According to REIA report, Western Australia Homes are Their Most Affordable Since 2010
Announcement posted by Smartline Rockingham 11 Mar 2013
The Mortgage Gallery Rockingham, who specialises in home loans in the Rockingham, Kwinana and Cockburn areas, reveal why it is a great time to buy a home in Western Australia.
The Real Estate Institute of Australia (REIA) just released its housing affordability report for the December quarter of 2012. According to the report, it now takes 22% of the average income in Western Australia to make a home loan payment; this is a decrease of 1.4%, and is the lowest since the December quarter of 2010.
According to the report, Western Australia first home buyer loans increased 8.9% in the December quarter of 2012, which is a rise of 35.6% over the December quarter of 2011. According to the REIA, Western Australia also had the largest rise in the size of the average loan to first home buyers across Australia.
According to a spokesman from the Real Estate Institute of Western Australia (REIWA), WA currently has the highest wages and salaries in Australia. Since WA charges no stamp duty for first home buyers if their homes are less than $500,000, first home buyer activity was high and represented of the real estate market in WA.
According to an REIWA spokesman, demand is being met through house and land packages costing around $300,000, which is very affordable when compared to the median price in the WA market. However, the median purchase price for those buying their first homes in metro Perth is approximately $430,000. This indicates plenty of people are still willing to pay more money for more amenities and a better location.
According to REIWA, Ellenbrook, the Swan Valley and Baldivis, which is east of Rockingham, are the fastest growing suburbs in the Perth area. The median purchase price in metro Perth for January 2013 was $430,000, compared to $415,000 in January 2012, for an increase of $15,000. In the suburbs, the January 2013 median purchase price was $350,000, compared to $315,000 in January 2012, for an increase of $35,000.
According to Justin Smith, Principal of The Mortgage Gallery Rockingham, the statistics are in line with what he has seen in his busy Rockingham home loan office: “The numbers in this report are pretty much what we expected to see. We are seeing a lot of movement, a very busy market, and gradual rise in prices. This is indicative of a strong recovery for the WA Real Estate market.”
Smith continued, “Although the prices are rising, wages are also rising, thus making housing as affordable as it has been in two years. We believe the market is in a ‘sweet spot’ right now; people are making plenty of money but housing prices haven’t quite risen back to their pre-crisis levels. It is patently obvious to all who have followed Real Estate for the last 20 or 30 years that a market like this will soon cause the prices to rise.”
Smith added: “Within two years, we could see not only a full recovery of the housing market but historically high prices. While we cannot guarantee that prices will, indeed, rise, we can state to a fair degree of certainty that it is a very good time for anyone who are waiting to either buy their first home or upgrade their current one to make a move now, before the market changes.”
Smith concluded, “It’s definitely worth serious consideration.”
The Mortgage Gallery Rockingham is a firm of mortgage brokers in the Rockingham, Kwinana and Cockburn areas.
For more information, call them at (08) 9527 1800, or visit their website:
http://www.themortgagegalleryrockingham.com.au/
According to the report, Western Australia first home buyer loans increased 8.9% in the December quarter of 2012, which is a rise of 35.6% over the December quarter of 2011. According to the REIA, Western Australia also had the largest rise in the size of the average loan to first home buyers across Australia.
According to a spokesman from the Real Estate Institute of Western Australia (REIWA), WA currently has the highest wages and salaries in Australia. Since WA charges no stamp duty for first home buyers if their homes are less than $500,000, first home buyer activity was high and represented of the real estate market in WA.
According to an REIWA spokesman, demand is being met through house and land packages costing around $300,000, which is very affordable when compared to the median price in the WA market. However, the median purchase price for those buying their first homes in metro Perth is approximately $430,000. This indicates plenty of people are still willing to pay more money for more amenities and a better location.
According to REIWA, Ellenbrook, the Swan Valley and Baldivis, which is east of Rockingham, are the fastest growing suburbs in the Perth area. The median purchase price in metro Perth for January 2013 was $430,000, compared to $415,000 in January 2012, for an increase of $15,000. In the suburbs, the January 2013 median purchase price was $350,000, compared to $315,000 in January 2012, for an increase of $35,000.
According to Justin Smith, Principal of The Mortgage Gallery Rockingham, the statistics are in line with what he has seen in his busy Rockingham home loan office: “The numbers in this report are pretty much what we expected to see. We are seeing a lot of movement, a very busy market, and gradual rise in prices. This is indicative of a strong recovery for the WA Real Estate market.”
Smith continued, “Although the prices are rising, wages are also rising, thus making housing as affordable as it has been in two years. We believe the market is in a ‘sweet spot’ right now; people are making plenty of money but housing prices haven’t quite risen back to their pre-crisis levels. It is patently obvious to all who have followed Real Estate for the last 20 or 30 years that a market like this will soon cause the prices to rise.”
Smith added: “Within two years, we could see not only a full recovery of the housing market but historically high prices. While we cannot guarantee that prices will, indeed, rise, we can state to a fair degree of certainty that it is a very good time for anyone who are waiting to either buy their first home or upgrade their current one to make a move now, before the market changes.”
Smith concluded, “It’s definitely worth serious consideration.”
The Mortgage Gallery Rockingham is a firm of mortgage brokers in the Rockingham, Kwinana and Cockburn areas.
For more information, call them at (08) 9527 1800, or visit their website:
http://www.themortgagegalleryrockingham.com.au/