As Perth’s house prices hit record highs, where were our cheapest sales?
Only a handful of houses sold for $300,000 or less in Perth this year, with the cheapest sales concentrated in the city’s older outer suburbs.
Perth house prices hit a record median of $882,075 in 2024, with real estate commentators predicting another rise of around 10 per cent in the new year.
This house on John Street in Armadale was the cheapest sale of the year in Perth. Credit: Domain
The cheapest house to sell in the city went for $289,000 in February, a two-bedroom, one-bathroom home in Armadale built on 680 square metres just after the end of World War II. It last sold in 2010 for $285,000.
The next-cheapest sale was even further on the urban fringe – 60 kilometres south, in Pinjarra, where a three-bedroom, one-bathroom house sold for just $1000 more.
REIWA chief executive Cath Hart said there were bargains to be had in 2024 for the savvy buyer, particularly in Perth’s older, outer suburbs.
“However, many required some significant TLC,” she said.
“But, for buyers prepared to invest in major renovations or redevelopment, these properties could provide either an affordable entry into the market or potential investment opportunity.”
For those willing to look beyond Perth, regional WA offered even greater affordability in 2024.
Morawa stood out with three properties sales in the top five, including one for as little as $2000.
Hart said buyers in Morawa, Merredin and Coolgardie were able to secure homes on large blocks at a fraction of the cost of similar-sized properties in Greater Perth. These too tended to be older properties that required some work.
“Relocating to a regional area could be an affordable pathway into homeownership for some, but it’s important for buyers to consider a range of factors, including the lifestyle on offer, availability of local amenities and the potential costs associated with maintaining or renovating older properties, when contemplating moving to a country town,” she said.
It wasn’t only cheap properties in demand this year pushing up house prices.
Two neighbouring Perth postcodes featured in a national list of the top 10 high-growth coastal suburbs. Marmion and Watermans Bay, reached $2.1 million and $2.2 million respectively after increasing by around 140 per cent over the past five years.
The price growth saw Marmion ranked fifth, closely followed by Marmion. Regionally, Bremer Bay and Seabird also saw similar growth trajectories over the same time period.
Ray White Group senior data analyst Atom Go Tian said the premium nature of coastal living in metropolitan areas was evident in the price points, with six of the top 10 growth suburbs commanding values above $2 million.
“Only one suburb – Adelaide’s Maslin Beach – sits below $1 million,” he said.
“Sydney’s Darling Point stands as the most remarkable example of high-end coastal growth, achieving 137 per cent five-year growth despite its already substantial market position to reach $14 million.”
Marmion recorded a year-on-year rise of 49 per cent to reach a new median house price of $2.1 million. Watermans Bay rose 81 per cent to hit $2.27 million.