The message is simple: now is a great time to buy a home in WA.
This comes after a new report from the Adelaide Bank and Real Estate Institute of Australia revealed that housing affordability in Western Australia is on the rise.
“This is an exciting time for potential and current home buyers,” says Real Estate Institute of WA (REIWA) president Damian Collins. “Not only is WA currently the most affordable state in the country, but this combined with the latest RBA cuts as well as the proposed APRA changes to servicing rates, recent Keystart changes and the Federal Government’s proposed first home loan guarantee scheme, housing will become even more affordable.”
While the dream of home-ownership remains unattainable for many Aussies on the east coast, Damian says the dream “is very much alive in WA, which is evident by the large proportion of first-home buyers WA has retained, despite the challenging market conditions experienced over the last couple of years.”
Are you looking to move out of your parents’ home or rental property? SOMO understands that purchasing your first property in Perth is a big, exciting step. There are lots of stages that take you from where you are to where you want to be, so we’ve outlined some of the common ones here.
Have you been saving for your forever home or investment property but still not able to get your foot on the property ladder? Well, we have some helpful finance tips that will hopefully help you reach your goal sooner.
With WA still considered the most affordable state for housing in the country, now is also the perfect time to think about what your new home looks like. And we’re not just talking about the traditional 4 bedroom, 2 bathroom layout. SOMO understands that people have different housing needs at different stages of their life, which is why we have the most extensive range of options available to first-home buyers.