The landscape of property investment in Western Australia continues to grow and evolve into 2024, presenting both seasoned investors and newcomers with a myriad of investment opportunities. Perth’s low vacancy rate is causing rents to rise rapidly, with the median weekly rent for Perth houses having risen $15.4% over the past year (REIWA). At the same time, the median apartment rent has also risen 22.2% (REIWA). In this dynamic market, identifying the most promising locations is essential for maximising investment potential and capitalising on emerging market trends.
Join us as we uncover the seven areas positioned for growth in 2024, that you can buy into for under $550,000.
Where to Buy in Perth in 2024 for less than $550,000
Wanneroo
Annual Median House Sales Price: $550,000
Rental Growth: 8.3%
Median Rental Price: $585pw
Located approximately 28km from Perth CBD, Wanneroo is a rapidly growing suburb offering a diverse range of amenities and lifestyle attractions. Situated in Perth’s northern corridor, Wanneroo benefits from its close proximity to both the city and the coastal town of Joondalup. The suburb boasts numerous parks, including the expansive Yanchep National Park, offering residents ample opportunities for outdoor recreation and relaxation. With a median rent price of $585 weekly, Wanneroo appeals to a wide demographic, from families seeking spacious living to young professionals desiring a suburban lifestyle with easy access to urban conveniences. Its vibrant community, coupled with its affordability and proximity to key amenities, makes Wanneroo an attractive investment destination in Western Australia’s property market.
Armadale
Annual Median House Sales Price: $400,000
Rental Growth: 35.5%
Median Rental Price: $542pw
Armadale, located 25km southeast of Perth, offers a blend of suburban tranquillity and urban convenience. The suburb characterised by its affordable housing options, with a median house price of $400,000, makes it an attractive choice for first-home buyers and investors alike. Armadale boasts a range of amenities, including shopping centres such as Armadale Central Shopping Centre, schools and recreational facilities, ensuring residents have everything they need within easy reach. The area’s natural beauty is highlighted by its parks, reserves, and walking trails, providing opportunities for outdoor activities and relaxation. With its proximity to major transport routes and public transportation options, including Armadale Train Station, commuting to the Perth CBD and surrounding areas is convenient for residents. Armadale’s diverse demographic makeup adds to its vibrant community atmosphere, making it a welcoming and family-friendly suburb in Perth’s southeast.
Camillo
Annual Median House Sales Price: $428,000
Rental Growth: 21.4%
Median Rental Price: $510pw
This family-friendly suburb offers residents a relaxed lifestyle within close proximity to essential amenities and recreational facilities. With a median house price of $428,000, Camillo presents an affordable option for property investors seeking value and potential growth. The suburb’s leafy streets and spacious parks create a picturesque backdrop, ideal for outdoor activities and leisurely strolls. Camillo benefits from its proximity to Araluen Botanic Park, a popular destination known for its stunning gardens and seasonal festivals. Families ae drawn to Camillo for its proximity to schools, parks and shopping centres, providing convenience and comfort for daily living. Despite its suburban charm, Camillo maintains good connectivity to Perth CBD via major roadways and public transport options. With its affordable housing options and family-friendly atmosphere, Camillo emerges as a promising suburb for property investors seeking long-term growth and lifestyle appeal.
Medina
Annual Median House Sales Price: $371,000
Rental Growth: 25%
Median Rental Price: $500pw
Positioned within the Kwinana region, this suburb enjoys excellent connectivity, thanks to its proximity to key transport arteries like the Kwinana Freeway and local train stations. Such accessibility not only enhances convenience for residents, but also augments the suburb’s appeal to potential tenants. Medina is renowned for its family-centric environment, offering an array of parks, schools and recreational facilities that cater to diverse lifestyles. With a median house price of $371,000, it provides an affordable entry point into Perth’s property market, making it an attractive option for investors looking to diversify their portfolio or enter the market for the first time. The demographic makeup of Medina reflects a blend of young families, professionals, and retirees, contributing to its vibrant and inclusive community atmosphere. For investors seeking a promising investment with strong growth potential and enduring appeal, Medina is a prime choice.
Gosnells
Annual Median House Sales Price: $448,000
Rental Growth: 25%
Median Rental Price: $550pw
With its prime location approximately 20km from the CBD and easy access to major transportation, including Tonkin Highway and Albany Highway, Gosnells offers investors a promising opportunity for capital growth and rental returns. The suburb’s diverse housing stock, ranging from traditional family homes to modern developments, caters to a wide spectrum of tenants, ensuring steady demand and rental income potential. Additionally, Gosnells’ affordability compared to inner-city areas makes it an attractive option for investors seeking to maximise their investment portfolios. Its strong sense of community, coupled with abundant green spaces and recreational amenities, enhances its appeal to prospective tenants.
Ellenbrook
Annual Median House Sales Price: $520,000
Rental Growth: 18.9%
Median Rental Price: $630pw
Located in the picturesque Swan Valley region, Ellenbrook offers a charming blend of urban convenience and natural beauty. Situated approximately 21km northeast of Perth CBD, this vibrant suburb enjoys easy access to major roadways like the Tonkin Highway and Roe Highway, facilitating seamless travel to the city centre and surrounding areas. Ellenbrook boasts a wealth of amenities, including the Ellenbrook Central Shopping Centre, which features an array of retail outlets, dining options and entertainment venues, and the scenic surrounds of Whiteman Park. Families are drawn to Ellenbrook for its family-friendly amenities, such as parks, playgrounds and community facilities. The suburb’s diverse demographic makeup reflects its appeal to a wide range of residents, from young professionals and families to retirees seeking a peaceful yet connected lifestyle.
Seville Grove
Annual Median House Sales Price: $500,000
Rental Growth: 20.8%
Median Rental Price: $580pw
Seville Grove has been identified as a top investor suburb to watch due to its median annual sales price and annual price growth. Situated approximately 25km from Perth CBD, this charming suburb enjoys convenient access to major roads like Armadale Road and Albany Highway. Seville Grove boasts an array of attractions, including Champion Lakes, a popular destination for outdoor enthusiasts offering walking trails, picnic areas, and water-based activities. Residents can also explore the nearby Armadale Reptile Centre or enjoy shopping at the Armadale Shopping City. With numerous parks, playgrounds, and community facilities, the suburb provides ample opportunities for families. With its scenic surroundings, convenient location, and abundance of amenities, Seville Grove presents an idyllic setting for residents looking to embrace the relaxed charm of suburban living in Perth.
Western Australia presents a diverse array of investment opportunities across its vibrant suburbs. There’s something for every investor in Perth’s dynamic property market.
Looking for guidance on navigating the Western Australian property market? Contact Westcoast Property Invest today to explore how our expertise can help you capitalise on these investment opportunities.
Want to learn more about why now is the time to invest in Perth’s property market? Check out our blog here.
References
https://reiwa.com.au
https://satterley.com.au/news/best-suburbs-to-invest-in-perth/
https://reiwa.com.au/news/investment-hotspots-best-rental-yield-in-perth/
https://www.apimagazine.com.au/news/article/perth-hotspots-soar-30-per-cent-but-will-the-buying-frenzy-continue-into-2024
https://www.corelogic.com.au/__data/assets/pdf_file/0013/20614/CoreLogic-HVI-Jan-2024-FINAL.pdf
https://content.corelogic.com.au/l/994732/2023-10-03/zhbxw/994732/1696388714inpoOYcl/202309_CoreLogic_RentalReview_Oct2023_Report_FINAL.pdf
