First-time home buyers are in for a treat as the top areas in Perth with the shortest time needed to save for a deposit on an entry-priced house have been released.
Figures from the Australian Bureau of Statistics indicate the return of first home-buyers to the real estate market, with 38 per cent of new home loans in December 2023 from those getting onto the property ladder.
The figure is 12.9 per cent higher than in 2022.
This week, Domain Real Estate Australia showed where those house hunters might want to start their search, revealing the Perth suburbs with the shortest time to save for a deposit.
The figures are based on a 20 per cent deposit on an entry-priced house for a couple aged 25-34.
The suburbs listed in 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.
Earlier this month, realestate.com.au also released a list earlier this month of the top 10 cheapest city beach suburbs for houses across Australia, with two WA locations making the cut.
Coming in at number two was Golden Bay in Perth’s south west with a median automated valuation model (AVM) of $533,733.
Golden Bay offers an idyllic coastal town lifestyle just 55km from the Perth CBD and is located just 15 minutes north of Mandurah.
Another WA suburb made the list, with Safety Bay — also in Perth’s south west — coming in at number four with a median AVM of $579,186.
An easy 45-minute drive south of Perth takes you through the seaside town of Rockingham to the shores of Safety Bay.
For more information on Domain’s First-Home Buyer Report, click here.