REIWA How affordable is Australia’s most liveable region?
- Posted By Elysha Caines
We have all heard someone complain that things are better on the east coast, yet a survey conducted by IPSOS has found that Perth’s inner suburbs are the most liveable metropolitan areas in Australia – something all of us West Aussies should be proud of!
Ranging from City Beach to Inglewood, through Kings Park and Mosman Park, the inner sub-region received an overall score of 68.6 out of 100 on the liveability scale which included topics such as safety, healthcare, education, public transport and affordable housing.
Looking to buy
While some of these suburbs are known for their luxurious properties overlooking the iconic Swan River, the latest reiwa.com data shows it is possible to find affordable housing in Australia’s most liveable region.
In the September 2019 quarter, the median house price in Perth’s inner sub-region steered towards the higher end of the market at $1.15 million, however with the current median unit price of $449,500, it is no wonder why people are choosing apartment living.
Apartment living
Not only does buying an apartment allow you to get into the property market quicker, it also lets you enjoy the lifestyle benefits of having all the amenities you need on your doorstop, such as brunch spots, bars, retail hubs and parks.
It can also provide a good stepping stone to buying a house. The equity of the property can help assist in buying your new home and apartments hold a lot of appeal to tenants when being rented out.
Apartments tend to be easier to rent because the majority of tenants are young people who like to live near the city. There is also a good number of retirees opting for apartments as they offer modern living, minimal maintenance and the added appeal of lock-up and leave.
Looking to rent
For those that are looking to rent in the area, you will be looking at a median rent price of $400 per week. Leasing activity in the September 2019 quarter has increased by two per cent over the last year and on average properties are only taking 43 days to lease.
While this is positive news for investors knowing that people are choosing to stay longer in their rental and that properties are being snapped up quickly, it can be challenging for renters wanting to move into the area due to the limited properties available.
If you’re looking for your next rental in Perth’s inner sub-region, make sure to download the reiwa.com app and sign up to receive alerts each time a new property in the area is added.