Skills shortages could have ripple effect on Perth housing affordability
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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| Lender | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | Max LVR | Lump Sum Repayment | Extra Repayments | Split Loan Option | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
5.94% p.a. | 5.98% p.a. | $2,978 | Principal & Interest | Variable | $0 | $530 | 90% |
| Promoted | Disclosure | ||||||||||
5.89% p.a. | 5.80% p.a. | $2,962 | Principal & Interest | Variable | $0 | $0 | 80% |
| Promoted | Disclosure | ||||||||||
5.99% p.a. | 6.02% p.a. | $2,995 | Principal & Interest | Fixed | $0 | $0 | 60% |
| Promoted | Disclosure | ||||||||||
5.93% p.a. | 5.93% p.a. | $2,975 | Principal & Interest | Variable | $0 | $395 | 70% | Disclosure |
