The Australian dream, i.e. the privilege of owning one’s own home, remains very much alive. Indeed, REMAX Western Australia managing director Geoff Baldwin recently urged renters to take advantage of the spike in housing inventory by acquiring affordable house and land packages in Perth.
According to Propertyology, the winding down of the region’s mining industry reallocated labour towards construction, which helped pave the way for an increase in Perth’s housing supply.
Propertyology also highlighted the Perth market as having the most active first-time homebuyers in Australia. However, as far as property choices go, more first-time homebuyers are eager to build their own homes than buy existing structures. The significant bulk of leverage rests on grants and other local and federal housing programs.