An additional $2.2 billion of apartment projects yet to be approved are also on hold, according to a new report from the Property Council of Australia.

The report estimates that 10,000 apartments have been delayed, and it warns of the 'significant impact' this will have on affordability.

Median house prices around Perth's CBD have tipped $1 million in the past 12 months alone, leaving the average Perth family needing to save for an extra two years for a house deposit.

The Property Council attributed this to supply constraints and market buoyancy.

Property Council WA Executive Director Sandra Brewer is calling for swift action to be taken to avoid a 'housing and affordability crisis'.

"Despite positive policy announcements during the pandemic, like the WA Building Bonus and stamp duty rebates for apartments sold off-the-plan, years of undersupply and underinvestment have put pressure on house prices," Ms Brewer said.

"As housing becomes more expensive, people move down the property ladder, escalating demand for social housing and puts more people at risk of homelessness."

The report suggests long-term solutions, such as policies supporting housing supply and providing diverse housing choices, to address housing issues in Perth.

"We know housing affordability is influenced by many interrelated factors that cannot be addressed in isolation," Ms Brewer said.

"Periods of rapid economic growth have shown us that fixing housing affordability requires policy focused on workers first – because, without workers, property markets cannot deliver the homes people need."

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LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees LVR Lump Sum Repayment Additional Repayments Split Loan Option TagsFeaturesLinkCompare
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Important Information and Comparison Rate Warning

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of . View disclaimer.

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