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Affordable suburbs for first homebuyers

For first-time homebuyers, finding the right suburb to purchase a home in is an exciting initial step to take.

From figuring out which suburb is in your price range to what will suit the lifestyle you are after, there are plenty of factors to consider when making your decision.

REIWA President Damian Collins said first homebuyers should be looking for a property within their budget, a suburb that suited their lifestyle and goals, as well as a property close to amenities they would use regularly.

The quickest way to enter the property market as a first-time buyer is to look at the most affordable suburbs.

Mr Collins said there were a few factors that go into determining whether a suburb was more affordable for a first-time homebuyer.

“There are lots of factors which can affect the price of a suburb, including access to amenities like schools, public transport, the CBD, workplaces and shops,” he said.

“For the areas on Perth’s top 10 most affordable suburbs list, distance from the CBD is one of the main reasons why they are so affordable.

“The properties in these suburbs are predominantly older, meaning they are cheaper than some nearby suburbs where the homes are much newer.”

While the prices of homes always seems to be on the up, Mr Collins said these suburbs should continue to remain affordable.

“These suburbs should stay relatively affordable for quite some time,” he said.

“Western Australia is still the most affordable state in the country for housing relative to income.

“So, even if the median house prices in these suburbs increase, it should not push prices out of reach for most Western Australians.”

Mr Collins said when deciding where to drop anchor it was best to lead with your head not your heart.

“For most of us, our first home is about getting our foot on the property ladder,” he said.

“Many will use that growth in their first purchase to later build on that wealth to upgrade their home.”

For those with butterflies in their stomachs

at the prospect of purchasing their first

home, whether within one of the top 10 affordable suburbs or elsewhere, Mr Collins offered some sage advice.

“A newer home might have more appeal, but its land value component may be less and it may not increase as much in value as an older style property,” he said.

“On the other hand, an older style property may need more repairs and maintenance, which needs to be budgeted for.”

Mr Collins said in the Real Estate Institute of Australia’s Real Estate Market Facts released for the December 2021 quarter, Perth was found to have to most affordable median house sale price.

“Perth had the most affordable median house sale price of any capital city in the country – and by some way too,” he said.

“While we have seen price rises, Perth is still a very affordable place to buy a home for most of us.”

10 most affordable suburbs around Perth

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