astor-theatre-mount-lawley-perth-wa-feature
Mount Lawley is number three on the list. Image: Wikimedia Commons.
  • Some median unit prices were 78% lower than the median house price
  • Buyers with a focus on lifestyle may consider a unit instead of house
  • Some of Perth's most premium suburbs had units priced around $500,000

Prohibitively high property prices have put people off purchasing for some time, particularly in premium suburbs.

But is it possible to make a purchase with only $500,000 of your finest dollars in areas with median prices well over $1 million? Darryl Kerrigan can hold his tongue for a bit before uttering that famous phrase…

Buy a unit

Yes, a unit and a house in the suburbs mentioned below aren’t necessarily comparable, said REIWA President Damian Collins.

However, “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,” added Mr Collins.

Top 10 Perth suburbs by lowest median unit sale price

Suburb Median Unit Sale Price Median House Sale Price Difference ($) Difference (%)
1 Wembley $282,000.00 $1,290,000.00 $1,010,000.00 -78%
2 Mosman Park $365,000.00 $1,680,000.00 $1,320,000.00 -78%
3 Mount Lawley $410,000.00 $1,150,000.00 $740,000.00 -64%
4 North Perth $460,000.00 $1,000,000.00 $540,000.00 -54%
5 West Leederville $480,000.00 $1,290,000.00 $810,000.00 -63%
6 Bicton $500,000.00 $1,280,000.00 $780,000.00 -61%
7 Leederville $507,500.00 $1,020,000.00 $516,000.00 -50%
8 East Fremantle $525,000.00 $1,300,000.00 $775,000.00 -60%
9 Subiaco $560,000.00 $1,480,000.00 $920,000.00 -62%
10 North Coogee $579,500.00 $1,200,000.00 $615,500.00 -52%
Perth $415,000.00 $525,000.00 $110,000.00 -21%

Source: REIWA. Notes: Filtered for suburbs with median house prices above $1 million with more than 28 or more transactions during the 12 months to December 2021 and ranked lowest to highest by median unit price.

Why not rent?

Of course, an option, so included below are five comparisons of asking rent to asking prices. Please note the below information could only be filtered by postcode and may include other suburbs.

Wembley

A house will set you back just under $1.3 million as per the above graph from REIWA, or just under $300,000 for a unit.

If you rent, weekly asking rents for all house types in Wembley (6014) is $896 in the most recent figures from SQM. Asking rents for all unit types is $370.

Mosman Park

One of the pricier suburbs to own a home in, Mosman Park saw median house prices just under $1.7 million. The difference between that and the unit price was considerable, units fetched $365,000 a piece (median).

Mosman Park (6012) weekly asking rents for all house types was most recently recorded at $1,097; all unit types fetched $344 per week.

Mount Lawley

The suburb is known for its many cultural institutions that reside along Beaufort Street. While the strip is slowly regaining its composure after a bit of neglect over the years, house prices have been constantly on the up. A house will typically set you back $1.15 million, a unit on the other hand $410,000.

Asking rents saw an uptick over the past few months, it was $688 in December 2021, but now fetches $814 a week. Unit rents have been flat though, in December it was $370, and currently sits at $364.

North Perth

Another suburb home to shopping and dining dedicated streets, the vibrant suburb saw people purchasing at houses at $1 million a piece, or $460,000 for units.

Rents were quite interesting, with the median unit and house rents almost crossing paths at one point: houses fetched $486 earlier this month, units $484. Since then the latest figures show units fetching $498 and houses $555.

West Leederville

Yet another home to many Perth cultural institutions and dining destinations, the suburb commanded the same median price as Wembley at $1.29 million for a house, but units were more expensive at $460,000.

Renting a house in the suburb would cost you $729 a week, where as a unit will cost $425.

~~

Disclaimer: This article contains general information and should at no time be considered advice to the reader. The reader should always verify their situation with the relevant professional before taking any further steps. 

You May Also Like

RNY Property Trust delists after major vote

Sydney real estate firm voted off the ASX after 2 years suspension from trading…

Rental bubble should encourage investors, says M Property

M/Property believes that more investors should take advantage of current market conditions..

Sunshine Coast sales and rentals severely undersupplied

A beachside dream house might be out of reach for many with undersupply a major issue…