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Pilbara News - - Lifestyle - Hay­den Groves Hay­den Groves is the pres­i­dent of the Real Es­tate In­dus­try of West­ern Aus­tralia.

Hous­ing af­ford­abil­ity has con­tin­ued to im­prove in Perth, buck­ing the trend of all other cap­i­tal cities in Aus­tralia.

This makes now an ideal time to con­sider buy­ing or in­vest­ing in the Perth mar­ket.

Mar­ket fac­tors

The lat­est find­ings by Moody’s In­vestor Ser­vices found for the 12 months to the end of March 2016, Perth res­i­dents spent 21.5 per cent of their monthly in­come on mort­gage re­pay­ments, which is down from 22.6 per cent pre­vi­ously.

On a na­tional level, Aus­tralians paid 27.6 per cent of their in­come on their mort­gage re­pay­ments, which fur­ther em­pha­sises Perth’s af­ford­abil­ity.

The re­cent de­ci­sion by the Re­serve Bank of Aus­tralia to cut the cash rate by 25 ba­sis points to 1.75 per cent is an­other wel­come boost for first-home­buy­ers and those look­ing to trade up.

Reiwa.com’s re­cently re­leased March 2016 quar­terly data showed the me­dian house price in the Perth met­ro­pol­i­tan area for this pe­riod is down on the pre­vi­ous quar­ter, com­ing in at $520,000.

Now is the time to buy

All these mar­ket fac­tors cre­ate an ex­cel­lent op­por­tu­nity for buy­ers.

If you’re con­sid­er­ing tak­ing the step into home own­er­ship, want more room or are seek­ing a life­style change, it’s a great time to get the ball rolling.

Start by re­search­ing what ar­eas you’re in­ter­ested in liv­ing or in­vest­ing in.

You might find sub­urbs you’ve al­ways felt were out of reach could now be well within it. So cre­ate a wish list and start re­search­ing price trends.

It’s worth­while seek­ing out REIWA agents in these ar­eas and ask­ing them about how a sub­urb is per­form­ing and what ad­vice they might have.

In ad­di­tion to price, fac­tor in the life­style that a sub­urb pro­vides.

While you won’t be close to ev­ery­thing, en­sure you tick a few boxes, whether it’s the kids’ school, your work­place or hos­pi­tals, for ex­am­ple.

The end of the fi­nan­cial year is fast ap­proach­ing which is a good in­cen­tive for in­vestors to take ac­tion.

If you’re in­vest­ing, think about sub­urbs that will have plenty to of­fer tenants such as en­ter­tain­ment and din­ing precincts, trans­port links, busi­ness hubs and uni­ver­si­ties.

The more con­ve­nient and well main­tained the in­vest­ment prop­erty, the more in­ter­est it should re­ceive.

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