First-time home buyers in Perth are in luck as the top areas with the shortest time needed to save for a deposit on an entry-priced house have been revealed.
Statistics from the Australian Bureau of Statistics show an increase in first home-buyers entering the real estate market, with 38% of new home loans in December 2023 being from those looking to buy their first home, a 12.9% rise from 2022.
Domain Real Estate Australia has highlighted the Perth suburbs where house hunters might want to begin their search, based on the shortest time needed to save for a deposit on an entry-priced house for a couple aged 25-34.
The suburbs with the shortest time to save for a deposit according to the 2024 First-Home Buyer Report include Perth City (3 years, 3 months), Mandurah (3 years, 6 months), Armadale (3 years, 7 months), Kwinana (3 years, 7 months), Rockingham (3 years, 8 months), Stirling (3 years, 8 months), Swan, Belmont – Victoria Park, Kalamunda, and Serpentine – Jarrahdale.
Additionally, realestate.com.au recently released a list of the top 10 cheapest city beach suburbs for houses across Australia, with two WA locations making the cut.
Golden Bay in Perth’s south-west was ranked number two with a median AVM of $533,733, offering a coastal town lifestyle just 55km from the Perth CBD.
Safety Bay, also in Perth’s south-west, made the list at number four with a median AVM of $579,186, located just a 45-minute drive south of Perth.
For more details on Domain’s First-Home Buyer Report, click here.
