The Great Australian Dream of homeownership is still alive among buyers in Western Australia.
Bankwest’s Home Truths study revealed that around 60% of Western Australians believe purchasing a home is still achievable despite the current conditions.
In comparison, around 54% of South Australian and 53% of Victorian homebuyers have the same mindset.
According to the study, the confidence in Western Australia was driven by women and millennial homebuyers.
In fact, around 57% of women homebuyers and 65% of millennials believe that homeownership is achievable.
Bankwest general manager for home buying Peter Bouhlas said the optimism in Western Australia was complemented by the growth in the share of homebuyers who believe that homeownership remains important, which is at 67% according to the study.
“People have dealt with incredible uncertainty in recent times, so it’s perhaps not surprising to see an increase in the importance of having a roof over our heads,” he said.
“I think we’re all aware of the state of the Western Australia’s property market at the moment – and that extends to the shortages being felt in the rental space – which is the result of increased demand and supply pressures.”
Mr Bouhlas said another factor driving confidence among buyers in the state is the local economy and the relative affordability compared to eastern states.
“Those of us who live in Western Australia know we’re the heart of the lucky country, but this data suggests our homebuying confidence is reflecting that, too, with more people feeling they can afford it, than those who want it,” he said.
Recent data from the Real Estate Institute of Western Australia (REIWA) showed that first-home buyers are driving the demand in Perth’s most affordable places.
REIWA president Damian Collins said eight of the 10 suburbs with the strongest price growth potential have median prices that are below $500,000.
“It is often the suburbs that have high sales volumes and lagging prices that offer the best growth potential. They tend to have more ground to make up, especially if the suburb is in high demand with buyers,” he said.
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Photo by @nathan_hurst on Unsplash
Collections: Mortgage News Property News
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