HOUSING AFFORDABILITY IN PERTH ?

Housing affordability improves across WA in 2015

04 June 2015

The latest report on housing affordability by Adelaide Bank and the Real Estate Institute of Australia shows that Western Australia’s housing affordability improved in the first quarter of 2015 and also when compared to the same time last year. 

REIWA President David Airey said in WA a combination of record low interest rates and slow sales turnover had improved affordability for both tenants and home buyers. 

“In the rental market we have seen the vacancy rate lift to 4.5 per cent and the median rent has dropped by $30 per week since March last year, while the high number of properties for sale has seen Perth’s median price soften in the first few months of this year,” Mr Airey said. 

The latest reiwa.com data suggests that Perth’s median house price sits at around $547,000 for the three months to May. 

Across Australia, the report found that the proportion of median family income required to meet average loan repayments was 30.8 per cent. 

“The figure decreased 0.7 percentage points during the quarter largely supported by declining interest rates,” REIA President Neville Sanders said. 

The report found that in WA the proportion of income required to meet home loan repayments dropped 0.4 percentage points over the quarter and 0.7 percentage points compared to the same time last year, to 25.7 per cent, while rental affordability in WA improved by a 0.1 percentage point over the quarter and 2.1 percentage points when compared to the year before, to 22.9 per cent. 

The Housing Affordability Report also showed that the number of first home buyer loans decreased throughout Australia, but that WA continues to retain the highest proportion of first home buyers on the state’s owner occupier market at 20.4 per cent. 

Mr Airey said April data from the Office of State Revenue showed that first home buyers across WA were paying a median price of $430,000 for their new home, down from $450,000 in April last year. Other findings for WA from the joint report showed that over the March quarter, the total number of loans (excluding refinancing) went down by 14.2 per cent to 12,983, which is an 11.9 per cent drop on the same time last year and the largest drop in the number of new loans nationally. 

During this same time, the average home loan in WA increased by two per cent over the quarter, to $355,988, which is a 2.5 per cent rise when compared to the 2014 March quarter. 


I just cannot understand why people don't just buy where they can afford?  They don't necessarily have to live there they are able to rent it out and go rent where they want to live.  All this hype in the media about Joe Hocking seriously, anyone that wants to get a head in this world has to have more like two jobs like we all did when we were saving for our first home.  NOTHING'S CHANGED !!  Work hard, save and miss out on luxuries for a few years and you will get there - simple really.
If you are not working and you are on welfare then that's a totally different issue altogether you will never get to buy a home on welfare, that's the way of the world - well Australia's world as we are still very generously handing out welfare in cash not in food stamps etc.



MAKE YOUR OWN DECISION AND GIVE IT A REAL GO !!