Perth’s $500k suburbs vanish as city plunged into ‘mortgage stress’
In Perth, the quickest saving times for an entry-level house were Perth City (three years, seven months) while Mandurah, Belmont-Victoria Park and Rockingham took on average four years and three months. Kwinana clocked a month longer than that.
Nationally, the Perth CBD was the champion city for first-home buyers saving a deposit for an entry-price unit, topping the shortest time along with Bayswater-Bassendean at two years and seven months, followed by Essendon in Melbourne at two years and nine months.
A couple aged 25-24 could shave one year and seven months off the time to save for a deposit if they purchased an entry-priced unit rather than a house in Perth.
REIWA chief executive Cath Hart said currently no suburbs in Perth had a median house sale price below $500,000.
“However it’s important to remember that the median price represents the midpoint of all sales, meaning half of all properties sold fall below this figure,” she said.
“Many suburbs with median prices above $500,000 still have numerous homes available for under $500,000.”
Hart said Mandurah, Armadale and Gosnells recorded the most house sales under $500,000 in the past year, while in the unit market, Perth City, East Perth and Rockingham led unit sales under this price point.
“There are more options in the unit market, with 46 suburbs, including Perth City, Mount Lawley, Success and Joondalup, with median unit sale prices under $500,000,” she said.
“Strong price growth over the past year means buying a first home has become more challenging with many buyers reassessing their expectations, potentially shifting their focus from houses to more affordable options like home units, villas or townhouses to get into the market.
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“They’re also needing to broaden their search to suburbs further from the CBD where prices tend to be lower.”
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