26 MAR 2022 By Noemi Pamintuan-jara 11 min read Investor Strategy

Looking for a way to break into Perth’s property market? Unit housing in the capital city’s premium suburbs may be one of the most affordable entry points for budget-conscious buyers, an expert has shared.

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Real Estate Institute of Western Australia (REIWA) president Damian Collins has flagged that the 10 premium suburbs on the list recently released by REIWA may all have median house sale prices over $1 million, but the median unit sale prices sit far lower.

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“The unit market in these 10 premium Perth suburbs offers buyers a more affordable entry point into the area that allows them to enjoy the lifestyle benefits without the expensive price tag,” Mr Collins said.

Wembley, Mosman Park, and Mount Lawley clinched the top spots on the list, where the first two suburbs have shown the greatest percentage difference between house and unit prices — with median unit prices at 78 per cent lower than median house sale prices.

For those looking for the biggest dollar value saving, Mosman Park could be the best choice, based on the list, as it offers a median unit sale price of $1.32 million less than the median house sale price of $1.68 million.

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Mr Collins acknowledged that the quality of the houses and units in these places may not necessarily be on par, but if location and lifestyle are key decision criteria in your house hunting process, then purchasing a unit is a cost-effective option.

“If you have your heart set on the lifestyle of one of these affluent suburbs but the house prices are out of your budget, then buying a unit may be a good option,” he said.

REIWA’s president has noted that the median house sale price in Perth is the lowest of any Australian capital city, but also admitted that “we still have our share of suburbs with house prices that are out of reach for the average person”.

Here are the top 10 premium Perth suburbs with the most affordable median unit prices:

 

SUBURB

MEDIAN UNIT SALE PRICE

MEDIAN HOUSE SALE PRICE

DIFFERENCE ($)

DIFFERENCE (%)

1. Wembley

$282,000

$1.29 million

$1.01 million

-78%

2. Mosman Park 

$365,000

$1.68 million

$1.32 million

-78%

3. Mount Lawley

$410,000

$1.15 million

$740,000

-64%

4. North Perth

$460,000

$1 million

$540,000

-54%

5. West Leederville

$480,000

$1.29 million

$810,000

-63%

6. Bicton

$500,000

$1.28 million

$780,000

-61%

7. Leederville

$507,500

$1.02 million

$516,000

-50%

8. East Fremantle

$525,000

$1.3 million

$775,000

-60%

9. Subiaco

$560,000

$1.48 million

$920,000

-62%

10. North Coogee

$579,500

$1.2 million

$615,500

-52%

Perth

$415,000

$525,000

$110,000

-21% 

Filtered for suburbs with median house sale prices above $1 million with 28 or more transactions during the 12 months to December 2021 and ranked lowest to highest by median unit price.

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