The Perth metropolitan area’s median home price is expected to hit $1.3 million by 2021, according to a report from property website Apartment List.
Auckland’s median price is predicted to hit the $1 million mark by 2021.
However, the cheapest price in the state is expected be in Sydney’s northern suburbs of Werribee and Southbank.
The study says the Perth metropolitan region will have the lowest median home prices in the nation, with the median price of $1,076,400.
The report says prices in Perth’s suburbs have seen a jump of over $1m in the past 12 months.
“The median price in Perth is up 9.7 per cent over the past year and Perth is predicted as the second most expensive city in Australia,” the report said.
“Auckland has also seen a significant jump in median price, up 3.4 per cent to $1bn over the same period.”
Prices in the outer Perth suburbs have also increased by 8.7% over the last 12 months.
“Auckland had the lowest average cost of $842,800, followed by Sydney with $838,400, Brisbane with $744,200, Melbourne with $700,900 and Canberra with $699,800.
The state’s median house price is projected to reach $1million by 2021.(AAP: Andrew Meares)But the study found the state’s inner cities had the second lowest median house prices, with prices in Southbank, Wollongong, Coffs Harbour, South Fremantle, North Shore and South Fremorne set to reach the $3.2 million mark.”
These two inner city suburbs have a median home value of $7.3m, which is only marginally lower than the median house value of New South Wales’ capital city, Sydney,” the study said.”(They) are both in the suburbs of Wollingar and Wollam.
“Wollongo’s median prices are estimated to reach around $4.6m by 2021.”
The state will have a minimum price of between $1 and $1-million by 2022, with median prices ranging from $1 to $2 million.(AEM: Alex Neale)The study said Perth’s inner city and inner suburban suburbs were among the cheapest cities in Australia.
“According to Apartment Ladder, Perth has the lowest minimum price at $1 in the metropolitan area, with an average house price of just under $1M, while the median prices of the inner city are between $2.6 and $2-million, with a median of just over $2M.”
The report said Perth was also one of the least affordable cities in the country, with Perth’s median monthly rent at $831.25, while Perth’s average house prices are expected to increase to $846,400 by 2021 with a mean rent of $936 per month.
“While Perth has seen its median prices rise, the median median house in the inner cities is expected at $2,928, which equates to a monthly rent of around $1160,” the research said.
It said Perth had a minimum monthly rent for a detached home at $7,066 and an average of $2195 for a semi-detached home.
The research also found Perth had the most expensive housing market in the world, with Sydney having the second highest price per square foot, followed a little further down the list by Auckland.
“Although Perth has historically been the most affordable city in the Australian capital, it is forecast to overtake Sydney by 2021,” the analysis said.