Western Australia's housing crisis has reached alarming new heights, with shocking data revealing Perth homebuyers now require more than a decade to save for a typical house deposit.
The Staggering Timeline to Home Ownership
New research from the Australian Institute for Progress paints a bleak picture for aspiring homeowners in Perth. The analysis shows that an average-income couple must dedicate 11.1 years of savings to accumulate a 20 percent deposit for a median-priced house in the city.
This sobering figure represents a significant deterioration from previous years, highlighting the accelerating affordability crisis gripping Western Australia's property market. The data, compiled by Institute Executive Director Graham Young, examines the time required for couples aged 25-34 earning average weekly wages to save a standard deposit.
The situation has worsened dramatically since 2021, when the same saving period stood at just 7.4 years. This represents a nearly 50 percent increase in the time needed to enter the property market within just three years.
Comparative Market Analysis Reveals WA's Unique Challenge
While Perth's 11.1-year saving timeline presents serious concerns, it's important to note that Western Australia remains more affordable than most eastern states. The research shows Sydney homebuyers face the nation's most daunting challenge, requiring 16.7 years to save a deposit.
Melbourne follows closely behind at 14.3 years, while Brisbane residents need 13.1 years of saving. Despite Perth's relative affordability compared to these markets, the rapid deterioration in conditions has alarmed housing advocates and economists alike.
The Real Estate Institute of Western Australia has identified several key factors driving this crisis. Record levels of migration, combined with persistent construction delays and rising material costs, have created a perfect storm in the housing market.
Broader Implications for WA's Future
This housing affordability crisis extends beyond individual financial stress, threatening Western Australia's economic growth and social stability. As housing becomes increasingly inaccessible, the state risks losing skilled workers and facing broader economic consequences.
The data underscores the urgent need for comprehensive policy solutions addressing both supply and demand factors in the property market. Industry groups are calling for coordinated action from government, developers, and financial institutions to tackle this growing emergency.
For thousands of Western Australian families, the dream of home ownership is becoming increasingly distant. The 11-year saving timeline represents not just a financial challenge, but a fundamental shift in the Australian lifestyle expectations that have long defined the nation's identity.
