Media releases

Westpac Suburb Snapshot reveals best buys in Perth’s major regions

 

2 February 2014

  • Find Perth’s most affordable, average and affluent suburbs per region
  • Regions include Inner City, North East, North West, South East and South West

Westpac has revealed the top five most affordable1, the average and the leading affluent suburbs in Perth’s major metropolitan regions.

The Westpac Suburb Snapshot, developed in partnership with RP Data, has uncovered useful insights for those looking to buy, sell or who are simply curious about their neighbourhood.

Of the regions examined, Perth’s South West has emerged as the most inexpensive for both units and houses and could be a prime opportunity for those looking to enter the market. Medina is ranked as the most affordable suburb to purchase a house (median house value $277,476), and Orelia is ranked as the most affordable suburb to purchase a unit (median unit value of $198,860).

The South West region also represents the most diverse buying opportunities across Perth. Median house values range from $277,000 in Orelia through to almost $1.4 million at the riverside suburb of Applecross.

For those looking to stay closer to the CBD, Glendalough is ranked as the most affordable suburb in the Inner City to buy a unit or house, with median values sitting at $319,612 and $447,745 respectively. It is the only suburb in this area with a median house value less than $500,000.

“Westpac understands that the dream of many Australians is to own their home sooner,” said Gai McGrath, General Manager of Retail Banking at Westpac.

“Identifying suburbs such as Glendalough can represent value for money is vital when considering a purchase in that area. If paying off your home loan as quickly as possible is a top priority, purchasing at the right price is a great start. www.westpac.com.au

“When looking for a home to buy it’s important to be armed with as much information as possible. The Westpac Suburb Snapshot helps buyers identify insights into affordable and mid-range suburbs in the regions they want to live or invest in, and is similarly useful to those planning to sell their property to identify what category their suburb falls in.”

Interesting Findings - Westpac Suburb Snapshot:

  • Across all regions examined, Medina is ranked as the most affordable suburb to purchase a house with a median value of $277,476 and Orelia is the most affordable suburb to purchase a unit with a median value of $198,860. Both are located in Perth’s South West.
  • Glendalough is ranked as the most inexpensive suburb in the Inner City to buy a house or unit, with median values sitting at $447,745 and $319,612 respectively, and is the only suburb in this region with a median house value less than $500,000.
  • Peppermint Grove is ranked as the most expensive suburb to buy a house across all regions, with a median value of $3,699,422. Only 24 houses were sold in the suburb over the past 12 months, with the majority (95.8%) selling for over $2,000,000.

1 Most affordable suburbs are classed as those holding the lowest median house and unit value within the region.