Is there a movement to Western Australian regional centres and communities, and what might this look like in coming years?
With more affordable property prices in regional centres and remote working options on the rise there are signs of a COVID-19 driven review of lifestyles. Augusta-Margaret River and Denmark have both found themselves in the top five fastest growing coastal areas in the country, as regional areas become more attractive.
While lifestyle factors are key drivers in some regions, record regional investment in coming years may also persuade more people to relocate from cities as well.
Housing affordability in the regions
There are barriers to growing the availability of suitable affordable housing in some regional locations due to supply limitations and the higher costs of construction, but we are hopeful the ongoing collective effort of the building industry, in collaboration with key business and government stakeholders, will improve affordable and accessible housing solutions across WA.
Our commitment to financing affordable and sustainable home ownership already extends beyond the Perth metropolitan area, with no geographical credit restrictions and higher property purchase limits available as well.
While boom-and-bust cycles can create volatility in house prices in some regional areas, we will continue to provide finance for owner-occupiers to secure their dream of affordable home ownership throughout the state.
Increasing sustainable home ownership opportunities
The 2021-22 WA Budget outlined record investment in regional WA, and the sustainable long-term delivery of this pipeline will rely on the relocation of skills.
It's important that people who want to move to, or wish to stay in, regional areas have the opportunity to do so, to support thriving regional hubs.
At Keystart we have a role to play when it comes to making finance available for people in these areas, but we hope a combined and sustained effort from a wide range of stakeholders will go a long way in normalising and stabilising the costs of construction and living outside the Perth metropolitan area.
Better outcomes for everyone
In addition to supporting the movement of people to regional areas, Keystart is dedicated to ensuring local people can stay in their towns and communities.
Through our low-deposit home loans, Aboriginal Home Ownership Scheme, and participation in initiatives like The North-West Aboriginal Housing Fund, we are supporting First Nations People achieve home ownership.
We have a dedicated Aboriginal home ownership team with the cultural competency to provide the extra support that may be needed through the home ownership process. There are significant economic and community benefits attributed to home ownership, so we want to make that pathway accessible for everyone who is eligible.
Collaboration is key
We are optimistic of increasing sustainable and affordable housing opportunities in our regional communities through the collaborative efforts of local and state government, investors, the property industry, employers, community groups and of course the building industry. We see Keystart playing an important role in supporting even more people to take advantage of these through home ownership.
It's in everyone's best interest to support the progression of skilled and thriving communities around WA, and we believe unlocking widespread access to affordable and sustainable home ownership is key to achieving this.