Buying your first home is a major milestone.
After years of rapid price growth and intense competition, it is understandable that entering Perth’s property market can feel daunting.
But conditions have changed during 2026, giving prepared first homebuyers reasons to feel more confident.
REIWA President Rob Mandanici said the shift towards a more balanced market was giving aspiring homeowners something they had been missing – more choice and time to make a considered decision.
“For a long time, buyers felt they had to make up their minds almost as soon as they walked through the front door,” he said. “That pressure has eased.
“There are more homes to choose from, and in many cases, buyers can inspect a property more than once, do their research and make an offer without feeling rushed.”
According to REIWA data, at the end of September, 7812 Perth properties were advertised for sale – almost three times the number a year earlier.
Houses took a median of 26 days to sell, compared with just eight days in September 2025.
Well-presented homes in popular locations can still attract strong competition. However, the pace is generally less frantic and buyers have greater opportunity to compare their options.
Get your finances sorted first
Mr Mandanici said the most useful thing first homebuyers could do was establish what they could comfortably afford before they started seriously looking.
“Start with the numbers, not the property photos,” he said. “Work out your deposit, understand your borrowing capacity and get written loan pre-approval.
“Most importantly, be realistic about what your repayments will mean for your day-to-day life.”
A lender or a mortgage broker can help buyers assess borrowing options, but pre-approval is not a guarantee of final finance. Consider how repayments will fit alongside other commitments and leave room for unexpected expenses or future interest rate changes.
There are also costs beyond the purchase price – transfer duty where applicable, settlement fees, building and pest inspections, insurance, moving expenses and ongoing maintenance.
For apartments and other strata properties, strata levies and the condition of the building also matter.
First homebuyers should investigate any grants, transfer duty concessions and government-backed home loan options. Check the eligibility rules, including those for new and established homes.
Do your homework and keep an open mind
With more properties on the market, research can make a real difference.
Use reiwa.com to compare current listings with recent sales, investigate suburb trends and understand what similar homes have sold for.
Visit home opens, talk to local REIWA agents, and ask questions about the property and its neighbourhood.
Think beyond the house itself. Travel times, transport, shops, schools, future maintenance and potential lifestyle changes are all worth considering.
It also pays to be flexible – buyers who cannot afford a detached house in their preferred suburb might find a townhouse, a villa or an apartment suiting their lifestyle, or find better value in a neighbouring area.
“Your first home does not have to be your forever home or tick every box,” Mr Mandanici said.
“Decide which features are essential and where you can compromise.
“A clear set of priorities makes it easier to recognise the right property when you see it.”
Buyers should also understand what they are signing before making an offer.
Discuss appropriate finance, building and pest inspection conditions with the selling agent and seek independent professional advice where needed.
Think long term, not about timing the market
After years of strong growth, reports of softer prices may leave first homebuyers wondering whether they should wait for further falls.
Mr Mandanici said trying to pick the bottom of the market was difficult and a more useful question was whether a home suited the buyer’s circumstances and long-term plans.
“Buy because you have found a home that suits your needs and you can afford to hold it, not because you think you can predict where prices will be next month,” he said.
Price movements also raise questions about negative equity, which occurs when a home’s value falls below the outstanding mortgage.
For buyers who plan to stay for the long term and can keep meeting their repayments, a short-term decline in their home’s estimated value generally has limited immediate impact.
Negative equity becomes more of a practical problem if an owner must sell unexpectedly or needs to refinance while prices are lower.
This is why it is important not to borrow at the absolute limit of your capacity. A financial buffer and a realistic repayment plan give homeowners more flexibility if circumstances change.
Be ready when the right home appears
The slower market is an opportunity to make better decisions, not a reason to delay indefinitely.
Once your finances are organised, your research is done and you find a property that meets your needs at a price you can afford, be prepared to make an offer.
“First homebuyers have more breathing space than they have had for quite some time, and they should make the most of it,” Mr Mandanici said.
“Do your homework, get your finances in order and be ready to act when the right property comes along – that is a much better strategy than trying to second-guess every movement in the market.”
reiwa.com is Western Australia’s trusted real estate marketplace backed by more than a century of REIWA’s leadership, offering listings, insights and tools for confident property decisions statewide.
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