The 5 best affordable suburbs in Regional Western Australia 2023
30 June 2023
Find out which suburbs in Regional Western Australia made the top five list in Bright Stars: Canstar’s Best Affordable Suburbs Report powered by Hotspotting.
There are plenty of great locations in Regional Western Australia where you can buy a home for less than $344,581. This was the cut-off price we used for our ‘Bright Star’ suburbs in the region. (For more on why we chose this see our full report.)
Of course, price isn’t the only consideration when selecting a location to buy property. Lifestyle benefits and prospects for growth should also be on the checklist. In Canstar’s Best Affordable Suburbs Report we used five key metrics – sales volumes, price growth, vacancy rates, infrastructure and proximity to work and amenities – to identify the affordable suburbs that are desirable and likely to grow in value over time. Check out our list below.
The 5 best affordable suburbs in Regional Western Australia
- Cable Beach (Units)
- Carey Park
- Geraldton
- Kalgoorlie
- Mandurah (Units)
Cable Beach (Units)
Iconic Cable Beach in Broome in the far north of WA has relatively expensive houses (median price $630,000) but apartments are affordable, with 80 sales in the past year at a median price of $292,000. The long-term capital growth average for apartments is 8.1% per year, a healthy growth rate for apartments. The vacancy rate is 0.8% and the median weekly rent for apartments of $620 reflects holiday rentals.
Carey Park
Bunbury is the second city of Western Australia, with an important regional economy and export port. Carey Park is one of its most affordable suburbs, where sales activity and prices are rising and houses typically sell in four weeks. The vacancy rate is 0.4% and rents are high relative to house prices. The presence of Bunbury Hospital and Edith Cowan University explains the rental demand.
Geraldton
Often the past does not inform the future in real estate. Geraldton has a poor growth record, but the next 10 years promise to be considerably more prosperous, with major government and private investment focused on this key regional city and export port. The suburb of Geraldton within the City of Greater Geraldton has the St John of God Hospital, with Geraldton Golf Club nearby. The vacancy rate is 0.5%.
Kalgoorlie
Investing in mining towns is not for the faint-hearted, because these are volatile high-risk markets. But currently, Kalgoorlie-Boulder has a thriving property market with rising sales activity. Rents are high (median $500 per week) with a vacancy rate of 0.9% and rental yields close to 9%.
Mandurah (Units)
The City of Mandurah, an iconic lifestyle area south of Perth, has been a thriving market in recent years. The suburb of Mandurah within the LGA of the same name is one of the most affordable precincts. In the past year, there were 272 house sales at a median price of $345,000, a little above our benchmark, but also 277 unit sales at $310,000. The vacancy rate is 0.7% and rents are strong (median of $375 per week for units).
The best affordable suburbs in Regional Western Australia
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| Suburb | Median price | 10% Deposit | |||
|---|---|---|---|---|---|
| Initial outlay* | Monthly repayment+ | Repayments as a percentage of dual income^ | |||
| With FHB concession | No FHB concession | ||||
| Cable Beach (U) | $292,000 | $33,617 | $42,589 | $1,525 | 13.00% |
| Carey Park | $295,000 | $33,958 | $43,048 | $1,541 | 13.10% |
| Geraldton | $325,000 | $37,388 | $47,663 | $1,698 | 14.50% |
| Kalgoorlie | $315,000 | $36,251 | $46,132 | $1,645 | 14.00% |
| Mandurah (U) | $310,000 | $35,683 | $45,366 | $1,619 | 13.80% |
Sources: Median price: CoreLogic as at February 2023. Initial outlay and repayment data: canstar.com.au prepared on 26 June 2023. (U) stands for units. *Initial outlay figures include the deposit, stamp duty, mortgage registration and transfer fees; and lenders’ mortgage insurance (LMI) premium. Stamp duty calculated based on an owner occupier purchase of an established dwelling. LMI premium based on Helia LMI Premium Calculator for an owner occupier borrower and a loan term of 30 years. +Monthly repayments calculated based on the average variable interest rates of 5.7% and a loan term of 30 years. Interest rates based on the average owner occupier, principal and interest variable rate for a loan of $500,000 over the past year, rounded to the nearest 0.1%. ^Percentage of income based on the average total income by Greater Capital City Statistical Area (ABS Personal Income, 2019-20), adjusted by the ABS Wage Price Index (Dec-2022) for each state. A dual income assumes two people with the average income. For estimates on initial outlay, monthly repayments and repayments as a percentage of income based on a 20% deposit see full report.
Compare Home Loans (Refinance with variable rate only) with Canstar
If you’re currently considering a home loan, the comparison table below displays some of the variable rate home loans on our database with links to lenders’ websites that are available for homeowners looking to refinance. This table is sorted by Star Rating (highest to lowest), followed by comparison rate (lowest to highest). Products shown are principal and interest home loans available for a loan amount of $500,000 in NSW with an LVR of 80% of the property value. Consider the Target Market Determination (TMD) before making a purchase decision. Contact the product issuer directly for a copy of the TMD. Use Canstar’s home loans comparison selector to view a wider range of home loan products. Canstar may earn a fee for referrals.
Cover image source: trabantos/Shutterstock.com
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This article was reviewed by our Editorial Campaigns Manager Maria Bekiaris before it was updated, as part of our fact-checking process.
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