The Property Tribune
Interest rate rises, higher property prices and rent increases have made housing less affordable in Western Australia according to new report Housing Affordability in Western Australia 2023 from the Bankwest Curtin Economics Centre (BCEC).
The report found that increased housing demand, driven by factors such as population growth, has been putting extreme pressure on rental markets. House rents in Perth have risen by 13% over the last year – the largest rise of any capital city – and unit rents have increased by 13.6%, both CoreLogic data as cited in the BCEC report.
While stimulus grants increased building approvals and dwelling commencements sharply in WA, these housing starts have yet to feed through into completions and deliver new stock to market.
To read the article in full, including comments from UDIA WA CEO Tanya Steinbeck, click here.