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You can buy 3.5 properties in a Perth inner-city suburb for the cost of one property within 10 kilometres of Sydney’s most affordable inner-city suburb; it’s been revealed.
Western Australia’s peak real estate body, the Real Estate Institute of Western Australia (REIWA) has flagged just how affordable its own inner-city suburbs are compared to its east coast counterparts.
The REIWA has emphasised howremains “one of the most affordable places in the country to buy a house”.
In Melbourne, the cheapest suburb within the 10-kilometre radius is Maidstone, where median house values are currently sitting at $922,681.
Up in Sydney, Arncliffe holds bragging rights as the cheapest suburb so close to the city, where the average house will set back buyers $1.46 million.
This is vastly different from the situation in Perth, where Westminster takes the crown for being the cheapest suburb so close to the city, at a median house value of $404,577.
REIWA President Damian Collins says the home ownership dream is still very much alive in Perth.
“There are plenty of affordable options close to the city in Perth, whereas in places like Sydney and Melbourne you’d likely need to spend over a million dollars to get your foot in the door close to the city,” Mr Collins said.
It led the REIWA to show “you could effectively buy 3.5 properties in Westminster, which is Perth’s most affordable suburb within 10 kilometres of the CBD, for the cost of just one in Arncliffe, which is Sydney's most affordable within 10 kilometres of the CBD.”
Distances from the CBD aside, Perth currently offers investors a median house price of $515,000, which is the lowest median of any Australian capital city – and 43.7 per cent lower than the national average.
It compares to Sydney’s median price of $1.41 million and Melbourne’s $1.01 million average mark, reported in the June quarter of 2021.
Mr Collins acknowledges there’s “significant difference between what is considered ‘affordable’ in Sydney and Melbourne, versus the equivalent in Perth”.
“A million dollars goes a long way in our local property market, whereas on the east coast you’ll most likely have to fork out close to a million dollars for your first home, which is why prospective buyers are finding it increasingly difficult to get on the property ladder in these cities,” the president considered.
“We are very lucky in WA that housing is still so affordable and that, even amidst a market recovery, home ownership remains within reach for so many West Australians,” he concluded.
Comparing the price of inner-city suburbs
Cheapest Perth suburbs within 10 kilometres of the CBD:
1. Westminster $404,577
2. Nollamara $417,614
5. Cloverdale $490,121
6. Bentley $520,432
7. Kewdale $527,961
9. Morley $549,745
10. St James $576,564
Cheapest Sydney suburbs within 10 kilometres of the CBD:
1. Arncliffe $1.46 million
2. Waterloo $1.50 million
4. Tempe $1.64 million
5. St Peters $1.66 million
6. Mascot $1.69 million
7. Erskineville $1.71 million
8. Earlwood $1.72 million
9. Eastlakes $1.77 million
Cheapest Melbourne suburbs within 10 kilometres of the CBD:
1. Maidstone $922,681
2. Footscray $1.02 million
3. Coburg North $1.04 million
4. West Footscray $1.06 million
5. Spotswood $1.12 million
6. Preston $1.17 million
7. South Kingsville $1.18 million
8. Maribyrnong $1.2 million
9. Yarraville $1.2 million
10. Flemington $1.21 million