REIA: Perth is the cheapest capital city for houses and units

The Real Estate Intsitute of Australia has released its national Real Estate Market Facts for the June 2022 quarter, which found Perth is the cheapest capital city for houses and units. 

At $530,000, Perth once again retained the title as having the cheapest median house price across the Australian capital cities, 47.6% 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.

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.

This data further highlights how affordable Perth is, 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. 

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(Source: reiwa.com.au)

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