From 1st October, the First Home Buyer Scheme has opened the floodgates. Great news if you’ve been locked out of the market before, you may finally have your chance to buy.

But what does this mean for everyone else?

For all buyers:

Prices are on the move. With the WA cap jumping from $600k to $850k, more buyers now have more firepower and that creates more competition. Any property in the $600k to $850k range will see stronger demand, meaning you’ll likely need to pay more than you would have before October 1st.

If you’re shopping in this range, be prepared – you’re not just up against more buyers, but tougher ones. Many scheme buyers will be:

• Pre-approved and ready to move quickly
• Purchasing with an 80% loan (no LMI)
• Not subject to sale
• Willing to push right up to their limit at $850k

So, if your plan is to come in with a non negotiable 90-day settlement, subject-to-sale offer and no finance pre-approval… well, you can see where this is going.

For existing homeowners:

This is good news if your property sits in this price bracket. Your home is will be worth more today than it was a month ago, and demand is only increasing. That gives you a chance to upgrade or unlock equity while the market is hot. 

For those wanting to build:

This is where it gets tricky. Land just got even harder to find, and builders are already seeing enquiry levels spike. House and land packages – always popular with first home buyers – are going to be even more competitive and more expensive moving forward.

In short: the scheme is a win for first home buyers finally able to enter the market, a boost for owners looking to sell or refinance, but a challenge for anyone competing directly with scheme buyers in the $600k–$850k range.