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Housing affordability at the forefront of new Senate report

By Kevin Kelly

Focusing on helping buyers get into their own properties across Australia is an important part to keeping the dream of homeownership alive nationwide. 

A new report released by the Senate's Economics References Committee took aim at housing affordability across the country, which could be great news for buyers interested in purchasing real estate in Bunbury.

The Real Estate Industry of Western Australia (REIWA) have put their support behind the release. REIWA president David Airey said home affordability is an issue that needs to have government intervention, especially for first home buyers hoping to move into the market. 

"Despite interest rates being at historic lows, first home buyer activity with established homes is declining in WA and is now around 21 of the total market. This is down from 26 per cent in the June quarter last year," said Mr Airey in a 12 May statement. 

"The Office of State Revenue reports there were 1,602 applications for established first home buyer grants in March, down from a peak of 2,164 in May last year." 

One of the suggestions put forth by the report was the replacement of stamp duty tax, as the various costs surrounding the purchase of new property have been highlighted as one of the main impediments to property buyers in Australia. 

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