Housing affordability in Western Australia is at its most favourable level in more than 10 years, according to new research by the Housing Industry Association.
The HIA said homes in WA were 10.8 per cent more affordable now than at the same time last year, largely on the back of interest rate reductions.
The HIA’s affordability index showed affordability had improved by 11.7 per cent in Perth and by 8.6 per cent in regional areas, since June last year.
“Reductions in both interest rates and dwelling prices have driven affordability in Perth to its most favourable since the September 2003 quarter,” the HIA said.
“In regional WA, affordability has improved to its best level since late 2004.”
The WA results were in contrast to national figures, with homes some 3.6 per cent less affordable across Australia at the end of the June quarter, compared to the three months to the end of March.