• WA still one of the most affordable places in the country to buy or rent

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    A happy family are in the kitchen having breakfast. The mother is at the bench with the two kids while the father is over at the bench with his back to the camera.

    Western Australia is the second most affordable place in the country for housing and rentals, according to the Real Estate Institute of Australia’s (REIA) latest Housing Affordability Report.  

    The report determines affordability based on what proportion of the median weekly family income is required to service loan repayments and pay rent in the respective state or territory.  

    WA is the most affordable state to buy in 

    WA has retained its title as the most affordable state in the country, with only the Northern Territory more affordable to buy in.  

    The Housing Affordability Report found that during the March 2022 quarter, the proportion of family income required to service home loan repayments in WA was 26.6 per cent. 

    To put WA’s affordability into perspective, the proportion of family income required to service home loan repayments in New South Wales was 46.5 per cent during the March 2022 figure.  

    Despite WA being the most affordable state in the country, housing affordability did decline during the March 2022 quarter, with the proportion of family income required to meet home loan repayments 0.5 per cent higher than it was during the December 2022 quarter.  

    First home buyers taking advantage of WA market 

    First home buyers remain a large part of WA’s owner-occupier market, with the report finding that first home buyers accounted for 38.5 per cent of the state’s owner-occupier market. This is the largest proportion of any state or territory in the country.  

    WA now the second most affordable place in the country to rent 

    WA is now the second most affordable place in the country to rent in, with the proportion of family income required to make rent payments in WA rising 0.6 per cent to 20.4 per cent during the March 2022 quarter. 

    Victoria is now slightly more affordable than WA at 20.0 per cent, however WA remains significantly more affordable than the likes of Tasmania and NSW, where the proportion of income used sat at 30.8 per cent and 26.9 per cent respectively.  

    How WA compares to the rest of the country 

    A chart showing how each state and territory compares for housing and rental affordability during the March 2022 quarter. It shows that WA is the second cheapest place to buy and rent in.

    More information 

    For more information, read REIA’s official media release.