Balga ranked most affordable
and chairman of commercial property funds management business, Mair Property Funds.
“It is an honour to be elected president and I thank Council for bestowing me with the privilege of representing the Institute on behalf of its members,” he said.
“I would also like to thank Hayden Groves for his hard work and dedication.”
Lisa Joyce from Joyce Property Investments was elected deputy. FIRST-HOME buyers looking for an affordable home close to the city can choose from several local suburbs. Balga, Westminster, Nollamara and Balcatta have made REIWA’s list of the 10 cheapest suburbs within 10km of the CBD. Some of the areas on the list are undergoing significant redevelopment, allowing eligible first-home buyers to purchase newly built homes and take advantage of the First Home Owner Grant. All have median house prices that allow first-home buyers to either pay no stamp duty, or a concessional rate on their purchase of an established or new home.
Balga was the most affordable area with a median house price of $319,000 for the 12 months to July 2018, well below the Perth metropolitan region median of $514,000. Buyers can find a range of affordable homes in the area, with Balga’s lower-quartile house price coming in at $290,000, and the upper-quartile price $350,000.
Nearby Westminster placed second on the list, with a median house price of $380,000 and a lowerquartile price of $355,000. Nollamara came in third, with median house price of $390,000 and lower-quartile price of $361,500.
The list represented an even split between suburbs north and south of the river.