For years, Mia imagined her future in Newcastle. But after finishing her teaching degree, a job opportunity led her three hours inland to Scone, a quaint town in the Hunter Region of NSW.

 

What wasn’t in Mia’s plan - and what she couldn’t foresee - was how quickly Scone began to feel like home. Intended as a pit-stop enroute to the city, the regional town instead became the place she bought her first property.

 

"I never imagined I'd end up settling here, but I've completely fallen in love with it," she says.

 

Mia's decision is becoming increasingly common among first-home buyers. 

 

According to the latest Westpac Home Ownership Report, 74 per cent of first home buyers are willing to purchase in an area they hadn't originally considered.

 

Recent changes to negative gearing and capital gains tax settings may also be adding to this optimism, with 55 per cent of Australians believing the reforms will benefit aspiring home buyers. Among Gen Z, that figure rises to 70 per cent.

 

Mia says rather than waiting until she could afford the end goal, she focused on the first step.

 

"Newcastle is still the long-term dream, but it just wasn't affordable for me right now," she explains. "Buying in Scone gave me a chance to get a foot in the market and start building towards that goal."

 

As first-home buyers search for affordable options, buyers are increasingly showing an increased flexibility in weighing up choices, including locations and property types. 

 

Westpac data shows since 2021, the proportion planning to buy a house has fallen from 64 per cent to 53 per cent, while interest in apartments and units has climbed from 17 per cent to 29 per cent. Interest in townhouses has almost tripled, rising from 7 per cent to 19 per cent.

 

Carolyn McCann, Westpac Chief Executive, Consumer, says many first home buyers are focusing on making progress rather than perfection.

 

"Rather than holding out for their ideal suburb or property, many are focusing on finding a location that helps them take that first step into the market," McCann says.

 

Broadening her options helped Mia move quickly when the right property came along. 

 

"I had a decent deposit behind me and spent a solid two or three months focused on making it happen," she says.

 

"I found a home in a beautiful part of Scone, and I was able to secure it for less than some of the other buyers were willing to pay."

 

Early in the process, Mia booked an appointment with Monique, a Westpac home lending specialist. Thanks to the convenience of video appointments, she was able to get guidance as she moved through the home-buying journey.

 

"I used Book a Banker early on to get an idea of my borrowing power, which gave me a lot more confidence to start looking," she says.

 

Like Mia, Westpac research found 41 per cent of first home buyers remain open to rent-vesting as a pathway into the market, highlighting how buyers are increasingly weighing different strategies to build wealth and work towards future goals. 

Mia hopes to eventually move elsewhere while keeping her Scone property as an investment.

 

"Knowing the property has strong rental potential gives me confidence that it's not just a home for today, but an investment that can help me get to my next goal in the future," she says.

 

For aspiring buyers feeling overwhelmed by headlines and housing market debate, Mia's advice is simple: focus on what works for your circumstances.

 

"Your first home doesn't have to be your dream home," she says. 

 

"I'd encourage people to keep an open mind about where they buy. I never imagined I'd be living in a regional town but taking that leap of faith has opened up opportunities I wouldn't have had otherwise."