Perth’s home buyer hotspots 2022

Looking to buy your first home in Perth? Real Estate Institute of WA (REIWA) president, Damian Collins, shares his insights on the most attractive suburbs for first home buyers this year.

Based on REIWA sales data from March 2021 to March 2022, Damian's predicting the Perth suburbs with the best opportunities for first home buyers to get into the market without going too far from the CBD.

Perth’s top suburbs for first home buyers

When looking for your first home in Perth, Damian recommends focusing on a location and property to suit your lifestyle and financial situation. Here's Damian's analysis of Perth suburb sales with a median price between $400,000 - $600,000, close to the CBD.

Belmont

Less than 10km from the CBD, Belmont had the biggest increase in house sales in 2022 compared to 2021 – with transactions increasing by 82.4%. “The suburb has a large employment catchment, drawing in a variety of buyers looking for property around the $500,000 price mark. With 9% growth in house prices in the last year, the suburb is in a good position for continued price appreciation,” Damian says.

Redcliffe

Still close to the city, but a short trip to Perth Airport, Redcliffe had a 50.8% increase in house sales in the 12 months to March 2022. “Redcliffe offers great value for people looking for a decent-sized home that’s close to the city without the city price tag,” Damian says. "Redcliffe Station is currently under way as part of the METRONET Forrestfield-Airport Link, which should add to the appeal of the suburb. With a 15.8% increase in house prices already recorded in the 12 months to March 2022, we can expect demand for the suburb to hold strong throughout 2022."

Bentley

House sales in Bentley increased 50% in the 12 months to March 2022. “Home to Curtin University, Bentley’s location is ideal and sought after by many buyers - positioned under 10kms from the CBD and less than 6kms from Westfield Carousel shopping centre,” Damian says. “It’s also close to Victoria Park and the vibrant café/hospitality strip along Albany Highway. Buyers generally want to live somewhere close to shops, restaurants, public transport and parks, and when the median house price is $480,000, this is a suburb that's affordable for first home buyers, which is why we’re seeing popularity in the suburb grow."

Nollamara

"Nollamara offers great value for first home buyers looking to be close to everything," Damian says. “Within Nollamara’s 15km radius is the CBD, Karrinyup shopping centre, Scarborough/Trigg beaches, and Leederville/Mount Lawley retail precincts. The suburb itself is well serviced with parks, shops and amenities. It is also the cheapest suburb on this list with a median house price of $417,000.” He says, “First home buyers are starting to notice the value for money in Nollamara. A three-by-two home this close to the city for this price is much harder to come by in most suburbs, so it’s no surprise there was a 42% increase in house sales in Nollamara in the last 12 months."

Queens Park

Queens Park has undergone some significant changes in recent years. “The Quattro development has overhauled the image and presentation of the suburb, with newer homes and estate-style living,” Damian says. “Queens Park is a viable launching pad for first home buyers looking to get their foot in the door close to the city. During the 12 months to March 2022, we saw house sales increase in the suburb by 39%, suggesting many buyers are taking advantage of the suburb’s affordable prices."

Hamersley

For buyers looking to live close to the city, but still be part of the northern suburbs of Perth, Damian says, “Hamersley is a good pick, it’s becoming more and more recognised as a sought-after location, with the CBD 15kms to the south, and Hillarys 11kms to the north.” House sales here rose by 37%. “You can find large block sizes, surrounded by many parkland areas, all within walking distance to the Centro Warwick Shops,” he says. “The 18% price growth experienced in the 12 months to March 2022 has pushed prices to a median of $592,500. Whilst this may be out of reach for some first home buyers, it is still a good suburb to consider if you want to buy in a suburb with good potential for capital growth."

Carlisle

Carlisle is another suburb that has everything at its doorstep. “For a median house sale price of $557,500, you get a wealth of entertainment districts all within 10kms including the CBD, Victoria Park’s café strip, Belmont Forum, Perth Airport, and Optus Stadium,” Damian says. "Sales activity was strong in the 12 months to March 2022, increasing 29%, and prices also climbed 13.8%, a testament to the suburb’s increased demand."

St James

House sales in St James increased 27% in the 12 months to March 2022. Damian says St James (within 8kms of the CBD) is in a little pocket within the Victoria Park area and you get all the perks that come with this, for a more affordable median house price of $567,500 than if you were buying in Victoria Park itself where the median house price is over $700,000.

Morley

“Whilst the median house sale price of $535,000 might be out of reach for some people, Morley is a large suburb with options across all price points,” Damian says. “The big features to note in Morley, besides being under 10km from the CBD, is Centro Galleria and the Coventry Village shopping centres.” During the 12 months to March 2022, there were 474 house sales in Morley, a 26% increase on the year before.

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The information contained in this article is of a general nature and is not intended to be nor should it be considered as professional advice. You should not act on the basis of anything contained in this article without first obtaining specific professional advice. Also to the extent permitted by law, Bankwest, a division of Commonwealth Bank of Australia ABN 48 123 123 124 AFSL / Australian credit licence 234945, its related bodies corporate, employees and contractors accept no liability or responsibility to any persons for any loss which may be incurred or suffered as a result of acting on or refraining from acting as a result of anything contained in this article.