Mandurah is recognized as one of the most promising regions in Perth for 2023, described by a prominent economist as a "land of opportunity." Despite the impact of double-digit growth and rising interest rates, exerting some pressure on home purchases, new PropTrack data shows that in Perth's coastal Peel remote area, homebuyers still have the opportunity to purchase properties for less than AUD 400,000.
Specific data indicates that none of the ten most affordable areas in Perth have property prices reaching AUD 500,000, making homebuying opportunities still within reach.
These data analyze current property prices in the Perth metropolitan area rather than median prices. The data reveals that Medina in the Kwinana City is the only area where property prices are below AUD 400,000.
PropTrack economist Anne Flaherty commented, "I think these areas provide tremendous value for potential homebuyers." She added, "As time goes on, Perth's population will increase, meaning we'll see more urban expansion, so many areas far from the city center will become increasingly popular."
Flaherty pointed out that Mandurah has many advantages that can support future growth. "Considering the area's real estate prices have been relatively low for a long time, I think there may be many homebuyers seeing its potential value. During the economic downturn, it was one of the areas hit the hardest, but I think in the long term, it might indeed have good growth prospects and is an opportunity-filled place."
The data also shows that a remote area in Western Australia, Rangeway in the Geraldton suburb, is considered one of the most affordable areas in Australia, with a median house price of only AUD 174,000.
In addition to highlighting the cheapest areas this year, the data also reveals relatively lower property price increases in the Perth area, with Mundijong showing a modest year-on-year increase of only 1.7%.
The growth in North Beach is also relatively moderate, rising by 1.9%, bringing its current property value to AUD 1,247,000.
