Published on May 22nd, 2013
Western Australians would prefer to own than rent
New information from the Australian Bureau of Statistics (ABS) has shown that residents in Western Australia would prefer to own their own residential property than rent one.
It has been estimated by the ABS that there are around 491,000 Western Australians that are looking to shift houses in the next three years, with a large majority of them wanting to move into a larger sized home.
According to the data, 73 per cent of residents who stated they wish to move would prefer a house over a townhouse, apartment or unit.
This may be an indication of the next stage of their lives – such as younger couples beginning to start a family.
"Home ownership is also important, with 65 per cent of Western Australians who plan to move within WA over the next three years showing a preference to own their home rather than rent," said ABS director of WA state and territory statistical services David Waymouth.
This may lead to an increase in the number of active first home buyers in the market, which may place some pressure on first buyer incentives in the state.
Currently in Western Australia, eligible first home buyers can receive up to $7,000 for the purchase or construction of a home.
Research also included what influenced buyer decisions when looking on the search for property.
"42 per cent of future movers within WA indicated familiarity with an area was a strong influence when choosing their future location. Both being close to family or friends and access to facilities and services such as shops or schools mattered to 38 per cent," said Mr Waymouth.
This information shows that many of the people wishing to move, will be staying in the state and most likely the same areas they are currently residing in.