As seen in The West Real Estate
There is no denying it’s a very trying time if you are in the market to buy a home, particularly if you are a first home buyer. Supply is low, prices are rising and people are worried they’ll miss their opportunity to enter the market.
These conditions can lead to some hasty decisions and, sometimes, regrets. If you are looking for your first home, please don’t fall victim to FOMO.
I won’t underplay the difficulties you’re facing. You will miss out on properties. It will take time and it will be stressful. But it is possible, as first homebuyers made up about 35 per cent of loans to owner-occupiers in the September 2025 quarter, according to Australian Bureau of Statistics data.
Firstly, don’t let the talk about record median prices deter you. The median is just the middle and that means 50 per cent of properties sold below that level. There will be relatively affordable options out there, but it will take patience and persistence to find them.
Before you start your property search, speak to a broker about getting your finances loan-ready. This may include saving a larger deposit, paying down other loans, or reducing subscription services and buy-now-pay-later services.
Then get your loan pre-approved. That way you will know your limits and be able to make an offer quickly and confidently. Make sure you are comfortable with potential mortgage repayments at the top end of your range, and factor in a small increase in interest rates.
Consider if one of the various State and Federal government schemes can help you access the market. You may be better off building and using the $10,000 First Home Owner Grant. If you can wait a few years, the First Home Super Saver Scheme may help you save a deposit.
With properties selling quickly, it can be hard to stay on top of new listings, which can lead to missed opportunities. Sign up for property alerts on portals like www.reiwa.com. You will be notified as soon as new listings are advertised online. You can also register your interest with REIWA agents in the suburbs where you are looking to buy. They will contact you as soon as a suitable property becomes available, possibly before it officially hits the market.
And while this market seems to be all about price, when you do find a property you like, speak to the selling agent about how you can make your offer more appealing to the seller. This could be a rent-back period or a long settlement. After all, most sellers are also trying to find a new home in a difficult market.
Finally, make sure you understand the offer and acceptance and settlement processes, ask plenty of questions, and do the relevant inspections. Good luck!
Suzanne Brown
REIWA President
