Where were Perth’s lowest house sales?,
Only a few houses sold for $300,000 or less in Perth this year. These sales were mainly in the older outer suburbs.
Perth’s house prices reached a record median of $882,075 in 2024. Experts predict an additional rise of approximately 10 percent in the upcoming year.
The cheapest house sold in Perth was priced at $289,000 in February. It was a two-bedroom, one-bathroom home in Armadale.
This home, built on 680 square metres after World War II, last sold for $285,000 in 2010.
The next-cheapest sale occurred further on the urban fringe, 60 kilometres south in Pinjarra. A three-bedroom, one-bathroom house sold for just $1,000 more.
REIWA’s chief executive, Cath Hart, stated that bargains were available in 2024 for buyers. Particularly in Perth’s older, outer suburbs, there were opportunities.
However, she added, many of these properties needed significant TLC.
For buyers willing to invest in major renovations or redevelopment, these properties offered an affordable market entry or investment opportunity.
Additionally, regional WA offered even greater affordability for those willing to look beyond Perth.
Morawa was notable for having three property sales in the top five. One of these properties sold for as little as $2,000.
Hart explained that buyers in Morawa, Merredin, and Coolgardie were able to purchase homes on large blocks. These homes were much cheaper than similar-sized properties in Greater Perth.
Additionally, these properties were often older and required some work. However, they offered great value for those willing to invest in renovations.
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“Relocating to a regional area can be an affordable pathway to homeownership for some buyers,” she said.
However, buyers must consider factors like lifestyle, local amenities, and potential costs of maintaining or renovating older properties.
It wasn’t just cheap properties driving house prices higher this year. Demand for these properties also contributed to the price increase.
Two neighbouring Perth postcodes made it to a national list of the top 10 high-growth coastal suburbs. Marmion and Watermans Bay reached prices of $2.1 million and $2.2 million, respectively.
These prices increased by about 140 percent over the past five years. This growth led to Marmion being ranked fifth, followed closely by Watermans Bay.
Regionally, Bremer Bay and Seabird also experienced similar growth trajectories during this period.
Ray White Group senior data analyst Atom Go Tian noted the premium nature of coastal living in metropolitan areas.
He explained that six of the top 10 growth suburbs had values above $2 million.
“Only one suburb – Adelaide’s Maslin Beach – sits below $1 million,” he added.
Tian highlighted that Sydney’s Darling Point was the most remarkable example of high-end coastal growth. Despite its high market position, Darling Point achieved 137 percent growth to reach $14 million.
Marmion recorded a year-on-year rise of 49 percent to reach a new median house price of $2.1 million.
Meanwhile, Watermans Bay saw an 81 percent rise to hit $2.27 million.
