The 4 best suburbs in Regional WA for first home buyers 2022
Find out which suburbs in Regional Western Australia made the top 4 list in Canstar’s Bright Starters Australian First Home Buyer Report powered by Hotspotting.
There are plenty of great locations in Regional Western Australia where you can buy a home for less than $306,900. This was the cut-off price we used to come up with our ‘Bright Starter’ suburbs in this region. (For more on why we chose this see our full report.)
Of course, price isn’t the only consideration for first home buyers. A good lifestyle and prospects for growth should also be on the checklist. In Canstar’s inaugural Bright Starters Australian First Home Buyer Report we used five key metrics – sales volumes, price growth, vacancy rates, infrastructure and proximity to work and amenities – to identify suburbs that are desirable and likely to grow in value over time. Check out our list below.
The 4 best suburbs in Regional Western Australia for first home buyers
- Carey Park
- Dudley Park (Units)
- Mandurah
- Withers
Carey Park
Bunbury is the largest regional city in Western Australia and the commercial heart of the South West region. It has one of the biggest regional ports in Australia, major industrial estates and good links to mining and agriculture regions, making it a big employment node. It offers a seaside lifestyle and affordable housing, including in Carey Park which is centrally located within Bunbury, with Bunbury Hospital and a university campus nearby.
Dudley Park (Units)
One of the appeals of Mandurah is the variety of water environments throughout the residential areas – ocean, canal, river and lake. Dudley Park has canal residential properties providing access to the other water playgrounds, plus there is the Creery Wetland Nature Reserve. The suburb also has Mandurah Catholic College and is close to the facilities of central Mandurah. Those who can’t afford houses in this area can access affordable units.
Mandurah
With the ‘Exodus to Affordable Lifestyle’ trend sweeping the nation, the Mandurah region south of Perth is an obvious beneficiary. It offers affordability, a water-based lifestyle and good transport links to central Perth. For those seeking to work remotely while remaining in touch with the state capital, it’s a good option. The suburb of Mandurah is one of the few places in Australia where the median house price is lower than the median for units.
Withers
Lifestyle at attainable prices is a feature of Bunbury and the suburb of Withers is a good example of what’s on offer. It’s close to the sea and has lots of green spaces, including Maidens Reserve and extensive sports fields. Schools and shopping are easily accessible. Bunbury Hospital is nearby. Withers is also the most affordable of the Bunbury suburbs, with houses in the $200,000s.
Another suburb that deserves a special mention is Greenfields in Mandurah. Most Mandurah suburbs have median house prices above $400,000, but Greenfields is a cheaper option. It’s not an official ‘Bright Starter’ because the median price of $310,000 it’s a little higher than our price ceiling but it’s the best option in Western Australia’s key regional city. Greenfields is adjacent to the Mandurah city centre, providing easy access to services, and the venue for the Peel Health Campus and Goegrup Lake Nature Reserve.
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The best suburbs in Regional Western Australia for first home buyers
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Suburb | Median price | 1-year growth | Median rent | 10% Deposit | |||
---|---|---|---|---|---|---|---|
Initial outlay* | Time to save^ | Monthly repayment+ | |||||
Single income | Dual income | ||||||
Carey Park | $260,000 | 16% | $340 | $26,413 | 2 yrs & 6 mths | 1 yr & 3 mths | $1,048 |
Dudley Park (U) | $235,000 | 27% | $320 | $23,913 | 2 yrs & 4 mths | 1 yr & 2 mths | $947 |
Mandurah | $290,000 | 18% | $320 | $29,413 | 2 yrs & 10 mths | 1 yr & 5 mths | $1,169 |
Withers | $240,000 | 7% | $330 | $24,413 | 2 yrs & 4 mths | 1 yr & 2 mths | $968 |
Sources: Median price, growth and median rent: CoreLogic as at 1 February 2022. Initial outlay, time to save and repayment data: canstar.com.au as at March 2022. (U) stands for units. *Initial outlay includes the deposit, stamp duty, transfer fee and mortgage registration fee. ^Time to save calculations are based on the time required to save up the initial outlay costs with the average income (ABS Personal Income by greater capital city statistical area, adjusted by ABS Wage Price Index, June 2021). Calculations assume that 20% of after-tax income is saved each month, earning a savings rate of 0.62% (average bonus savings rate over the past 12 months to 1/03/22). 2021/22 tax rates plus the 2% Medicare Levy are applied to the annual income and savings interest, and inflation of 2.5%pa is applied to income and property price. Dual income calculations assume there are two savers with the average income. Actual time to save will vary depending on your individual circumstances as well as the rate of property growth. +Repayment calculations assume principal and interest repayments over a 30-year loan term with an interest rate of 3.36% (average owner-occupier variable rate over the 12 months to 1 March 2022). LMI for an owner-occupier first home buyer (per Genworth LMI Premium Calculator) is included in the loan amount for the 10% deposit monthly repayment calculations. For initial outlay, time to save and repayment data based on a 20% deposit download the full Bright Starters report.
Cover image source: Gordon Bell/Shutterstock.com
About Terry Ryder
Terry is the founder and Managing Director of hotspotting.com.au, which he created in 2006 to help investors find the best places to buy. Terry has been a specialist researcher and writer on Australian residential property in a career spanning four decades. During that time he has published four books.
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