What to expect when buying your first home in Canberra
BUYING YOUR FIRST HOME IN CANBERRA
WHAT TO EXPECT

INTRODUCTION
Hi there first home buyer.
Buying your first home is a massive step, and it’s something that feels both exciting and a bit overwhelming. Between student loans, high living costs, and a constantly shifting housing market, it can seem like a far-off dream. But here’s the good news: it’s possible—and you don’t have to go through it alone. If you’re eyeing Canberra as your first home destination, this guide will walk you through what to expect, what assistance is available, and how working with a buyers agent can be a game-changer.
But that certainty cuts both ways. In the ACT, auction purchases are unconditional—there’s no cooling-off period, and you’re expected to sign the contract and pay the deposit immediately after the auction. That’s why preparation is critical.
At the moment, auction clearance rates in the ACT are sitting around 50%, meaning that many properties are being passed in—not selling under the hammer. This presents a unique opportunity for buyers. When a property doesn't sell at auction, post-auction negotiations can lead to excellent outcomes but only if you have strong negotiation skills, expert guidance on your side, and know what steps to take to secure what's called the first right of refusal.

THE GOOD STUFF
Understanding the Canberra Property Market
First things first: let’s talk about the Canberra property market. As a city, Canberra offers a wide range of properties, from sleek apartments in the city center to spacious homes in family-friendly suburbs like Belconnen, Woden, or Tuggeranong.
In recent years, Canberra’s property prices have been on the rise, but compared to cities like Sydney or Melbourne, it still offers relatively more affordable options, especially if you’re willing to look at up-and-coming suburbs. The key is setting a realistic budget and knowing where you want to live. With a strong economy, a thriving job market (hello, government work!), and low interest rates, now might be the perfect time to make the leap from renting to owning.
Setting Your Budget & Getting Pre-Approved
You’ve probably heard this a thousand times, but it’s important: **set your budget.** This is your first and most important step in the home-buying process. It’s easy to get caught up in dreaming about that Instagram-worthy apartment or spacious family home, but it’s crucial to have a realistic understanding of what you can afford and it’s exactly where you need to start. The budget isn't just about how much you are going to buy the property for either; the other key costs you need to be aware of are:
- Deposit: You’ll need to save a deposit, which is usually between 5% to 20% of the property's value. The more you can put down, the better your chances for a favorable mortgage rate.
- Stamp Duty: This is a government tax based on the value of the property. In Canberra, first-time buyers get some sweet concessions on stamp duty, which can save you thousands.
- Legal Fees: You’ll need a solicitor or conveyancer to handle all the legal bits and a quality conveyancer will be in the vicinity of $2,500.
- Additional Building Report: In the ACT, a seller is required to provide building, pest, compliance and energy reports prior to the property being marketed for sale. These are crucial to ensure there are no hidden issues with the property (think termites or dodgy plumbing)) but sometimes a second opinion might be needed.
- Moving Costs: This is easy to overlook but can add up. Budget for everything from hiring a removalist to setting up utilities.
The key to setting your budget is to work with a mortgage broker to see what you can actually borrow from a lending institution. There is no cost to use a broker and once you have a pre approval letter from a lending institution you will have a clear idea of how much you can borrow, what your budget might be and helps you avoid getting emotionally attached to properties you can’t afford.
Grants & Schemes to Make Buying More Cost-Effective
As an example, here’s where it gets really interesting: the First Home Buyer Guarantee Scheme. This government initiative is a lifesaver for first-time buyers struggling to save a large deposit. The scheme allows you to buy a home with a very small deposit, without having to pay for Lenders Mortgage Insurance (LMI), which can be super expensive.
Eligibility for the scheme is pretty straightforward:
- You must be a first-time buyer (so, if you’ve never owned property, you’re good to go), and
- You need to be an Australian citizen or permanent resident, and
- Your income must fall under certain thresholds (for singles, it’s currently $125,000 per year; for couples, it’s $200,000), and
- In Canberra, the property you buy must be under $750,000.
This scheme helps you avoid LMI, which can cost thousands of dollars, and it makes it easier to get into the market sooner. It’s worth checking out if you’re finding it tough to save that big deposit. There are other schemes on offer to buyers in Canberra, so speak with your conveyancer for more information on what might be available to you.
How a Buyers Agent Can Help
Now, here’s where it gets even better: if you’re feeling a little overwhelmed by the whole process, you might want to consider working with a buyers agent. This is especially helpful if you’re a first-time buyer and not entirely sure what to expect.
A buyers agent is a licensed professional who works for you, not the seller. They help you navigate the entire process—finding the right property, negotiating the price, and managing the legal paperwork and we do it with your best interest at the forefront of what we do.
As one of Canberra’s most established buyers agencies, we know the local market inside and out. We are familiar with Canberra’s neighbourhoods, current trends, and property values and we will help you focus your search on properties that actually fit your budget and lifestyle.
And let’s be real, house hunting takes up a lot of time. A buyers agent can save you hours of scrolling through listings, attending open homes, and dealing with the back-and-forth of negotiations. We do the legwork, so you can focus on other things (like, you know, your job, social life, or Netflix).
The other real value of working with us is that we are expert negotiators. If you’re not comfortable with haggling or negotiating offers, we handle that for you. In a competitive market like Canberra, having someone with experience in your corner can make a huge difference. We have had examples where clients have given us a budget, and we have purchased the property for tens of thousands of dollars under the budget. Just because you are happy to pay a certain price doesn't mean that you should! The opportunity to pay less is only accessible through a professional and experienced negotiator like a buyers agent.
We have also helped our clients avoid absolute disasters by helping them avoid the developments we know they should stay away from because of poor quality workmanship and ongoing maintenance and costs.
A big plus of working with a buyers agent is that we always have access to off-market properties. These are properties that you won't see on Zango or Allhomes. This gives you a head start over other buyers who are only looking at properties on the open market. (Hot tip - we don’t just rely on agents to source these properties either—we have multiple other avenues that we can access too)
5 Steps in Buying Your First Home
Now that you know about the financial assistance and how a buyers agent can help, let’s quickly go over the key steps in buying your first home:
Step 1: Start Searching for Your Dream Home
Check out property listings online, visit open homes, and explore different areas of Canberra to find a location you love.
Step 2: Make an Offer
Once you’ve found a property you like, it’s time to make an offer. If it’s an auction, be prepared to bid. Your buyers agent can help you with this!
Step 3: Get a Home Inspection
Before committing, make sure to get a professional home inspection. You want to make sure there are no hidden surprises.
Step 4: Finalise the Sale
Once your offer is accepted, it’s time to go through the paperwork. A solicitor or conveyancer will help with the legal bits, and you’ll prepare for settlement.
Step 5: Settlement & Move In!
At settlement, you’ll pay the rest of the purchase price, and the property is officially yours. Time to grab your keys and start your next chapter!
Buying your first home in Canberra doesn’t have to be a stressful experience. With the right knowledge, helpful schemes, and expert guidance from Hyde Burchell Buyers Agents, you can make the process much easier and more enjoyable.
So, whether you’re tired of renting, ready to settle down, or just looking to take the plunge into the property market, remember that it’s totally achievable. With the right preparation and a little help along the way, you’ll soon be holding the keys to your very first home in Canberra. Happy house hunting!
CONCLUSION
We Help You Navigate Buying Your First Home
Buying your first home in Canberra might seem daunting, but with the right preparation, guidance, and support, it’s absolutely within your reach. If you're ready to start your journey, don’t hesitate to reach out to us at Hyde Burchell Buyers Agents. We’ll help you navigate the local market, find the perfect property, and negotiate the best deal—all while keeping your best interests at the forefront.
Get in touch today to start the conversation and let us help you find your dream home in Canberra! Your future home is just a step away!




