WA first-homebuyers have some of the best buying conditions in the nation

It’s not all doom and gloom in the WA property market — especially if you’re a first-time buyer.

So far this year, the State has had its highest proportion of first-home buyers ever (11.85 per cent) recorded, according to mortgage broker Lendi.

Its figures also show that these first-time buyers are younger, at 28, than the national average of 32 and enjoy a larger median income of $95,000 — ahead of NSW with $88,000.

Meanwhile, an NAB residential survey has shown that while the share of first home-buyers in the established housing market fell slightly in the three months to March, they still made up a third of all buyers at 33.2 per cent.

Stephanie Richardson, who recently purchased her first home in Yokine with partner Nate Buttrick, said while buying conditions were challenging, WA still offered the best value for money.

“One of the advantages is having the opportunity to purchase a freestanding home closer to the city, particularly when you compare this to the other capitals, where you’re more likely to be purchasing a unit or apartment for the same price,” she said.

“I do think this is why investors — both domestic and international — are jumping into WA’s market.”

That’s not to say the journey to home ownership came without hurdles for the young couple, who struggled to compete with these investors at some properties.

“The first house we put an offer in on we thought we’d gone well above what they were expecting and it went for almost $100,000 over that, so even though we thought we had enough skin in the game, it was a bit of a shock,” Ms Richardson said.

The 26-year-old said having financing pre-approval was key to finally securing their home, which they had initially missed out on.

“The offer they had originally accepted, although it was higher than ours, their finance had fallen through because they obviously hadn’t gone through a pre-approval process,” she said.

The latest CoreLogic report shows Perth is the third most affordable capital city for housing despite having nation-leading price growth of 2 per cent in May.

Lendi founder and chief operating officer Sebastian Watkins said the affordability of WA was particularly enticing for first-home buyers.

He added the amended stamp duty thresholds for them in the State were also a welcome change.