Perth is the cheapest capital city for houses and units

The Real Estate Institute of Australia has today released its national Real Estate Market Facts for the June 2022 quarter, which found Perth is the cheapest capital city for houses and units – and by some way too.

House prices

At $530,000, Perth once again retained the title as having the cheapest median house price across the Australian capital cities, 47.6 per cent lower than the national median.

The median house prices of the other capital cities around the country were $663,000 in Adelaide, $758,875 in Brisbane, $790,000 in Hobart, $1 million in Canberra, $1.08 million in Melbourne and $1.55 million in Sydney.

The comparison between Perth’s median and the rest of the capital cities highlights how affordable our city is. Especially when comparing to Sydney which continues to have the country’s most expensive median house sale price, 53.3 per cent above the national median.

In the June quarter, the median house price in Perth remained stable but increased 2.5 per cent over the previous year. The median house price increased in Brisbane, Adelaide and Darwin and declined in Sydney, Melbourne, Canberra and Hobart.

Unit prices

When looking at unit median sale prices around the country, the REIA report found Perth is now the cheapest of the capital cities at $410,000.

The median unit prices of the other capital cities were $470,000 in Brisbane, $540,000 in Hobart, $600,000 in Canberra, $670,500 in Melbourne, $790,983 in Sydney, $415,000 in Darwin and $425,000 in Adelaide.

The unit data further highlights how affordable we are, given four of the eight capital cities have median unit sale prices more expensive than Perth’s median house sale price.

It’s clear when observing median prices around the country that the dream of home ownership is very much alive in WA. While many people on the east coast are priced out of the residential sales market, that is not the case in WA.

Source - REIWA