Mandurah first-home buyers have some of the lowest entry level prices in the state and it only takes two years on average to save for a deposit, according to a new analysis.
A recent Domain Group study revealed buyers in Mandurah paid between $215,000 and $225,000 for a unit, the lowest entry level price compared with other Perth councils.
Bayswater ($220,000) and Perth ($220,000) came close behind.
In addition, Murray ($305,000) ranked fourth and Mandurah ($312,500) ranked fifth out of the top ten cheapest councils to buy a house.
Raine & Horne Mandurah principal Petter Vetten said there were several reasons for Mandurah’s low entry prices including its distance to Perth and former status as a sleepy holiday getaway.
“Of the top ten local government areas with the best entry level markets on the Domain list, Mandurah is the furthest from the Perth CBD,” he said.
Read More: Mandurah the ‘future of Florida’
“We are 73 kilometres compared to the next closest, Cockburn that is just 24 kilometres from the city.
“This longer distance combined with Mandurah’s jobs market that has traditionally been limited mostly to the tourism sector has turned away many owner-occupiers, particularly first-timers.”
Mr Vetten said the town was historically regarded as the perfect weekend getaway, rather than a place to live.
“Mandurah’s holiday image has been beneficial for the short-term stays market, but vacation visits haven’t traditionally translated into enough sales activity to push up entry-level prices in Mandurah,” he said.
Mr Vetten said this was set to change and he believed the town was on “the cusp of a golden run of capital growth”.
“Younger workers are fast discovering that it’s possible to commute to the CBD from Mandurah for work in about 45 minutes by rail or road,” he said.
“In truth, first-home buyers can find low entry house and land packages in areas between Perth and Baldivis where travel time to the city is less than it is to Mandurah.
“However, they are restricted to a conventional suburbia lifestyle in those regions, whereas if they are willing to trade off a bit of extra travel time to Mandurah they can enjoy the vast waterways and associated activities, as well as a much more serene and diverse lifestyle.
“As a result, there has never been a better time to secure an entry-level property in Mandurah.”