Buyer interest in $1m properties soars
The low cost of debt and high household savings are enabling Australians to buy more expensive properties, new research ...
The REIWA has revealed South West Western Australia’s 10 most affordable suburbs, which the Real Estate Institute of WA (REIWA) has referred to as ‘hidden gems’.
“Whether you’re looking for a property to invest in or seeking to move to the region, there is an abundance of options available to buyers down south. Most notable is the exceptional lifestyle opportunities on offer, which are not readily available at these prices in the metro area,” Mr Groves said.
“For instance, the median house prices of the 10 suburbs on the list range between $205,000 to $335,000, which is well below themetro median house price of $525,000.”
According to Mr Groves, South West WA also offers investors diverse landscape offers, having beach, rural and town areas in close proximity.
“Whether you’re looking to live near the beach, prefer a rural secluded lifestyle, or would rather live near a vibrant, fast-growing and modern town like Bunbury, there is lots of choice available at very affordable prices,” Mr Groves said.
“Not to mention planned investment in the South West is strong with sizeable infrastructure developments currently either underway or in the works. Specifically, the Busselton Airport Terminal Expansion will prove to be integral in supporting the region’s tourism industry, while also helping to drive further growth in the region.”
REIWA Councillor Joe White agreed with Mr Groves, calling the majority of the 10 suburbs as ‘hidden gems’ that have the potential for long-term hotspot viability.
“Withers and Usher for example, ranked two and six on the list respectively, are both located on the coast. West Australians love to live on the coast; to be able to buy a property that is close to the beach for $300,000 or less is simply unheard of in the city,” Mr White said.
“I suspect in the coming years, Withers and Usher will grow in popularity as buyers begin to discover the full extent of their superb geographic locations. With their proximity to the Bunbury CBD and sporting facilities, infill redevelopment will change the perception of these locations as the benefits of this redevelopment radiate out from the town centre.
“That being said, the South West’s non-coastal regional areas are fantastic places to live [in] too. And if you are living on limited means, there is probably no better place to make your dollars stretch than in towns in the South West of WA.”
The 10 most affordable suburbs and their median house prices of the year to April 2017 are as follows: