In today’s West Australian residents of Butler were listed
as one of the two suburbs most likely to be suffering from ‘mortgage stress’ with 33.9% of their income being used on simply paying off the housing loan.
Housing affordability in Perth is at critical levels with the average home cost being around $480 000.00, well beyond the reach of any first home buyers, unless they are prepared to put themselves in a crazy situation.
It results in all sorts of situations we never thought possible a few years back. There are people now who may never own their own home, there are people living with parents to get by, people living in cars… Rentals are extremely difficult to obtain and prices are going through the roof on them as well.
There is no easy answer in sight while WA’s economic boom continues.
Part of the problem is that some people seem to believe there is a certain standard of living that they are entitled to and aren’t prepared to do the ‘hard yards’ as they accumulate housing equity.
A couple of years back now I watched a current affairs show where a young couple were lamenting that they just couldn’t afford a house, however the type of house and suburb they were seeking was of the ‘4 x 2’ variety in an affluent suburb. It seemed absurd. Of course you can’t afford that kind of place, and even less so these days!
But if you’re prepared to buy a two bed unit or a smaller cheaper place then you can still live and get by.
I wonder if for some in our own area that sense of ‘entitlement’ is the reason they are doing it tough. There are plenty of people living in huge houses with plasmas, foxtel and new cars, all funded by astronomical mortgages who are apparently ‘doing it tough’.
‘Tough’ is possibly not the word I would use.