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Wembley, Mosman Park and Mount Lawley have topped the list of 10 premium Perth suburbs with the most affordable median unit prices.
Wembley, Mosman Park and Mount Lawley have topped the list of 10 premium Perth suburbs with the most affordable median unit prices.
REIWA President Damian Collins said the suburbs on the list all had median house sale prices exceeding $1 million dollars, however their median unit sale prices were significantly cheaper.
“The unit market in these 10 premium Perth suburbs offers buyers a more affordable entry point into the area that allows them to enjoy the lifestyle benefits without the expensive price tag,” Mr Collins said.
In addition to having the most affordable median unit prices on the list, Wembley and Mosman Park also have the biggest percentage differential between house and units, with their median unit prices 78 per cent cheaper than their median house sale prices.
Top 10 premium Perth suburbs with the most affordable median unit prices
| Suburb | Median unit sale price | Median house sale price | Difference ($) | Difference (%) |
|---|---|---|---|---|
| 1. Wembley | $282,000 | $1.29 million | $1.01 million | -78% |
| 2. Mosman Park | $365,000 | $1.68 million | $1.32 million | -78% |
| 3. Mount Lawley | $410,000 | $1.15 million | $740,000 | -64% |
| 4. North Perth | $460,000 | $1 million | $540,000 | -54% |
| 5. West Leederville | $480,000 | $1.29 million | $810,000 | -63% |
| 6. Bicton | $500,000 | $1.28 million | $780,000 | -61% |
| 7. Leederville | $507,500 | $1.02 million | $516,000 | -50% |
| 8. East Fremantle | $525,000 | $1.3 million | $775,000 | -60% |
| 9. Subiaco | $560,000 | $1.48 million | $920,000 | -62% |
| 10. North Coogee | $579,500 | $1.2 million | $615,500 | -52% |
| Perth region | $415,000 | $525,000 | $110,000 | -21% |
Source: REIWA. *Filtered for suburbs with median house sale prices above $1 million with 28 or more transactions during the 12 months to December 2021 and ranked lowest to highest by median unit price.
With a median house sale price of $1.68 million, Mosman Park also had the biggest dollar value saving, with its median unit sale price $1.32 million cheaper than its house price.
“Of course, that’s not to say the calibre of the house and units in these areas are necessarily comparable, but if location and lifestyle is what you after, buying a unit is an affordable alternative,” Mr Collins said.
“Perth has the most affordable median house sale price of any capital city in the country; however, we still have our share of suburbs with house prices that are out of reach for the average person.”
When weighing up whether to invest in inner city apartments or outer suburban houses, there are a range of factors to consider.
“If you have your heart set on the lifestyle of one of these affluent suburbs but the house prices are out of your budget, then buying a unit may be a good option.”
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