15/04/2010 - 09:28

Perth house prices worrying: RP Data

15/04/2010 - 09:28

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Property researcher RP Data says Perth's house prices are cause for concern as Armadale, Parmelia and Brookdale are found to be the cheapest suburbs in the metropolitan area.

Perth house prices worrying: RP Data

Property researcher RP Data says Perth's house prices are cause for concern as Armadale, Parmelia and Brookdale are found to be the cheapest suburbs in the metropolitan area.

In its weekly property update, RP Data found the suburbs, along with Hillman (in the Rockingham area) and Camillo (in the Armadale area) were the cheapest with prices below $300,000.

In Armadale, the median house price is $284,000, Hillman $280,000, Parmelia $288,000, Camillo $290,000 and Brookdale $297,250.

RP Data last month announced the median house price in Perth was $495,000, after dipping 0.2 per cent in the three months to the end of February 2010.

In its update today, RP Data also noted that less than 10 per cent of suburbs in Perth had a median house price below $350,000, which it said was a cause for concern.

"Based on average personal income data released by the Australian Bureau of Statistics recently, a $350,000 house is 4.8 times greater than the average annual personal income in Western Australia," RP Data senior research analyst Cameron Kusher said.

"If the household has two incomes, the differential halves. However, not all are dual income households.

"For those looking to purchase at the affordable end, they are going to have to target specific areas. For the most part, these regions are located on the outskirts of the city."

For Perth's five cheapest suburbs, the average distance to the CBD area was about 30km.

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