For many homeowners, the idea of buying their first home in Perth comes with both excitement and anxiety. Over the past few years, home prices have shifted quickly, and one question keeps coming up, especially for first home buyers in Perth: what does a $700,000 budget actually buy you in today’s market?
Whether you’re early in your research or actively buying your first home in Perth, understanding what’s achievable at this price point will help you plan smarter and act with confidence.
The $700K Reality in Today’s Perth Market
Compared to the eastern states, housing in Perth remains relatively affordable, yet competition has intensified. $700,000 is still a meaningful budget in Perth, however, it is no longer a “buy anywhere” budget.
As mentioned by Shane Beaumont in the recent Perth Property Show podcast episode, buyer fatigue is very real. Many first home buyers in Perth are finding it challenging, with some properties receiving more than 30 offers, particularly in well-located suburbs. As a result, expectations need to be flexible especially around property type and location.
For a first home buyer in Perth, $700K typically means choosing between:
- A house in an outer or growth suburb, or
- A well-located unit, apartment, or townhouse closer to the city
Understanding these trade-offs is the first step toward a successful purchase.
Where $700K Gets You in Perth: Suburb Options
Houses: Outer and Growth Suburbs
With a $700K budget, detached houses are still achievable in parts of Perth’s outer and emerging corridors, including areas like Rockingham, Armadale, Ellenbrook, and Baldivis.
Here, $700K may secure:
- A 3–4 bedroom established home
- A newer house-and-land style build
- Larger land sizes compared to inner suburbs
The trade-off is usually longer commuting times and fewer established amenities but for many first buyers, this is the entry point to owning a freestanding home.
Units and Apartments: Better Location, Less Land
Closer to the CBD and major employment hubs, $700K stretches further with units and apartments. In many middle-ring suburbs, this budget can secure:
- Modern apartments with parking
- Boutique unit complexes
- Townhouses with lower maintenance than houses
As highlighted in the Perth Property Show podcast with Shane Beaumont, units are increasingly becoming the entry point, with many quality options still available under $500K leaving room in your budget for costs or future upgrades.
Property Types Explained: What Works Best for First Buyers?
Disclaimer: The information provided in this article is general in nature and does not constitute financial, tax, or legal advice. Individual circumstances vary. We recommend consulting with qualified professionals before making financial decisions.
| Property Types | Pros | Cons |
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| Units & Apartments |
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| Townhouses |
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| Houses |
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For first home buyers, the “best” option depends less on headlines and more on lifestyle, borrowing power and long-term plans
The Numbers: What $700K Really Costs
Buying your first home isn’t just about the purchase price. Here’s a simplified breakdown:
Deposit:
- 5% = $35,000 (with LMI)
- 10% = $70,000
- 20% = $140,000 (no LMI)
Stamp Duty:
- Eligible first home buyers in WA may pay reduced or zero stamp duty depending on property value and type
Other Costs:
- Building and pest inspection
- Conveyancing/legal fees
- Loan application and settlement costs
Ongoing Costs:
- Council rates
- Insurance
- Strata fees (if applicable)
- Maintenance
Understanding these numbers upfront is critical when buying your first home in Perth, so there are no surprises after settlement.
Getting Creative: Help for First Home Buyers
Many first home buyers usually assume that they need to pay a perfect 20% deposit, but that’s not always true. Options worth exploring include:
- Shared equity schemes that reduce your upfront loan size
- Guarantor loans, where parents help using equity instead of cash
- Government incentives such as first home buyer grants (for eligible new builds)
- Lenders with low-deposit options tailored for first buyers
A good strategy may help you enter the market sooner than you expect.
Competing in a Hot Market
With competition high, preparation is everything.
For Perth first home buyers, that means:
- Getting full pre-approval, not just an online estimate
- Having your deposit and documents ready
- Understanding your maximum comfortable budget
- Being decisive when the right property appears
In fast-moving conditions, buyers who are organised and well-prepared are often better positioned than those who hesitate.
Final Thoughts: Know Your Numbers, Know Your Options
In conclusion, with $700K, you can still unlock home ownership in Perth, but success comes from realism, flexibility, and good advice. Whether you’re considering a unit close to the city or a house in a growth suburb, the right strategy matters more than ever.
If you’re serious about becoming a first home buyer in Perth, the first step is understanding exactly what you can borrow and how to structure it properly. Book a borrowing power assessment with Strategic Mortgages Perth and move forward with clarity and confidence.
