Western Australia retains top spot as most affordable state; REIWA

Western Australia retains top spot as most affordable state; REIWA
Western Australia retains top spot as most affordable state; REIWA

Western Australia is the most affordable state to live in for the eleventh quarter in a row, according to the latest Real Estate Institute of Australia report. 

REIWA president Damian Collins said the report findings revealed affordability in WA's housing and rental market were still at their best levels. 

“The March quarter was an unusual one for the entire nation due to COVID-19, however it’s pleasing to see that WA has remained the most affordable state, while seeing prices and rents holding and not falling significantly, as was predicted by many early on,” Mr Collins said. 

According to the report, tenants in WA were only required to use 16.6 per cent of their family income to pay their rent in the March quarter.  

"This is significantly below other states where it reached as high as 30.5 per cent.” Mr Collins said. 

The proportion of family income required to meet home loan repayments was 25 per cent in WA over the same period, significantly less than NSW where homeowners still pay an average of 42.5 per cent of their family income on home loan repayments. 

However, affordability improved across the nation overall as red-hot markets in Sydney and Melbourne cool. 

“While the dream of home ownership remains a challenge on the East Coast, it’s very much alive and well in WA, as our rents and home values are the most affordable of all the states,” Mr Collins said. 

 

Tags: 
Western Australia Housing Affordability

Comments

Be the first one to comment on this article
What would you like to say about this project?