05 April 2022
Author: REIWA President Damian Collins
The Perth property market has experienced strong market
conditions since the end of 2020 and there are no signs of this momentum
slowing.
However, even with the price growth we have experienced
since the market turned, Perth remains very affordable.
Perth's median house price is cheapest of all capital cities
Last month, the Real Estate Institute of Australia (REIA)
released its national Real Estate Market Facts for the December 2021
quarter, which found Perth had the most affordable median house sale price of
any capital city in the country – and by some way too.
It found the Perth median house sale price of $525,000 was
the cheapest of any capital city in the country and that Perth was one of only
two capital cities with a median house sale price below $600,000 (Darwin being
the other at $592,500).
The median house prices of the other capital cities around
the country were $600,000 in Adelaide, $711,000 in Brisbane, $775,000 in
Hobart, $950,000 in Canberra, $1.125 million in Melbourne and $1.6 million in
Sydney.
The comparison between Perth’s median and the rest of the
capital cities highlights how affordable our city is. Especially when comparing
to Sydney which continues to have the country’s most expensive median house
sale price.
Based on the December 2021 quarter figures, you could buy
three properties at Perth’s median house sale price for the cost of just one
median priced house in Sydney.
Perth has the third cheapest median unit price of the capital cities
When looking at unit median sale prices around the country,
the REIA report found Perth was the third cheapest of the capital cities at
$415,000, with Adelaide just taking second spot at $412,500, and Darwin the
most affordable at $400,000.
The median unit prices of the other capital cities were
$443,900 in Brisbane, $573,000 in Hobart, $576,500 in Canberra, $692,000 in
Melbourne and $802,255 in Sydney.
The unit data further highlights how affordable we are,
given four of the eight capital cities have median unit sale prices more
expensive than Perth’s median house sale price.
It’s clear when observing median prices around the country
how fortunate we are. While many people on the east coast are priced out of the
residential sales market, that is not the case in WA. We are very lucky that
home ownership is still an achievable dream for many West Australians.
More information
Thinking of buying your first home? Read our first home buyer guide.