Housing affordability is in the spotlight once again, this time as a major study gets underway across Western Australia. Research is being carried out by Curtin University to see just how affordable people think real estate in Bunbury South and other parts of the state really is.
Associate professor Rowley from Curtin University explained that the issue has more of a far-reaching impact than many people realise. It's also misleading to weigh up housing affordability based solely on mortgage or rental stress.
"It affects different households in different ways; forcing location trade-offs and requiring households to sacrifice other items of expenditure," Professor Rowley said.
The aim of the survey is to look at some of the trade-offs people make so they can stay in their own property, explained the Real Estate Institute of Australia (REIA). For some people this may mean cutting down on holidays, while others might decide to live in a smaller home with lower running costs.
This research project comes at an appropriate time, as the Housing Industry Association (HIA) releases its latest Affordability Index. Figures showed housing affordability declined four per cent during the September quarter compared to the previous three-month period.
HIA senior economist Shane Garrett suggested that the two cash rate cuts during the first half of the year had a positive effect on affordability, but this hasn't been sustained. He noted that had construction levels not have been so high lately, the decline in affordability would have been even greater.
For help finding real estate in Bunbury South that's within your budget, speak to the team at Ray White Bunbury. Our knowledge of the local area could be just what you need to find a property that suits your individual requirements in one of Western Australia's most sought-after suburbs.