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Property affordability improves in WA

By Kevin Kelly

There has never been any shortage of reasons to buy real estate in Australind, and the fact Western Australia is one of the most affordable places in the country will just add to the list. The September quarter Adelaide Bank/REIA Housing Affordability Report suggested that as many parts of the nation move out of buyers' reach, Western Australia is holding its own.

"Western Australia and the Australian Capital Territory were the only jurisdictions to record improvements while the proportion of the median family income required to meet average loan repayments," explained president of the Real Estate Institute of Australia Neville Sanders.

He noted that the average family needs to spend around 31.7 per cent of their income on housing costs. This is 1.4 per cent higher than the June quarter and 1.3 per cent higher than a year ago.

Securing loans for property in Australind

Mr Sanders highlighted that owner occupiers secured the highest value of new housing commitments, which is hardly surprising given these rising property prices. Official figures from the Australian Bureau of Statistics show a 0.4 per cent rise in the value of owner occupied housing loans, which offset some of the 6.1 per cent fall in mortgages granted to investors.

Month-on-month data also revealed that the trend estimate for the total value of dwelling finance commitments was broadly flat. Owner occupier loans were up 1.9 per cent, while mortgages for investment housing commitments were down 3.1 per cent.

If you need a helping hand with securing property in Australind, then make sure you get in touch with our team. The experts at Ray White Bunbury will be on hand to assist your search and help you find an affordable home that meets your needs.

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