About 40 per cent of Western Australians are stressed about maintaining and managing their mortgage, yet home buyers remain bullish about the property industry, according to new research by Domain and Nielsen.
The report showed that two thirds of local residents found council rates to be a stressful part of home ownership – more than any other state.
However, home buyers in the state are positive about the property industry, with 70 per cent agreeing that property is a good investment.
“When it comes to purchasing property, low maintenance is an important consideration for 40 per cent of WA buyers, as is a strong sense of community,” the report said.
About 20 per cent of Western Australian buyers said they would consider purchasing property in rural areas, while only 15 per cent consider proximity to the city when looking to purchase property.
Acton Group chief executive Travis Coleman said housing in Perth in particular has always been about lifestyle and community first.
“That is why property values in the inner city, river and coastal suburbs of Perth have historically outperformed the rest of the market,” he said.
“Suburbs that combine lifestyle and amenities have been the top performers.
“We’ve seen strong housing growth in the outer suburbs recently, due to changes to the first home owners grant which favour new builds rather than establishing housing,” he said.
Mr Coleman also said there was currently an oversupply in the inner-city areas due to the large number of new apartment developments.
“The outer regions in WA should attract more interest moving forward as property prices have been depressed and undervalued for an extended period of time,” he said.
Domain spokesperson Damon Pezaro added that buying property is a big decision, and that WA home buyers should make use of the tools and information available to them so that they are well prepared when it comes to putting their hand up at auction.
“Purchasing a property is one of the biggest and most expensive decisions that a person will make — so it’s unsurprising that there are stress factors involved. In particular, West Australian residents have indicated that they find understanding the costs and fees associated with buying property more stressful than other Australian residents.” Mr Pezaro said.
