The Real Estate Institute of Australia (REIA) has released its Housing Affordability Report, and it has been found that Western Australia is the only place in the country where housing affordability has improved in 20 years.
During this time, Western Australians paid less of their family income in home loan repayments in 2020 – at 25.4%, than they did at the start of the century when the proportion of income required was 25.6%. WA also fared well on the rental front, with the report finding that rental affordability improved 1.5% during the 20-year period, with the proportion of income required to pay rent dropping from 18.4% in 2000 to 16.9% in 2020.
Although WA market conditions have strengthened over the last two years, it’s pleasing that our property market remains accessible for most people. With interest rates having risen recently, WA’s prevailing affordable housing environment puts Western Australians in a good position to manage the cost of servicing a loan.
(Source: The West Australian)