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Perth had a house price to income multiple of 5.9. Photo: Attila Csaszar

WA building approvals down, Perth unaffordable

Building approvals in Western Australia have dropped to the lowest levels in 16 years, according to the latest figures from the Australian Bureau of Statistics, while a new housing affordability survey has labelled the Perth housing market ‘severely unaffordable’.

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Perth WA
It is quite simply the law of supply and demand. We had an oversupply of product and less demand because of the exodus from the state and slowing of overseas migration. It will correct slowly and in fact we will see improved demand this year. As far as affordability is concerned, this has improved dramatically.

Perth, WA
What's worth noting is relativity. In the same report were Perth was rated at 5.9 the other capital cities were rated at 6.3 (Brisbane); 6.6 (Adelaide); 9.9 (Melbourne); & 12.9 (Sydney). Therefore, Perth is circa twice as affordable than Sydney – Perhaps that should have been the headline? The property market is Perth is growing, despite the continued negative interpretation of facts.

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