Time to buy in Perth’s top suburbs
Is a bargain still a bargain when it sets you back more than $1 million?
If you’re a househunter looking to get into the blue-chip suburb of Swanbourne, then yes.
As Perth enjoys what experts say is the best year to buy property for five years, the Real Estate Institute of WA has revealed the best bargains in our wealthiest suburbs.
Swanbourne prices have slid a whopping 17.6 per cent since the suburb’s median house price peaked at $1.72 million in 2016.
Today, median prices in the suburb are more than $300,000 cheaper at $1.41 million.
In 2010, homeowners in Dalkeith revelled in a median house price of $2.8 million, but the market has since swayed in favour of buyers, falling 16.1 per cent to $2.35 million.
If you’ve been waiting for house prices in Mt Lawley to fall below $1 million, now might be the time to head down the bank.
In 2014, median prices in the suburb peaked at $1.13 million but prices have since fallen 15.9 per cent to a more affordable $950,000. Similar suburbs in Sydney (Paddington) and Melbourne (Hawthorn) would set you back four times as much.
If your wallet isn’t quite up to making a seven-figure purchase, Perth’s more affordable suburbs have also had a huge slide in house prices.
Koondoola had the biggest fall of 32.2 per cent since prices peaked at $438,000 in 2014.
Median house prices in the suburb now sit at a bargain $297,000.
In the far northern suburbs, Alkimos, which peaked in 2013 with a median house price of $540,000, now has a median house price of just $400,000 after 25.9 per cent losses over the past five years.
The latest Buy-Rent Index compiled by Curtin University and REIWA indicates this year could be the best time to buy a home in five years.
REIWA president Damian Collins said the index showed median house prices in Perth would need to rise only 2.9 per cent annually over the next 10 years for house purchases to be considered more financially viable than renting.
(*suburbs with a median house price over $700,000)
PERTH’S BIGGEST BLUE CHIP BARGAINS
SWANBOURNE
Peak: $1.72m (2016)
Now: $1.41m
NORTH BEACH
Peak: $1.08m (2017)
Now: $905,500
LATHLAIN
Peak: $868,000 (2015)
Now: $725,000
DALKEITH
Peak: $2.8m (2010)
Now: $2.35m
MOUNT LAWLEY
Peak: $1.13m (2014)
Now: $950,000
ATTADALE
Peak: $1.2m (2014)
Now: $1.02m
BATEMAN
Peak: $820,500 (2014)
Now: $705,000
SHELLEY
Peak: $942,500 (2010)
Now: $820,000
STIRLING
Peak: $832,000 (2014)
Now: $725,000
BURNS BEACH
Peak: $920,000 (2016)
Now: $805,000
Source: Perthnow
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