HOUSING affordability in Perth is the best it has been since September 2004, according to the inaugural edition of the ANZ-CoreLogic Housing Affordability Report for the December quarter 2018.
Home owners needed 28.4 per cent of household income to meet mortgage repayments and it took buyers seven years to save a 20 per cent deposit for a median priced home of $446,011.
By comparison home owners in Sydney faced repayments of 46.3 per cent of household income and it took 11.4 years to save a 20 per cent deposit for a median priced home of $808,494.
Get in front of tomorrow's news for FREE
Journalism for the curious Australian across politics, business, culture and opinion.
READ NOW
Kwinana was Perth’s most affordable region with buyers needing 5.1 years to save a 20 per cent deposit and 20.8 per cent of household income to make mortgage repayments.
It was also the only metropolitan region where it was cheaper to buy than rent.
Serpentine-Jarrahdale, Armadale, Swan and Rockingham rounded out the top five most affordable regions for home buyers.
At the other end of the scale, Cottesloe-Claremont was the least affordable region, requiring 58.8 per cent of household income to meet mortgage repayments on a median priced home and 14.5 years to save a 20 per cent deposit.
South Perth, Fremantle, Melville and Canning were also among the least affordable regions.
Perth was also considered affordable for renters, with 23.1 per cent of household income required to rent a home, however while dwelling values have been falling since 2014, rents have begun to rise over the past 18 months after a sustained downturn.