Affordable housing incentives helping West Australians enter property market
More West Australians are taking advantage of the state's housing incentives, snapping up affordable residential properties across the state.
Housing minister Terry Redman said more people were entering the property market thanks to the state's Opening Doors to Affordable Housing program.
More than 350 West Australian families have taken advantage of the Department of Housing's home ownership scheme, equating to $118 million worth of affordable housing.
"The program makes home ownership more affordable through a shared home ownership scheme where the buyer pays as little as 70 per cent of the value of the property," Mr Redman explained.
"By sharing ownership of the property with the department, monthly home loan repayments are lower, making it more manageable for families on modest incomes."
With uncertain economic conditions and a tight rental market in Western Australia, the program may attract the interest of families, singles and couples looking to get a foot on the property ladder.
Mr Redman said under the shared home ownership scheme, people can purchase a dwelling in the Perth area, as well as rural regions including Busselton, Cowaramup and Manjimup.
Apartments start at $190,400 and $300,000 for a three-bedroom house.