The real estate landscape in Perth has remained resolute despite the challenges posed by the recent pandemic and the continued recovery of Australia’s economy.
As the second fastest-growing capital city in Australia, Perth has great upside potential for 2023. With global markets opening back up, we are seeing even higher sales activity for Perth properties and steady increases in price growth.
Before we get into the list itself, here’s a reminder of the key features to look out for when choosing a suburb to invest in:
Median property prices — Don’t stray too far beyond your budget. Investing in property should not place unnecessary strain on your financial flexibility, so stick to what is comfortable in terms of loan period and repayments.
Median weekly rent — This estimate provides those looking to rent out their property a sense of how much rental income can add to their return on investment.
Population — The population size of a suburb can be an indication of how much demand (and competition) there will be.
Distance to CBD — Access to Perth’s CBD is highly desirable for most residents. Suburbs with easy access to the city, whether via a main highway or public transport, will naturally be more expensive but also considerably sought after.
Orelia
Located in the City of Kwinana, Orelia lies 33km to the south of Perth. features a mix of well-established houses and recently constructed homes lining the main residential street.
Despite its compact size, the suburb has made a name for itself with an annual growth rate of 17.7% and a median house price of $450,000.
A healthy ratio of amenities makes this suburb a popular choice for young families and couples. For transport to the city and surrounding areas, bus services to Kwinana train station on the edge of the suburb make travelling convenient.
Median house price: $450,000
Median unit price: $350,000
Median weekly rent: $420
Population: 4,535
Distance from CBD: 33 km
Ellenbrook
Because of its distance from Perth’s CBD, Ellenbrook has been planned and developed as a self-sufficient community, meaning that it has all the usual comforts and conveniences of a city without the bustle of crowds. The recent completion of the Tokin Highway and the upcoming Morley—Ellenbrook line also add to its connectivity.
Its proximity to the stunning Swan Valley makes it an idyllic location, with numerous wineries, restaurants, and outdoor recreational spots for a well-rounded quality of life. Safe to say, the property prices here are primed for tremendous growth.
Median house price: $425,000
Median unit price: $325,000
Median weekly rent: $400
Population: 24,668
Distance from CBD: 30 km
Armadale
A far cry from its past history as a mining area, Armadale is now part of Perth’s larger metropolitan region, home to 13,415 residents.
Armadale has great opportunities for growth due to the abundance of amenities (3 major shopping centres, 5 schools, and a major hospital).
It is also considered one of the more budget-friendly suburbs in Perth, with average property prices around $300,000. This makes it a great choice for those who have a lower investment capacity and are looking for an entry point.
Median house price: $309,500
Median unit price: $250,000
Median weekly rent: $380
Population: 13,415
Distance from CBD: 28 km
Baldivis
Located in the Rockingham LGA, Baldivis features a seaside locale next to the bustling business areas in Rockingham.
Relatively low house prices make this area somewhat of an untapped market, with sales numbers showing a steady increase over the years.
Median house price: $475,000
Median unit price: $360,000
Median weekly rent: $450
Population: 37,697
Distance from CBD: 44 km
Wellard
Wellard property prices don’t really reflect its status as the most expensive suburb in Kwinana — at just $460,000, Wellard’s median house prices are bursting with value, considering how well-developed the area is.
Development is currently ongoing for the addition of another school, and a major shopping precinct planned around the train station, giving Wellard much potential for upward price bumps once they are completed.
Median house price: $460,000
Median unit price: $355,000
Median weekly rent: $430
Population: 14,127
Distance from CBD: 37 km
Brabham
On the southwest end of the City of Swan, Brabham is a relatively new suburb that is home to the Caversham Motor Racing Circuit reserve.
Brabham median property prices are within reach at $400,000, with quarterly sales indicating a strong pattern for rises in demand.
Amenities of note include the pristine Whiteman Park, a wide selection of primary and secondary schools, and the future Whiteman Park Station that transports residents to the Perth CBD within 25 minutes.
Median house price: $450,000
Median unit price: $350,000
Median weekly rent: $420
Population: 8,665
Distance from CBD: 28 km
Joondalup
Joondalup serves as the primary urban centre of Perth’s outer northern suburbs, containing a suburban CBD with a university, hospital, retail area, and a transport interchange.
Its median house prices are the highest on this list at over $500,000, a testament to the intense demand for housing and tenancy.
Coupled with its vibrant cultural community, festivals, and nightlife activity, Joondalup’s market is positioned to continue advancing towards higher values.
Median house price: $550,000
Median unit price: $395,000
Median weekly rent: $480
Population: 9,193
Distance from CBD: 25 km
Waikiki
Waikiki is sandwiched between the West Coast and the Rockingham Lakes Regional Park, closely linked to the City of Rockingham centre that sits just above it.
Its location makes it ideal for those working in the main business district who want a reprieve from the commotion.
Median house price: $475,000
Median unit price: $360,000
Median weekly rent: $450
Population: 12,453
Distance from CBD: 29 km
Hocking
Hocking is a great example of a new-growth suburb with all the right signs. Amenities-wise, it has schools, parks, a shopping centre, and the Yellagonga Regional Park nearby.
Wanneroo, where Hocking is located, also happens to be the fastest-growing LGA in Western Australia, with an expected rate of 71% by 2041. With low average property prices (for now), Hocking is definitely one to keep an eye on.
Median house price: $395,000
Median unit price: $295,000
Median weekly rent: $410
Population: 6,987
Distance from CBD: 28 km
Forrestfield
The closest suburb on this list to Perth’s CBD, Forrestfield can be found right next to Perth’s airport, which immediately bumps its property values up.
This accessibility is expected to be further augmented with the completion of the Forrestfield-Airport Link rail line by the end of 2022.
Apart from this major upgrade to infrastructure, Forrestfield also has a variety of retail, educational, and recreational amenities, making it an excellent all-round choice for residents (and investment!).
Median house price: $525,000
Median unit price: $375,000
Median weekly rent: $450
Population: 13,181
Distance from CBD: 12 km
Final Thoughts
Whether you’re looking to buy in Perth’s fastest growing suburbs, or you’ve got your sights set on other capital cities like Adelaide or Brisbane, it pays to do your research.
As a trusted buyer’s agent who has helped many investors build successful investment portfolios in Western Australia, we recommend coming to our team of professionals for expert advice before diving headfirst into Perth’s buzzing property market.
Book a free consultation with us today, and we’ll help you get the best deal on your future property!
