Wanna buy or rent? The West is the best!
- WA has retained the title of most affordable place in Australia for renting and i for housing.
- The proportion of family income required to make rent repayments in WA is just 19.7%, while in Tasmania it’s a whopping 30%.
- Perth house prices are also set to increase by 10% in 2022, following a 14% price growth in 2021.
Western Australia has retained the title of the most affordable place for housing in the country.
A new report by the Real Estate Institute of Australia (REIA), which 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, found the West is the best.
The Housing Affordability Report noted that in the rental market, the proportion of family income required to make rent repayments in WA was 19.7% – the most economical in Australia.
Comparatively, the proportion of family income needed to make rental repayments in Tasmania is a massive 30%, while in NSW it is 26.1%, slightly etching out the Northern Territory at 25.9%.
The report found the proportion of family income required to service home loan repayments in WA was 26.2% – making the State the second-most affordable place in the lucky Country, behind the NT.
REIWA President Damian Collins said while in other parts of the country the dream of home ownership is out of reach for most, “that is simply not the case in WA”.
Despite a rental shortage, sandgropers continue to enjoy the most affordable rental environment in the country, with the report highlighting that rent prices in the State are not the issue but rather supply.
Meanwhile, WA’s solid property market conditions are expected to continue, with REIWA’s 2022 outlook estimating Perth house prices will increase a further 10% next year, following 14% price growth in 2021.
Read the full story
in the Grafa app
To read the full article and more in the Grafa app, available on all app stores.
Track the trends
Get the hot tips first
Stay close to your investments
Learn to trade like a pro
Let your money entertain you
See more stories like this
48% of businesses say they will not raise prices, primarily due to the desire to...read more