Agents weigh in on first-home buyer tips amid new ACT stamp duty changes

First-home buyers now have more money in their budget or less to save, with stamp duty scrapped for households on an annual income of less than $160,000.

Ash Costello, of home.byholly, believes there are even more indicators playing in their favour.

“Interest rates are even lower. It’s a good time to be in the market,” Costello says.

“This combination brings the opportunity to buy a detached home [with land] back into focus.”

Costello says suburbs like Wanniassa and Kambah in the South have options in the $500,000-$600,000 range. There are similar opportunities northside in suburbs like Holt, Higgins and Scullin.

“Do your homework on suburbs with properties in your price range,” she says.

“Confirm your pre-finance approval to ensure you can make a strong offer, rather than sparking a bidding war through a low-ball bid.”

Geocon sales head Adam Morgan says first-home buyers should look for safe investments.

“Canberra has the highest rental yield of any market in Australian as well as the lowest vacancy rate,” he says.

“It is cheaper to buy than rent an apartment in Canberra.”

Morgan says there are some fundamentals that apartment buyers should consider.

“Look for outstanding build quality by proven professionals, for links close to where you work and access to entertainment and essential services like hospitals and public transport,” he says.

And as far as how much to spend?

“We have first-home buyers between $300,000 and $1.5 million. Know what you can afford and to stick to your budget,” Morgan says.

• Approval. Seek pre-finance approval from your lender and confirm your loan limit. This will help set a budget and place you in a stronger position when making an offer on your chosen property.
• Focus. Are you looking to buy an apartment, a detached home or other? It really helps to have a strong focus on what exactly it is you want to buy – and why.
• Research. Do your homework on locations, check recent (and even historic) property sales in your chosen suburb. If buying an apartment, what’s the developer’s reputation and project history? Read building reports closely.

Top pick of homes for sale for first-home buyers:

18 Guthridge Crescent, Wanniassa

Price guide: $519,000 +

3 bedrooms, 1 bathroom

Anyone looking to take their first step on the property ladder might like to check out this stylish three-bed sitting on nearly 850 square metres in Wanniassa.

This home has been fully renovated and would appeal to those seeking contemporary living standards.

The 106-square-metre residence feels fresh and uncomplicated and is complemented by warm, inviting tones and light-filled spaces. Features include bamboo flooring, quality blinds and modern lighting throughout.

Buyers will love the formal lounge and dining room with reverse-cycle split system and a sun-drenched kitchen highlighted by timber benchtops, an abundance of storage, stainless steel appliances, an induction cooktop and island bench.

There are three bedrooms, two with wardrobes, a contemporary bathroom with floor-to-ceiling tiles, double vanity, mirrored cabinet and bathtub. Even the laundry has been renovated with a timber benchtop and storage.

The front courtyard offers privacy and is the perfect spot for relaxing or entertaining. It even has a fire pit within the fully landscaped gardens.

Or take it all in from the rear balcony, catch the sunshine while watching the children play in the generous backyard that’s low maintenance with a veggie patch and a garden shed.

This starter home is a short stroll to Wanniassa schools, playing fields and shops and has easy access to Woden Town Centre and main arterial roads.

Private sale

Agent: home.byholly, Ash Costello 0402 718 359