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Great news from REIWA this week, regarding the rate of home ownership in W.A. Read on for all the details…..
According to REIWA W.A is one of only two states in the nation that have not experienced a decline in home ownership between 2002 and 2014, that is according to the latest findings from the Household, Income and Labour Dynamics in Australia (HILDA) survey.
The HILDA longitudinal study showed that despite the rate of owner-occupied housing declining in nearly all states across Australia, WA & Queensland say little net changes in home ownership.
Victoria and New South Wales felt the biggest declines, with home ownership rates dropping by 7.8 percentage points and 4.3 percentage points respectively.
REIWA President Hayden Groves said the results of the HILDA survey illustrated the difference between the various property markets across Australia.
“Real estate markets on the East Coast, in particular Victoria and NSW, behave quite differently to WA and are often counter-cyclical.
“In contrast to Victoria and NSW, home ownership is not considered unattainable in WA. In fact, since the slowdown in the mining sector we’ve actually seen housing affordability improve in Western Australia.
“Combined with record low interest rates and plenty of choice available, it’s a smart time for West Aussie first home buyers to take advantage of local market conditions and achieve their home ownership dream,” Mr Groves said
Source REIWA July 2016 Author Bill Backhouse Director