With Perth’s median house price reaching $790,000 according to REIWA Data in July a $115,000 jump from 2024 homebuyers could understandably feel daunted. But as The West Australian’s recent feature highlights published on Saturday 19 July 2025, Realmark Urban Residential Buyer’s Advocate Angela McGrath reassures buyers that $700,000 still goes a long way in today’s market; if you know where to look and how to plan.
Inner-City gems look to apartments
For buyers set on urban lifestyle and proximity to the Perth City, $700,000 opens the door to two-bedroom, two-bathroom apartments in sought-after inner-city suburbs like West Perth, Subiaco, Applecross, Leederville, Maylands and East Perth.
“These suburbs give you location, accessibility, and modern features,” Angela says. “In new developments, you’ll often find open-plan layouts with sleek, updated interiors.”
But it’s not just apartments — Angela notes that three-bedroom apartments are still within reach in parts of Subiaco, West Perth, and Maylands, providing flexibility for couples, downsizers or small families.
Family-Friendly Outer Suburbs
For those who crave space and room to grow, the same $700,000 budget allows for larger block homes in family-focused areas such as Aveley, Balga, Banksia Grove, Caversham, Brabham, Byford, Butler, Ellenbrook, Alkimos, Clarkson or Eglinton.
In these growth corridors, buyers can secure three-bedroom homes on 300sqm+ blocks, often ideal for first homebuyers, young families, or downsizers seeking newer compact designs. Also great to investing.
Classic Suburban Opportunities
If its the burbs you want in west established areas, this budget will unlock opportunities for three-bedroom homes on blocks up to 700sqm in Rockingham, Gosnells, High Wycombe, Waikiki, Forrestfield, Lockridge, Thornlie and Swan View. The caveat is that for this price in these suburbs you might need to consider older homes and consider renovation or redevelopment.
Larger four-bedroom homes are also on offer in suburbs like Baldivis, Wellard, Bertram, Kelmscott, and Seville Grove, giving buyers added value and room for growing families.
Top Advice for $700k Buyers
Angela emphasises that smart buying comes down to clarity, preparation, and knowing your goals and lifestyle expectations. If you need finance arrange for pre-approval from your bank or assistance from mortgage broker so that you are ready when opportunities arise.
“Confidence comes from preparation,” Angela says. “There is still a wide spectrum of opportunity in Perth’s $700k bracket, but the best results come from matching your strategy to your long-term goals.”
Once you're ready to buy, it's essential to combine thorough research and market awareness with questions. Understanding the dynamics of your target area, asking the right questions, and being clear about your goals will put you in the best position to buy with confidence.
As always, do your own due diligence, and seek guidance from a licensed financial advisor for advice is tailored to your personal circumstances.
If you're a first home buyer, you may be eligible for government grants or concessions, which can significantly reduce your upfront costs. Don’t forget to budget for both one-off costs such as stamp duty, conveyancing or settlement agent fees, and moving expenses as well as ongoing ownership costs like home and contents insurance, strata levies (if applicable), and council and water rates.
Being prepared for the full financial picture ensures a smoother, more confident journey into homeownership or investment.
If you're looking to make the most of your $700,000 budget in Perth, Realmark Buyer’s Agents are here to assist you. We’ll help you develop a strategic purchasing plan, starting with a discovery session to understand your goals and aspirations. Whether you're a first-time buyer, seasoned investor, or searching for your next family home, our team is ready to support you in making a smart and confident move in today’s market.
Sources
REIWA Data, July 2025
https://reiwa.com.au/the-wa-market/perth-metro/