Seaside value in SW areas
Western Australia’s beloved South West region holds plenty of appeal, both for locals and visitors.
From the exquisite natural wonders to the world-renowned wineries and coastal adjacent locales, it is no wonder so many people living in the metropolitan area jump in a car and drive to the region whenever a long weekend beckons.
The South West holds more appeal than just being a tourist location though, with new reiwa.com data revealing the region’s 10 most affordable suburbs for the year to April 2017.
Collie topped the list, with a median house price of $205,000 for the year to April, followed by Withers ($237,500) and Manjimup ($248,750). To put these house prices into some context, the Perth metropolitan median house price came in at $520,000 for the year to April 2017, some $315,000 more expensive than the current median house price in Collie.
Even looking at the 10th suburb on the list, Bridgetown, its median house price of $335,000 is still $185,000 less than the median house price in Perth.
With housing affordability a hot button issue across the country, and indeed in Perth (despite conditions being more favourable for buyers at present), the South West offers up a genuine alternative for buyers struggling to enter the WA property market, with affordable pricing options providing fantastic opportunities in an enviable location.
For many Western Australians, living close to the beach is extremely desirable. Of the 10 suburbs that made the reiwa.com list, Withers (second) and Usher (ranked sixth with a median house price of $300,000) are both located on the coast and are considered hidden gems by locals in the area.
Purchasing a beachside property for $300,000 or less is simply unheard of in the Perth metropolitan area. If you love the ocean but are unable to afford the hefty price tags that often go hand-in-hand with coastal living in the city, then these suburbs are worth considering.
Particularly as they are so close to the Bunbury CBD, which is just a two-hour drive from Perth and has undergone a rejuvenation in recent times.
Improved infrastructure such as sporting facilities, infill redevelopment and an array of restaurants are rapidly changing the perception of this regional town.
If you are wanting to get your foot in the WA property market, but are struggling to afford the house prices in the Perth metropolitan area, it might be worth considering a lifestyle change to the South West.
On the other hand, if you have no intentions of moving away from the metropolitan area, but would like a holiday home to escape to or perhaps to rent out to tourists visiting the area, there are plenty of options on the table.
If you are weighing up whether the South West is the right move for you, I encourage you to speak with a local REIWA agent about your options. Hayden Groves is the president of the Real Estate Institute of WA.