It’s an exciting time to be entering the property market.
In Western Australia, areas like Mundijong in Perth’s south-east are proving popular with first homebuyers searching for affordability and rural-residential lifestyle appeal.
In the city’s north, Mariginiup and Bullsbrook are offering solid growth opportunities.
With the Australian Government’s 5% Deposit Scheme* (an expansion of the former Home Guarantee Scheme) coming into effect last month, buying a first home has become more accessible.
Data shows a 39.2% surge in applications for the scheme since it was expanded on 1 October, highlighting just how many first-time buyers are making their move.
With new government initiatives and growing neighbourhoods across WA, it can be an exciting time to be a first homebuyer.
8 questions to ask before taking the plunge
If you’re a first homebuyer looking to enter the market, your head may be swimming with countless questions.
To help narrow it down, the team at Homebuyers Centre WA, together with their partners Resolve Finance, have created a checklist of key questions to consider before starting your journey.
Homebuyers Centre are first home experts with finance, land and home all under one roof.
Here are eight frequent questions first homebuyers ask.
1. What can I actually afford?
Homebuyers Centre WA sales manager Scott Watson says a finance broker can help assess your financial situation and works with you to set a realistic budget, and get you finance-ready before you start property hunting.
A broker can also outline whether you’re eligible for stamp duty exemptions or government initiatives.
“First homebuyers choosing to build their first home will need to consider their land deposit and their build deposit,” Mr Watson adds.
“Both may vary depending on developer and builder.”
Finance brokers like Resolve Finance can help first homebuyers understand the cost involved with building a new home.
2. Should I buy established or build from scratch?
Mr Watson says the decision is personal and comes down to your individual situation and needs.
“The benefits of building your own home mean you’re getting a brand-new home, with new warranties (and) a design you truly love,” he says.
“However, you will have to wait to receive your keys.”
If getting into a home quickly is a priority, buying established could be the way to go — noting it may still involve months of auctions and bidding.
3. Where are first home buyers getting real value right now?
About 45 minutes from Perth’s CBD, Mundijong is popular among first homebuyers.
The median house price is $756,000 and the suburb has seen an annual compound growth rate of 12.2% according to realeastate.com.au data.
Mariginiup and Bullsbrook are also hotspots, both within 40 minutes of the CBD.
Median house prices are $1,457,500 and $759,000 respectively according to realeastate.com.au data, with Mariginiup recording 16.6% growth and Bullsbrook an impressive 21.4%.
“Upcoming master planned communities in these areas allow first homebuyers to enter the market with affordable land options and provide the security and benefits of thriving communities of the future,” says Mr Watson.
With help from the experts, first homebuyers can find affordable neighbourhoods throughout Western Australia.
4. What kind of home suits my lifestyle and budget?
Mr Watson recommends separating essentials from nice-to-haves.
“Really understanding needs and wants will help set expectations about your new home and ensure you’re not missing out on the things you need to make your house a home,” he says.
Homebuyers Centre WA offers a range of designs to suit different lifestyles and budgets.
5. How do I secure finance without overcommitting?
Using a professional broker to match the right finance options to your needs is key to avoiding overspending.
If you’re building, look for a broker specialising in construction finance — such as Resolve Finance.
Some brokers, like Resolve Finance, specialise in construction finance and can better help first homebuyers budget for their new build.
6. What support or grants can I access in WA?
There are several initiatives to help first homebuyers enter the market.
The First Home Super Saver Scheme* allows extra voluntary super contributions to boost savings faster while benefiting from lower tax, ultimately to buy or build your first home.
The Australian Government’s 5% Deposit Scheme supports low-deposit buyers, single parents or legal guardians could buy with a deposit from as little as 2%.*
The First Home Owner Grant (FHOG) offers a one-off payment of up to $10,000* for eligible applicants buying or building their first new home.
“Always chat to your broker to see what you could be eligible for,” says Mr Watson.
7. Who do I need on my team?
Buying your first home can be daunting, so you’ll want a professional team supporting you.
Together with their partners at Resolve Finance and Parcel Property, Homebuyers Centre WA guides clients from finance, land selection and home design through to post-settlement care.
Having experts like Homebuyers Centre WA and Resolve Finance on your side can make the journey towards building your first home easier.
8. What’s the one thing most first homebuyers forget to ask?
Mr Watson says one overlooked question is, “What don’t I get?”
“The market is filled with noise around inclusions and promotions, transparency is understanding clearly what is included as well as what is not included, so there are no surprises,” he says.
Homebuyers Centre WA have made first homes happen for over 30,000 Australians, with a dedicated team helping them navigate their first home journey in three easy steps: Finance, Land, and Home.
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