UDIA in Western Australia has added their welcome to the RBA’s decision to pause on the official cash rate today.

“While our recent State of the Land report highlighted that Perth is currently the most affordable capital city in Australia, we are acutely aware that 10 consecutive rate rises have put added pressure on those making mortgage repayments and it is also causing those considering purchasing some concern in relation to future repayments,” UDIA WA CEO Tanya Steinbeck said.

“The spectre of the ‘mortgage cliff’ is also concerning and I think the RBA has made a prudent decision to wait and see the impact more fully of previous decisions,” Ms Steinbeck said.

“The housing supply shortage that is being felt across Australia, including right here in WA, is at critical levels and interest rate rises have added further disincentives for investment in the current climate,” Ms Steinbeck said.

“The time to act is right now and we need to ensure that State and Federal government policy is aligned and aimed at getting development ready land to the market quickly,” Ms Steinbeck said.

“Ensuring adequate supply provides the much needed opportunity for those that are in a financially secure position to be able to access new housing that meets their households needs,” Ms Steinbeck said.  “At the moment there is very little stock available and there is also a lack of diversity to choose from that suits different household sizes, budgets and lifestyles in a range of areas.”

“It is time for all levels of Government and industry to work together and come up with viable, realistic options that can be implemented immediately to address the crisis that we are in.”

“While the RBA has made the decision to hold rates today, we are likely to see further hikes in future months and we must be prepared and face that challenge as a collective for the benefit of homeowners, renters and anyone that is seeking an affordable, secure roof over their head,” Ms Steinbeck said.


Gemma Osiejak
Executive Manager Communications & Marketing
P: 0421 506 819
E: gosiejak@udiawa.com.au