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House prices are now surging in suburbs with mid-point prices under $1million in cities with high levels of immigration.
Perth is one of Australia’s best-performing property markets with the median house price soaring by 6.5 per cent during the past financial year to $855,395, Cotality data showed.
That price point means a working couple, including a part-time parent raising the children, can still afford to enter the market.
However, that is still well below Australia’s mid-point price for capital city houses of $1.034 million, and affordable outer suburbs are seeing double-digit annual growth from Perth to Sydney and Adelaide.
Peter Gavalas, the founder of Perth-based buyer’s agent Resolve Property Solutions, said Perth suburbs with median house prices under $1million were doing particularly well because they appealed to people moving in from other parts of Australia.
‘Many new arrivals are professionals with stable incomes, looking to build long-term lives in Perth,’ he said.
‘They’re targeting family-friendly, well-connected areas and are often ready to act quickly, which is putting added pressure on supply at the affordable end of the market.’
Unlike Sydney, Melbourne, and now Brisbane, it’s still possible to buy a house in Perth for less than $1million in suburbs near the city.
House prices continue to soar amid high immigration (Anthony Albanese is pictured)
Perth is one of Australia’s best performing property markets with the median house price soaring by 6.5 per cent during the past financial year to $855,395, Cotality data showed
Peter Gavalas, the founder of Perth-based buyer’s agent Resolve Property Solutions, said suburbs with median house prices under $1million were doing particularly well because they appealed to people moving in from other parts of Australia
Carlisle, 8km south-east of Perth’s city centre, has a mid-point house price of $908,939, and values during the past year have climbed by 7.4 per cent.
Nearby Belmont, 9km from the city, has a median price of $835,007 and values there went up by 7.9 per cent in the year to June.
But the outer eastern suburbs of Perth had even stronger growth with Midland prices going up by 13.1 per cent to a still affordable $627,033, in an area 17km from the city.
Western Australia also has the nation’s strongest population growth of 2.4 per cent, based on a big influx of new residents, with 45,124 last year moving in from overseas, on a net basis, as 12,612 came from interstate.
‘International buyers are attracted by Perth’s lower entry prices, strong job market and lifestyle benefits, including quality education and transport links,’ Mr Gavalas said.
‘A budget of $750,000 to $900,000 still stretches far here, especially when compared to Sydney or Melbourne.’
Carlisle, 8km south-east of Perth’s city centre, has a mid-point house price of $908,939 and values during the past year have climbed by 7.4 per cent
In Sydney, suburbs with median prices under $1million are almost 40km from the city, with Lurnea having a mid-point price of $996,791
Sydney
In Sydney, suburbs with median prices under $1million are almost 40km from the city, with Lurnea having a mid-point price of $996,791.
The 5.8 per cent annual increase was better than Greater Sydney’s 1.7 per cent rise over the year and houses in this part of south-west Sydney are selling for a lot less than Greater Sydney’s mid-point approaching $1.5million.
Sydney receives the biggest influx of overseas migrants, making it by far Australia’s most expensive capital city market.
But New South Wales had a weaker population growth pace of 1.3 per cent last year as 106,730 new overseas migrants moved in, on a net basis, as 28,118 residents left the state for another part of Australia.
Brisbane
Brisbane now has a median house price of $1.011million but affordable suburbs are seeing some of the biggest growth with Acacia Ridge values, 18km south of the city centre, rising by nine per cent to $850,716.
Queensland’s population growth of 1.9 per cent last year was better than the national average of 1.7 per cent based on 56,877 moving in from overseas as 25,940 came from interstate.
Brisbane now has a median house price of $1.011million but affordable suburbs are seeing some of the biggest growth with Acacia Ridge values, 18km south of the city centre, rising by nine per cent to $850,716
Frankston North, 55km from the city, saw its mid-point house price climb by 6.9 per cent to a still-affordable $645,182
Affordable suburbs in Adelaide’s north are doing particularly well, thanks to strong demand from investors, with Salisbury East values soaring by 13.4 per cent to $698,790
Melbourne
Melbourne, a city getting more than 100,000 new overseas migrants a year, is a weak housing market but prices are now soaring in affordable outer suburbs where homes with a backyard sell for way less than the city’s mid-point of $947,611.
Frankston North, 55km from the city, saw its mid-point house price climb by 6.9 per cent to a still-affordable $645,182.
Adelaide
Adelaide has been Australia’s best performing housing market during the past year with values soaring by 7.7 per cent to $886,869 – despite having weaker population growth.
South Australia’s population grew by just 1.1 per cent as 1,582 left the state for another part of the country and 19,546 migrants moved in.
Affordable suburbs in Adelaide’s north are doing particularly well, thanks to strong demand from investors, with Salisbury East values soaring by 13.4 per cent to $698,790.
Someone earning $100,000 a year can still buy a house at Elizabeth Park where the mid-point price is $569,599 following a 13.1 per cent increase over the year.
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