The Perth suburbs where it’s cheaper to buy a home now than a year ago



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“And then you’ve got this middle rung where, which is probably what we’re starting to see now, where I think you’ll see that price reduction that we’ve seen that will steady out.”

Earlier this year McQuillan predicted the median Perth home price could top $850,000 by early to mid-2025 as strong migration and chronic stock shortages continue.

He said it was feasible the median price for a home in Perth could hit $1 million in the next three to four years off the back of strong migration, low stock and the crippled construction industry.

“I don’t see any reprieve in WA at the moment,” he said.

“The demand for east coast investors looking at WA product is at record highs. Couple that with our population growth forecasts over the next 18 to 24 months, the limited supply that’s coming to the market and I just don’t see it doing anything but going up, unfortunately.”

CoreLogic’s daily home value index continues to rise with values up 0.5 per cent over the past week and up 1.9 per cent over the past four weeks.

House prices hit another record high last month, recording a median of $777,921 in the Domain Quarterly House Price Report placing Perth as the third-cheapest capital city to buy a house after Darwin and Hobart.

The biggest house price gains were recorded in Darlington (up 35.7 per cent to a median of $1.07 million), followed by Kallaroo (up 33.9 per cent to $1.07 million), Shelley (up 31.8 per cent to $1.16 million) and Armadale (up 30.2 per cent to $410,000).

CoreLogic economist Kaytlin Ezzy said there has been a shift in buyer demand towards units, especially in capital city markets like Perth where housing prices have soared, and buyers are being priced out of the market.

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“Given the worsening affordability environment and the growing possibility that interest rates could be higher for longer, it’s unsurprising that demand has skewed towards the more affordable unit sector,” she said.

CoreLogic estimates the combined value of residential real estate rose to $10.6 trillion at the end of April.

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