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First-Time WA Buyers Lift Market

07 March 2013

First-homebuyers in WA are flocking to the property market in droves and borrowing more than their Eastern States counterparts to do it, according to a new national housing snapshot.

The Real Estate Institute of Australia's housing affordability report shows the average loan to WA first-homebuyers increased 1.7 per cent over the December quarter and 6.9 per cent last year to $301,433, well up on the national average of $289,900.

The report revealed the number of loans approved to WA first-homebuyers was up 8.9 per cent during the December quarter and 35.6 per cent higher than at the same time the previous year.

Overall, WA has become a more affordable place to buy a home with the proportion of income required to meet loan repayments falling 1.4 per cent to 22 per cent.

REIWA president David Airey said about 25 per cent of first-homebuyers built a new home with the remaining 75 per cent buying an existing dwelling.

"Affordability has improved in WA because first-homebuyers are exempt from stamp duty if the home is under $500,000 and our State generally has better wages and salaries," Mr Airey said. << back to news articles