- Canstar's latest report reveals the best suburbs for first home buyers
- Perth is the best capital city for first home buyers according to the report
- Armadale, Butler and Gosnells top the list for Perth
First home buyers in Perth are looking at some of the most affordable options in the country according to a new report published by Canstar that identified the best Bright Starters suburbs.
The research took into account price, only considering suburbs in Perth with median prices lower than $440,000.
Canstar’s Editor-at-Large, Effie Zahos, explained that the research took a common-sense approach. The report shows how long it would take to save a deposit for an
entry-level property rather than a more expensive median-priced option.
“Of course, being able to afford a property is only one part of the buying equation – where to buy is just as important.”
Effie Zahos, Canstar Editor-at-Large
“These suburbs not only meet our objective of being affordable but have strong prospects for growth based on five key metrics – sales volumes, price growth, vacancy rates, infrastructure and proximity to work and amenities.”
For suburbs on this list, the average time to save for a 10% deposit plus stamp duty is three years and eight months for a single income. This is based on ABS Personal Income data for Perth and the assumption that 20% of after-tax income is saved each month.
For a dual-income, it only takes a year and eight months.
Buying a property in Perth has a stamp duty rate that is quite low by national standards at just $433, making it even more attractive to first-time buyers. For those eligible, first home buyers can sometimes avoid stamp duty all together if the property is valued under $430,000.
The best suburbs in Perth for first home buyers
|Suburb||Median price||1-year growth||Median rent||Initial outlay (10% Deposit)||Time to save (Single income)||Time to save (Dual income)||Monthly repayment+|
|Armadale||275000||0.31||320||27913||2 yrs & 6 mths||1 yr & 3 mths||1109|
|Butler||390000||0.07||390||39433||3 yrs & 7 mths||1 yr & 9 mths||1579|
|Gosnells||325000||0.14||340||32933||3 yrs||1 yr & 6 mths||1310|
|Kelmscott||350000||0.1||340||35433||3 yrs & 2 mths||1 yr & 7 mths||1417|
|Medina||275000||0.28||340||27913||2 yrs & 6 mths||1 yr & 3 mths||1109|
|Midland||310000||0.07||350||31433||2 yrs & 10 mths||1 yr & 5 mths||1250|
|Parmelia||295000||0.23||350||29913||2 yrs & 8 mths||1 yr & 4 mths||1189|
|Port Kennedy||395000||0.12||400||39933||3 yrs & 8 mths||1 yr & 10 mths||1599|
|Rockingham||420000||0.1||380||42453||3 yrs & 10 mths||1 yr & 11 mths||1700|
|Westminster||380000||0.16||350||38433||3 yrs & 6 mths||1 yr & 9 mths||1538|
10 best suburbs in Perth for first home buyers
9. Port Kennedy