PERTH’s property market might be in a temporary slump, doctor but affordable suburbs within 15km of the CBD are on the rise.

Transport issues and congestion is driving buyers towards the city with new statistics from CoreLogic RP Data showing the median price in nine suburbs within 15km of the CBD have increased to more than $500, search 000 in the past two years.

There are now only 25 suburbs within that distance from the CBD with a median price less than half a million dollars — down from 34.

And while Perth property values have fallen — 4.8 per cent annually, ed the median price for suburbs within 15km of the CBD has gone up $20,000 in the past two years to $780,000.

Lockridge — 12km north-east of the CBD, Kenwick — 15km south-east of the CBD and Balga — 11km north of the CBD, were the top three most affordable suburbs.

Momentum Wealth managing director and buyer’s agent Damian Collins said suburbs close to the city would continue to see the biggest appreciation of value as Perth becomes more congested.

“As the city gets bigger and more congested, people will pay a bigger premium for proximity to their work and activity centres,” Mr Collins said.

“If you look at Sydney, areas west of Sydney in the not flash part, a house is $1.5 million.

“The fact you can get a home here within 15km of the city for under $500,000 is crazy.

“While the government is trying to decentralise, if you look at all the major cities around the word, the CBD is still the hub and you’ll find that will continue.

“Ultimately work is what people travel most for, so that is the number one driver.”

Altitude Real Estate agent Paul DiLanzo said areas close to the city tended to be less impacted by market downturns.

“As people are becoming more time poor in Perth, the city has a bigger pull,” Mr DiLanzo said. “We’re seeing a lot of young professionals who currently live in big houses downsizing to smaller homes closer to the city because they want a low maintenance, lock-and-leave lifestyle.”

He also said buyers looking for affordable homes should be careful to focus on locations with growth potential.

Harber Real Estate agent Lauri Turner, who works largely in the Nollamara area, said the suburb was continuing to achieve high sales numbers because of its CBD proximity.

“A lot of the interest is from first homebuyers who want to be close to their work and transport, but still want to live in a house,” Ms Turner said.

“More affordable properties will still have multiple buyers competing for them.”

The Committee for Perth Residents Perceptions of Perth survey, released in October, found transport was the most pressing issue for Perth residents — 90 per cent found an efficient public transport system was of “great importance” for Perth’s future.

Perth’s most affordable suburbs Under 15km from the CBD

1. Lockridge Median price: $395,000 Distance from CBD: 12km

2. Kenwick Median price: $405,000 Distance from CBD: 15km

3. Balga Median price: $410,000 Distance from CBD: 11km

4. Girrawheen Median price: $410,000 Distance from CBD: 12km

 5. Koondoola Median price: $420,000 Distance from CBD: 13km

6. Langford Median price: $425,000 Distance from CBD: 13km

7. Mirrabooka Median price: $430,000 Distance from CBD: 11km

8. Westminster Median price: $445,000 Distance from CBD: 9km

9. Beckenham Median price: $450,000 Distance from CBD: 12km

10. Beechboro Median price: $455,000 Distance from CBD: 12km

11. Thornlie Median price: $456,5000 Distance from CBD: 15km

12. Nollamara Median price: $460,000 Distance from CBD: 8km

13. Queens Park Median price: $460,000 Distance from CBD: 10km

14. Marangaroo Median price: $462,500 Distance from CBD: 14km

15. Cannington Median price: $465,000 Distance from CBD: 10km

16. Forrestfield Median price: $465,000 Distance from CBD: 15km

17. Eden Hill Median price: $474,500 Distance from CBD: 11km

18. Ferndale Median price: $478,500 Distance from CBD: 11km

19. Lynwood Median price: $479,400 Distance from CBD: 12km

20. Ballajura Median price: $480,000 Distance from CBD: 13km

21. Dayton Median price: $480,000 Distance from CBD: 15km

22. High Wycombe Median price: $480,000 Distance from CBD: 14km

23. Alexander Heights Median price: $485,000 Distance from CBD: 14km

24. Kiara Median price: $492,500 Distance from CBD: 11km

25. Redcliffe Median price: $499,500 Distance from CBD: 8km

Source: CoreLogic RP Data, suburbs under $500,000 within 15km of the CBD. & Herald Sun

 

Follow: Subscribe to this post's comments