All About Housing Affordability In Perth

The Adelaide Bank of Australia released their latest report on the real estate market in Western Australia. The report reveals that housing prices in the area had risen in September last year but became affordable once again during the rest of the year. REIWA President Hayden Groves has reiterated that the report showed that the proportion of income that is needed to meet loan repayments in Western Australia increased by 0.2% in the same period. This figure declined by 1% during the rest of the year.

That’s great news for home buyers like the newly weds, young professionals and artists who are looking to buy their dream home in WA. In fact, this is a good time to enter the real estate market in Western Australia. Buyers should take advantage of the improved affordability before the market prices rise again.

Reiwa.Com’s latest real estate data for three months ending November 2016 reveals that the median house price in Perth increased by 0.8% to $530,000. In fact, this was the first time after last August where such an improvement is witnessed. This data combined with the decline in affordability in September 2016 suggests that the worst might be over. If you have been postponing buying you dream home until the right time, this is it. Now is the right time to act. You can easily find your investment property or dream home in Perth, Western Australia at a very competitive price right now.

First Time Home Buyers In Western Australia

The Affordability Report reveals that Western Australia has the highest percentage of first home buyers in the country. In fact, the average mortgage loan amount for this group increased by 1.3% over the last few months. But this figure shows a drop of 4.6% compared to the results of September 2015.

As per this company,  quite affordable for a first time home buyer in Western Australia to enter the real estate market in the area than it was a year ago. But the increase in the amount a first time home buyer in WA needed to borrow as his or her mortgage indicates that the real estate prices could be beginning to stabilize in the area. That’s why you need to enter the real estate market in WA before it is too late.