More Western Australians have purchased their first home in the last year than any other state in Australia, according to a new report.
More people in Western Australia purchased their first home during the past year than residents of any other state in Australia, according to a new report.
The fifth annual Bankwest First Time Buyer Deposit Report, part of Bankwest's Financial Indicator Series, revealed that the number of first-time buyers across the state soared by 31 per cent over the year, with 19,949 individuals entering WA's housing market.
Last year, 15,205 people bought into the housing market.
In the past five years, house prices in WA plateaued relative to the pronounced growth of the first half of the last decade. According to Bankwest, that took the median house price to $471,000 in 2013.
With wages across the state increasing by nearly 22 per cent over the same period for people aged 25-34, housing affordability has become less of a barrier for those looking to enter the housing market.
‘‘Unlike many other states, the first home owners grant in WA has been reduced rather than abolished, encouraging many homebuyers to take the plunge and purchase their first property."
The report found that it takes first home buyer couples 4.1 years to save $98,100, a 20 per cent deposit for a median priced house in Perth.
In contrast, first home buyer couples in Sydney face a much longer wait to get onto the property ladder, having to save for 6.3 years to accumulate enough for a 20 per cent deposit on a home, needing $143,100 for their median-priced house of about $715,000.
Peppermint Grove in Perth remains Australia's least affordable local government area, where it would take an average couple nearly 23 years to save enough for a 20 per cent deposit.
The shortest savings time for a Perth unit is found in Kwinana, where it takes first-time buyer couples just 1.8 years to save for a 20 per cent deposit with $37,900.