The Jury is in. Bigger ain’t necessarily better! At least when it comes to Millennial first home buyers.
Gone are the days when the dream of building a huge 4 or 5 bedroom family home was the norm. The latest millennial trend, when it comes to purchasing a first home, is definitely ‘less is more’.
First-time buyers, especially in WA are looking for more than just a home to live in. They’re looking for a lifestyle. They don’t want to be tied down with a huge mortgage, paying for space in a home they just don’t use, in a suburb they don’t love, just like their parents did for decades.
In the past, it has proved difficult for anyone wanting something larger than an apartment, and still be in a suburb that ticks all the boxes of being close to public transport, cafes, nightlife, good schools, shopping centres, amenities and the CBD. But thanks to smart design and developments, this has now changed!
So apart from location and a smaller mortgage, what else do 2020 first home buyers have on their checklist?
- Clever Minimalist Design – It’s no longer enough for a home to just look good, it needs to be well designed with functional living areas that maximise available space and feel uncluttered. Think clever storage and multi-purpose rooms. They want a step up from apartment living, with a small backyard or courtyard to entertain friends and family and be able to have a pet.
- Easy to maintain – No one wants to spend hours cleaning the home or mowing the lawns of a backyard they hardly use. Millennials are opting for smaller ‘Modern Lifestyle’ blocks that are easier to look after. It’s important for the home to be ‘maintenance-friendly’, allowing them to get on with the fun things in life.
- Energy Efficient – millennials are one of the most environmentally conscious buyers and the home needs to offer ways to help them reduce their carbon footprint. A large home does not allow them to do this. Smaller homes have a better environmental footprint as they use less power, heating and cooling.
- Lower Cost Of Living – it’s not hard to understand why smaller homes = lower living expenses. They’re cheaper to purchase and more cost-effective than an apartment of the same size. Your electricity, water, gas, and heating/cooling bills are far less as well.
- Affordable – no one wants to pay more for a home than what they need to, especially when the majority of it is going to the bank. And it’s hard saving a big deposit for an expensive build. That’s why affordability is top of the list for 2020 first time buyers and purchasing a smaller home, in a nice boutique estate, helps them achieve this goal. Lower repayments (often less than what most first-timers are paying in rent) also helps you purchase 12-18 months sooner using a smaller deposit.
The problem is, it’s not easy finding new homes in established areas (like Tapping), that tick all those boxes. Especially if you want to be eligible for up to $55,000 in Free Government Grants. If you do manage to find one, they’re usually snapped up pretty quickly!
Such is the case with a new and exclusive boutique estate in Tapping with 8 out of 17 homes available selling out in record time.
Craig Gemmill, a long-serving industry expert who is leading the sales strategy on this project said, ‘It’s important to always be listening to your customers’ needs. We’re striving to create developments that provide homeowners with what they want, which is not only an affordable and beautiful quality home to live in, but the lifestyle and location to match it. We knew we’d hit our goal when we saw the long queue of first home buyers lining up at the door”.
Which is exciting news, especially for eligible Perth first time buyers knowing they can build a beautiful single or two storey, 3 bedrooms, 2 bathrooms, double garage home in a great location like Tapping, less than 30 minutes from the city for as little as $325,000 (after applying all your grants, concessions and bonuses). There really has never been a better time to be a first home buyer in Perth!
When asked why he believes it’s proven to be so popular, Craig offered up his thoughts…
‘Affordability has been the main driver, there has never been a better time to buy. You get to own a stunning 3 bedroom home, close to the city, instead of a small apartment. Add the new State and Federal grants offering first-time buyers up to $55,000 in free money and it means many young buyers can get started now with just a small deposit, instead of next year.’
For any first time buyer who would like to speak with a specialist about these amazing boutique homes (there are only 9 homes left – 3 x 2 storey and 6 x single storey), you can get in touch with the First Home Buyer Accelerator.
The First Home Buyer Accelerator (a FREE programme helping WA first time buyers build their first home) has been able to secure their members access to the last available, ready to build on blocks, in this boutique estate before it’s released to the public.
Simply click the button below to complete a short 40-second survey to see if you’re eligible to for early access.
Updated August 11, 2020