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REIWA welcomes the latest Adelaide Bank and Real Estate Institute of
Australia’s Housing Affordability Report which reveals that Perth is one
of the most affordable cities compared to other capital cities in Australia,
with housing affordability in Western Australia improving by one per cent
compared to the March 2018 quarter.
Damian Collins said the WA property market was favourable for both buyers and
tenants, presenting excellent opportunities to secure housing at affordable
“This is an exciting time for
potential and current home buyers. Not only is WA currently the most affordable
state in the country, but this combined with the latest RBA cuts as well as the
proposed APRA changes to servicing rates, recent Keystart changes and the Federal
Government’s proposed first home loan guarantee scheme, housing will become
even more affordable” Mr
The report found
that the proportion of income required to meet loan repayments in WA improved
to 22.6 per cent in the March 2019 quarter, a decrease from 23.1 per cent
compared to the December 2018 quarter and the average loan size reduced 4.1 per
cent to $336,186.
“By comparison, in
New South Wales, the proportion of income required to meet loan repayments is
35.4 per cent, while the average loan amount is $453,101 – significantly higher
than WA,” Mr Collins said.
Sydney market has started to cool, the dream of home ownership remains
unattainable for many Australians on the East Coast. We’re lucky that this dream
is very much alive in WA, which is evident by the large proportion of first
home buyers WA has retained, despite the challenging market conditions
experienced over the last couple of years.”
The report showed
that rental affordability has improved in WA with the proportion of income
required to meet the median rent decreasing to 16.5 per cent.
“While this isn’t
the largest improvement in the country, according to the report WA is still
ranked number one for rental affordability in the March 2019 quarter out of all
states and territories, with Perth’s median rent having held at $350 per week,”
Mr Collins said.
affordability in WA continuing to improve, West Australians who are looking to
buy or rent property have the best market conditions in many years in which to
make a decision.
View more WA market information.