Tenants are being urged to consider buying their own home while housing supply continues to increase.
RE/MAX Western Australia managing director Geoff Baldwin said at the moment buyers are spoilt for choice and prices are much more competitive.
“Currently there are more homes available than at any time over the past four years,” he said.
“There is also the important consideration that interest rates are lower than they have been for many decades.”
Mr Baldwin said a person paying $450 a week in rent could buy a similar property and be paying the same amount or even less.
“The biggest challenge for first home buyers right now is that of rounding up a deposit, but it is worth sitting with a mortgage adviser to see what grants and subsidies are available and to establish exactly how much is needed upfront to buy a home of their own,” he said.
Mr Baldwin said often people are pleasantly surprised and find that they are closer to qualifying for a loan than they thought.
“Property ownership has forever been a main catalyst to long-term security and we should be doing everything possible to assist people to reach their goal of buying a first home,” he said.