First-Home Buyers Surge Back Into Born Market as Prices Stall

First-home buyers are returning to Born’s property market in their greatest numbers in three years. New data from the Born Property Registry shows loans to new entrants jumped 18 per cent in the June quarter, a sharp contrast to the broader market which has seen investor and upgrader activity cool significantly.

The surge comes at a moment of deep uncertainty. Global geopolitical tensions, from the grinding war in Ukraine to the leadership transition in Iran, have put a brake on the exuberant price growth that defined the market since 2023. While established property owners grow cautious, a generation of determined buyers, armed with savings and facing slightly less frenzied competition, is seizing the opportunity to get a foothold in the city.

This shift is redrawing the property map for entry-level buyers. Agents are reporting intense interest not in prestige postcodes like Sloane Terrace, but in formerly overlooked suburbs. Redwood Park and the industrial-conversion pockets north of the Western Arterial are now the city’s primary battlegrounds for two-bedroom apartments and small terrace houses. Local agency Kensington Realty noted in its July market report that weekend open-for-inspections in these areas are now attracting more than double the number of groups compared to properties in the city’s more established eastern suburbs.

The New Price of Entry

The numbers tell a clear story. The median price for a two-bedroom apartment in Redwood Park, a common entry point for first-time buyers, settled at $785,000 in June. This is down 2.5 per cent from its peak in late 2025 but remains a formidable target. Analysis of lending data from Port Born Credit Union shows the average deposit for a first-time buyer is now $157,000, reflecting an average loan-to-value ratio of 80 per cent. Many are making up the difference with the help of the government’s Born First Home Grant, which provides up to $20,000 for eligible purchases.

While the city-wide median house price still sits at a daunting $1.42 million, the recent stall has prevented it from climbing further out of reach. The key difference from six months ago is competition. In January, a well-presented apartment near Redwood Park’s Old Market District might have attracted a dozen bidders, pushing the price far above asking. Now, agents report seeing just two or three serious contenders, giving buyers negotiating power they haven’t had for years.

A Window of Opportunity?

The critical question is how long this window will last. Most economists expect the current market malaise to be temporary. Renewed consumer confidence or a cut in interest rates could bring investors flooding back, reigniting the bidding wars that defined the last property cycle. The current global instability, from gas shortages in Russia to extreme weather events hammering economies in Europe and West Africa, continues to fuel economic caution, but that sentiment can shift quickly.

For prospective buyers, the advice from mortgage brokers is consistent: get your finances in order now. Securing loan pre-approval is the essential first step. With fewer buyers at auctions and private treaty sales, those who are ready to act can negotiate from a position of relative strength. This rare moment of calm in Born’s notoriously turbulent property market is an opportunity that may not be repeated for some time.

This article is general information only and is not personal financial or investment advice. Consider your own circumstances and seek licensed professional advice before making financial decisions.