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The growing affordability of the Perth real estate market is highlighted by the fact that in some Perth suburbs, you can now effectively buy a house for free, according to a leading authority.
Shane Kempton, CEO of Professionals Real Estate Group, said that a rising number of homes in more affordable established areas of can now be bought for the effective land value of the property.
He said that this is particularly the case with established suburbs that have median house prices of under $350,000.
“Many of these properties are found in the south-eastern and south-western suburbs of Perth,” Mr Kempton said.
“These homes are generally more than 40 years old and in original condition, meaning that the structure of the home is fully depreciated and you are buying the property for effective land value.”
Mr Kempton said that these suburbs include, where the median house price is $287,000, and Camillo, where it is $295,000.
He also said that the south-western suburbs have the largest range of “free” houses in suburbs, ranging from Calista ($300,500) to Warnbro ($335,000), and further south around Mandurah, such as the suburb of Greenfields ($293,000).
“For astute property investors and first home buyers, these older-style affordable homes represent great value for money,” Mr Kempton said.
“Many of them are still in good condition as they have been constructed with brick and tile and require just cosmetic improvements.
“The location of these older-style homes in established suburbs means that there is a high of social amenities such as pubic transport, shops and schools.”