Why its so damn hard to buy your first home right now.

Millennials (and now Gen Z) have spent the better part of the last decade being told to just stop buying coffee if they want to buy a house. Meanwhile, property prices have surged, wages have flatlined, and competition has gone next-level.

In Perth, the last 18 months have been nothing short of intense. The median-priced home is the new battleground, and if you’re trying to break into the market with a modest budget, you’re not just shopping, you’re sprinting.

So Why Is It So Tough?

Let’s look at the key pressures:

• Wage growth has been dismal, especially when compared to the meteoric rise in property values over the last decade.

• Interest rates may have stabilised for now, but they’re still high enough to impact borrowing power.

• Rental prices are sky-high, making it harder to save a deposit.

• The average age of a first-home buyer is climbing, now often well into the 30s with families in tow.

  Demand far outweighs supply in Perth’s most affordable and liveable suburbs. Homes under $700k? Prepare for 50 other buyers at the first home open.

It’s overwhelming. And honestly, it can feel impossible.