is it ok to feel confident about buying a home? you bet it is!




Is it OK to feel confident about buying a home? You bet it is!


Recent REIWA articles indicate the road ahead is looking favourable – at last!

 

 

A new housing affordability report has found Western Australia is the most affordable state in the country for tenants and home buyers. Only the Northern Territory and the Australian Capital Territory are more affordable.

 

 

The Real Estate Institute of Australia (REIA), supported by Adelaide Bank, released their latest Housing Affordability Report yesterday, with the findings revealing affordability in WA’s housing and rental markets had improved on both a quarterly and annual basis in the September quarter 2017.

 

 

 

The Perth property market is showing signs of a recovery; buyers and tenants will remain the beneficiaries of the current environment conditions, given the steady supply of housing and rental stock to choose from at the more affordable end of the property market.

 

 

Overall, affordability improved across the nation as red-hot markets in Sydney and Melbourne cool, although in New South Wales home owners still pay an average of 36.1 per cent of their family income on home loan repayments – significantly more than West Australians do. While the dream of home ownership remains a challenge on the East Coast, it’s very much alive and well in WA.

 

 

“With our local market on the cusp of recovering, now is the time for buyers to take advantage of favourable conditions to secure their home before our local WA market becomes less affordable.” 

 

 

After a solid couple of years of subdued conditions in the Perth property market, we can look back on 2017 as a transitional period that brought about the bottom of the market. Coming off the back of a very soft 2016, the Perth property market regained its foothold in 2017, with stable listings, sales and median house price levels observed.

 

 

The stability we are now witnessing across key market indicators is a welcome change. 

 

 



 

 

New housing finance figures by the Australian Bureau of Statistics (ABS) show first home buyers continue to steadily increase their presence in the national housing market.

 

 

The market increased 18 per cent in November 2017, the highest it has been since October 2012.

 

 

So with that, if you have been on the fence about whether or not to invest in the real estate sector, maybe now is the time to dip your toe in further and pick up a good deal before the upward trend begins to gather pace; if you would like to discuss any aspect of the current market further, feel free to call Ricky Gee-Woolhouse on 0412 656 184.

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