Over 60 suburbs with median house prices under $400,000

First home buyers wanting to take advantage of falling interest rates have the choice of more than 60 affordable suburbs to purchase an established home according to David Hobbs, CEO of Professionals Real Estate Group.
Mr Hobbs said that there were some 64 suburbs in Perth which had a median house price of under $400,000.
“These suburbs with a median house price under $400,000 cover a wide area of Perth ranging from Wanneroo ($390,000) in the North to Rockingham ($380,000) in the South. There are also a host of near city suburbs which have a median house price under $400,000 including Westminster ($385,000), Koondoola ($315,000) and Mirrabooka ($342,000).
“Currently, there are now a large number of affordable homes in Perth because property prices have undergone a major correction over the last three years. During the past year alone, the median house price in Perth fell by 6.1% to $460,000.
“For first time property buyers, these competitive house prices combined with falling interest rates now make it a perfect time to consider purchasing an established home.
“First home buyers who now decide to purchase also save considerable amounts of money on rent with the median weekly rent in Perth now around $400 per week. Rents are expected to rise even higher during the coming year because of very low vacancy rates.
“Anyone buying a home in a lower priced suburb which is in a well-established area also has the opportunity of locking in future capital growth once the property market begins to rebound. For example, the median price of a home in Clarkson has achieved an annual average price growth of 12.2% during the past ten years.
“These older homes in some instances can be purchased at near land value meaning that they are primed for strong capital growth during future years.
“A good tip is to purchase an older style home that has rented out for several years and may appear tired from the outside. Through cosmetic renovations, these older homes can be quickly transformed into a desirable property,” he said.
Mr Hobbs nominated the following 10 suburbs as offering excellent potential for first home buyers seeking to purchase an affordable property in a suburb with a median price below $400,000.

1. Clarkson
2. Ballajura
3. Swan View
4. Westminster
5. Gosnells
6. Langford
7. Coolbellup
8. Wellard
9. Safety Bay
10. Warnbro

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