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latest Real Estate Institute of Australia’s Housing
Affordability Report, has revealed that housing affordability across the
nation has declined except for WA, with the proportion of income required to
meet loan repayments improving to 22.4 per cent.
is pleasing to see that our state is once again the most affordable to live in
across the country for a second quarter in a row, which provides some of the
best buying conditions WA has seen in a very long time.
those who are looking to buy, at the moment, WA has a steady median price of
If you compare this to the east coast property markets like New South
Wales or Victoria which has a median price of $790,000 and $626,700
respectively, here in WA, home ownership is still very much attainable.
fact, the report revealed that average loan amounts have increased across all
states and territories, with WA showing a 4.9 per cent increase over the
quarter to an average loan size of $337,149.
To put this into perspective, the
average in NSW increased is $481,169, making it the largest across the
the decrease in sales activity over the quarter, it is a positive sign to see
the number of first home buyers in the state increase by 4.8 per cent to over
While West Aussies account for 13.2 per cent of first home buyers in
Australia, NSW still leads, contributing 25.6 per cent of first home buyers.
a rental affordability perspective, the nation saw an improvement during the
June 2019 quarter to the lowest proportion of income required to meet rent
payments since June 2008.
In WA it has decreased marginally to 16.45 per cent –
a 1.5 per cent improvement compared to the June 2018 quarter.
you compare this to NSW, the proportion of family income needed to meet rent
payments has stayed between 28 – 29 per cent or in VIC which sat at 23 per cent
for the year to June 2019.
For those looking for their next rental property, it
certainly is a good time to do your research to find the ideal property that
suits your lifestyle preferences.
the dream of home ownership remains a challenge on the east coast, it’s very
much alive and well in WA, with the property market currently favouring buyers
Now is the time to take advantage of favourable conditions to
secure their home before our local WA market becomes less affordable.