W.A Home Prices at Their Most Affordable this Century

First-time home buyers are cashing in on record low housing prices in Western Australia as they hit their most affordable this century.

“Perth and Western Australia have the highest proportion of first-time buyer activity,” Domain Chief Economist Dr. Andrew Wilson said.

This current property climate will also make Perth and Western Australia incredibly attractive to migrants both regionally and internationally.

The Median housing price in Perth and Western Australia is at the lowest of $554,095 compared with Sydney, which is still at the most expensive price of $1,167,516.

Over the past two years the required loan repayment on a median-priced house in Perth has fallen by more than $260 a month, or $3,120 a year.

For the rest of the State, the required repayment has dropped to $1,545 from $1,773 a month in late 2015.

Perth is also the cheapest capital city to rent a house, the median cost of rent at $350/week, with the highest renting suburbs being: Baldivis, Perth City, East Perth, Scarborough and Butler.

Housing affordability has improved dramatically in Perth and is keeping the first time homebuyer’s dream alive in securing and claiming their slice of the city.

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*Data and figures compiled from various sources: