WA Today
Wages in Western Australia are going up faster than the rest of the nation, but Perth houses remain out of reach as mortgage costs and stamp duty paint a dire picture for aspiring home owners.
The latest Australian Bureau of Statistics data shows WA hourly pay packets rose 3.7 per cent in the year to June – the fastest growth of any state or territory and ahead of the national average of 3.4 per cent.
The increase was driven by a 5.4 per cent jump in public sector wages – the strongest in the country – while private sector pay lifted 3.2 per cent.
At the same time, exclusive figures from the Real Estate Institute of Western Australia show housing affordability in WA declined in the June quarter, with the proportion of family income needed to meet mortgage repayments climbing to 41.2 per cent. That is 0.4 percentage points higher than March, and 1.6 points more than was needed a year ago.
Tanya Steinbeck – chief executive of the Urban Development Institute of Australia, the peak body representing the development industry – said WA’s strong economy and severe skills shortages were driving up wages in the construction sector.
“Tradespeople in WA are particularly in demand as demand for more housing is very strong,” Steinbeck said.
“Ongoing labour and skills shortages within the residential construction industry has significantly constrained capacity to deliver housing in Western Australia, so attracting people with the right skills to the state is critical to speed up housing delivery.”
To read the article in full, including comments from UDIA WA CEO Tanya Steinbeck, visit WA Today.