Perth’s first home buyer hotspots 2018

If you’re looking at buying your very first home – congratulations. It’s a massive milestone to have reached as you’ve probably had to sacrifice plenty of fun times in order to save your deposit.

Buying your first home is one of the biggest decisions you’ll make in your life, and quite possibly the most daunting. As well as being a huge financial commitment, the process of buying a home is unfamiliar. And then there’s the matter of deciding where you should buy. So what are Perth's first home buyer hotspots for 2018?

First home buyers: Perth’s most searched suburbs

Realestate.com.au, which has over 6 million monthly users, has identified a handful of Perth suburbs where first home buyers are most actively looking. Chief economist Nerida Conisbee said these areas were all characterised by an affordable price point while still being relatively close to the Perth CBD.  

1. Langford

Median house price: $357,500 ? Based on CoreLogic September 2017 quarter data Close 

While Langford is the furthest suburb from the Perth CBD in this list, at 17 kilometres, Ms Conisbee said the area would be opened up from the proposed Thornlie-Cockburn Link.

This forms part of the state government’s Metronet rail project and will connect Thornlie and Cockburn Central Train Stations. It will include a new station near the southern end of Langford making the suburb much more accessible to Perth CBD and other employment hubs, such as the Murdoch Activity Centre. Construction on the rail link is scheduled to start in 2019.

The proposed Thornlie-Cockburn Link includes a new train station near the southern end of Langford.

The proposed Thornlie-Cockburn Link includes a new train station near the southern end of Langford.

2. Cannington 

Median house price: $429,000 ? Based on CoreLogic September 2017 quarter data Close 

A major drawcard of Cannington is the $350 million upgrade to the Westfield Carousel Shopping Centre, according to Ms Conisbee.

The redevelopment is scheduled for completion in late 2018 and will be the state’s largest shopping centre, including a new fashion mall, a cinema and rooftop entertainment area.

Longer term, Ms Conisbee said the local council had proposed a major redevelopment of the city centre, which would transform Cecil Avenue into a new main street to include high-density dwellings, town squares and possibly light rail. 

The Westfield Carousel Shopping Centre is in the heart of Cannington.

The Westfield Carousel Shopping Centre is in the heart of Cannington.

3. Nollamara 

Median house price: $385,000 ? Based on CoreLogic September 2017 quarter data Close 

At sub $400,000 and just 10 kilometres from the Perth CBD, Ms Conisbee said Nollamara was a very attractive destination for first home buyers. Its price point was also considerably cheaper than neighbouring Yokine ($650,000 ? Based on CoreLogic September 2017 quarter data Close  ), while it still enjoyed similar benefits, including being nearby the cultural precincts of Leederville, Mount Lawley and Inglewood.

The new Charles Street bus bridge and Perth Underground Bus Port has also made commutes to the city much faster and easier. 

Nollamara is close to the cultural precincts of Leederville, Mount Lawley and Inglewood.

Nollamara is close to the cultural precincts of Leederville, Mount Lawley and Inglewood.

4. Queens Park 

Median house price: $472,500 ? Based on CoreLogic September 2017 quarter data Close 

Queens Park is just a stone’s throw from the Burswood Peninsula, East Perth and the CBD, which has benefitted from massive infrastructure investment, according to Ms Conisbee.

This includes the new Perth Stadium, Crown Towers, Elizabeth Quay, Yagan Square and a number of new cafes and restaurants. Ms Conisbee said the Queens Park Train Station provided great accessibility to these amenities, or they were just a short bus or taxi ride away. 

Queens Park is just a stone’s throw from the Burswood Peninsula, East Perth and the CBD.

Queens Park is just a stone’s throw from the Burswood Peninsula, East Perth and the CBD.

A first home doesn’t have to be your forever home

While many people dream of having their own brand new four bedroom, two bathroom house complete with a theatre room and backyard to kick a footy, Ms Conisbee said that this wasn’t a reality for most first home buyers.

'Even if you don’t buy your dream home straight away, it’s important to bear in mind that your first home doesn’t have to be your forever home,' she said. 'You can always trade up to your dream home later in life when you’re more established and have greater financial capacity.'

Ms Conisbee emphasised that first home buyers are likely to have to make some trade-offs between the quality, size and location of their first property. 'For example, if you want a bigger or newer property, you might have to look at cheaper areas that are further away from the Perth CBD,' she said.

'Alternatively, if you want to live closer to the city in an area with a nice café strip or near the Swan River or coast line, you may have to look at smaller and older houses, or perhaps even an apartment or a villa.'

'If you want a bigger or newer property, you might have to look at cheaper areas that are further away from the Perth CBD.'

What are your future plans?

Given the large costs of buying and selling a property, including stamp duty, settlement fees and selling agents fees, Ms Conisbee said first home buyers need to consider their future plans when deciding the type and location of the property.

'If you sell your property after just a couple of years, you’re likely to lose money after you’ve paid stamp duty and selling agents fees, which easily run into the tens of thousands of dollars,' she said.

'Therefore, try and look for a property that will suit you for the medium term, or at least the next five years. Ask yourself, "Where will I be in five years, where will I be working, and what will my personal circumstances be?"'

 

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Things you should know

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.