First-home buyers face ‘brutal battle’ for affordable property despite market slowdown

Competition for entry-level homes is running hot First-home buyers are locked in a fierce race for entry-level property, with slowing capital city figures masking a brutal battle for affordable homes. While broader property figures show larger markets finally softening, Australian Property Scout director Sam Gordon said the numbers weren’t translating at the bottom end. “People are being told property prices are falling, and that first-home buyers are suddenly getting a better deal. That’s not the reality we’re seeing,” the Gold Coast-based buyer’s agent said. “The bottom end of the market is actually getting more fierce. There are more buyers competing for limited stock, while we’re also starting to see the top end of the market come back.” Australian Property Scout director Sam Gordon Recent PropTrack data backs the claim that the Coast’s affordable hubs remain red-hot. While top-end momentum has cooled, traditional entry-level strongholds like Nerang and Pimpama continue to surge. REA Group data shows Nerang house prices have surged 19.1 per cent over the past year to hit a $1.12m median, while Pimpama has pushed to a $1m median off the back of 15.6 per cent annual growth. Mr Go...