5 best suburbs in Regional Western Australia to invest in 2023
Find out which suburbs in Regional Western Australia made the top 5 list in Canstar’s second annual Rising Stars Australian Property Market Report powered by Hotspotting.
Regional Western Australia ranks highly in this national analysis, boosted by very low vacancies, strong rental growth and an uplift in buyer activity.
Resources towns in the state’s north such as Port Hedland and Karratha have boom-bust histories and represent high risk for property investors, but south of Perth there are a number of regional centres with brighter, and safer, prospects for buyers.
Regional areas in the south, including Mandurah, Bunbury and Busselton, have attracted growing numbers of buyers under the ‘Exodus to Affordable Lifestyle’ trend and there has been a revival in the resources-related regional centres, with the mining sector pumping strongly.
This is expected to translate into sustainable growth in regional cities such as Geraldton.
Generally throughout Western Australia, communities are being boosted by the strength of the state economy, which is creating employment and attracting new residents. In the State of the States report published in July 2022 by CommSec, Western Australia ranked first in the nation for relative economic growth and that has positive impacts on real estate markets.
Price growth has been solid but subdued over the past couple of years, but the strength of the forward indicators suggests higher growth may lie in Western Australia’s future.
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The 5 best suburbs in Regional Western Australia to invest in
- Carey Park
- Eaton
- Geraldton
- Greenfields
- Meadow Springs
The defining characteristics of our Regional Western Australia selections are affordable prices, strong rental markets and lifestyle features. These locations are all in waterside settings in coastal regional cities, but most have median house prices below $400,000.
Carey Park
Bunbury, about 180km south of Perth, is one of WA’s leading cities. Carey Park is the site of Bunbury Terminal train station and Kmart Bunbury South. Two years ago, Carey Park sold 30-35 houses per quarter, but now 60-70 is the norm. It’s Bunbury’s cheapest suburb, with a median price still below $300,000, with yields above 6%.
Eaton
Sales volumes in Eaton have jumped from 30-40 per quarter two years ago to 80-90 in 2022. Eaton is in the Shire of Dardanup, which is part of the Greater Bunbury area and therefore close to a key commercial centre and export port. It’s just 7km from central Bunbury and even closer to a variety of water playgrounds. It has Eaton Fair Shopping Centre, schools and numerous local businesses.
Geraldton
This attractive coastal city has been flying under the radar in the decade since the resources boom ended. Its prospects are rising again, boosted by the ‘Exodus to Affordable Lifestyle’ trend and new infrastructure proposals. A median price in the low $300,000s, yields close to 6% and very low vacancies provide an attractive package. The suburb of Geraldton in the LGA of the same name is the commercial heart, with waterfront appeal and lots of amenities.
Greenfields
The City of Mandurah has been one of the nation’s standout markets as it’s a natural fit for the ‘Exodus to Affordable Lifestyle’ trend. Greenfields is a popular suburb, no doubt because it’s one of the cheapest. Sales volumes have been rising for two years, with affordability, lifestyle and connections to Perth among the attractions.
Meadow Springs
Buyers are active in this market at double the rate of two years ago. With the increased activity prices have risen, but typical houses are still in the $400,000s. This is another affordable part of the vibrant Mandurah market. It contains a golf course and schools, with many parks and walking trails near the Goegrup Lake Nature Reserve. The Kwinana Freeway links Meadow Springs to central Perth.
The 5 best suburbs in Regional Western Australia to invest in
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Suburb | Median price | 1-yr growth | 10-yr average annual growth (%pa) | Vacancy rate | Median rental yield | Upfront costs* | 20% deposit amount | Monthly repayments (P&I) with 80% LVR |
---|---|---|---|---|---|---|---|---|
Carey Park | $280,000 | 17.9% | 1.6% | 0.5% | 6.5% | $8,500 | $56,000 | $1,237 |
Eaton | $380,000 | 11.2% | 1.3% | 0.2% | 5.7% | $12,510 | $76,000 | $1,679 |
Geraldton | $315,000 | 19.8% | -0.8% | 0.3% | 5.8% | $9,850 | $63,000 | $1,392 |
Greenfields | $330,000 | 15.6% | 2.0% | 0.7% | 6.0% | $10,420 | $66,000 | $1,458 |
Meadow Springs | $440,000 | 15.6% | 1.8% | 0.7% | 5.2% | $15,380 | $88,000 | $1,944 |
Sources: Median price, growth and rental yield – CoreLogic data sourced from yourinvestmentpropertymag.com.au dated 1 August 2022. Vacancy rates – SQM Research as at September 2022. Upfront cost – canstar.com.au as at 7 October 2022. Home loan repayment data – canstar.com.au as at 7 November 2022. *Upfront costs include stamp duty, mortgage registration and transfer fees. Stamp duty based on non-first home buyer, owner occupier purchase of an established dwelling. Upfront costs do not consider other costs including conveyancing or lenders mortgage insurance. ^Monthly repayments based on a loan amount per the median property price less the applicable deposit amount, the average variable interest rate, and monthly principal & interest repayments made over a total loan term of 30 years. Interest rates based on the average owner occupier, principal and interest variable rate for a loan of $500,000 as at 7 November 2022, for 80% LVR (5.25%).
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