Single mum has front-row seat to first home buyer struggles

A sunny Thursday afternoon in the leafy inner-city Perth suburb of Mount Hawthorn finds Tess McKenna preparing afternoon tea for her four children, who are under 13 years old. The 31-year-old mother, working a demanding job, sets up a quiet moment with coloring paper at the dining table before turning her attention to her phone. She scrolls through real estate listings, a routine that has become both familiar and frustrating. Tess McKenna is a buyer's agent, a profession that brings her daily exposure to the challenges of the housing market. Her clients often seek affordable first homes, something under $1 million, ideally in a stable neighborhood with enough room for her growing family. Yet, even as she assists others in navigating the complexities of buying a home, she finds herself in the same position: struggling to secure a place for her own family. Perth's housing market has become increasingly difficult for first-time buyers. According to recent reports, the availability of affordable homes is severely limited, and the competition among potential purchasers is intense. Ms McKenna is not alone in her struggle; she is part of a larger group of individuals vying for a foothold in a market described by experts as "messy," "unaffordable," and "very limited." The situation has grown more challenging over the past few years, with Ms McKenna moving between four different rental properties since 2023. Her experience as a buyer's agent gives her insight into the difficulties faced by first-time home seekers. She understands the emotional toll of repeatedly visiting websites only to discover that desired properties have already sold. The constant cycle of hope and disappointment takes its toll, especially when financial pressures mount. Living from paycheck to paycheck, she has found herself dipping into savings that could otherwise have contributed to a down payment. The irony of helping others pursue homeownership while remaining unable to do so herself does not escape Ms McKenna. She acknowledges the difficulty of achieving the "Australian dream" in a market where affordability has become a distant goal. Despite her professional success in guiding others toward homeownership, she admits that doing so for herself feels unattainable. Real estate analysts suggest that the current climate may offer some relief. Property analyst Gavin Hegney advises first-time buyers in Perth to take a step back and consider broader options rather than rushing into a purchase. He notes that if typical economic cycles continue, property values may stabilize within the next year. Some areas have already shown slight declines in pricing, creating uncertainty for potential buyers deciding whether to act now or wait for better conditions. Professor Steven Rowley, a leading figure in property research, attributes the ongoing pressure on Perth's housing market to sustained high demand. His analysis highlights how the city's median house price has remained stubbornly elevated, surpassing the $1 million threshold in early 2024. This trend has effectively rendered Perth less of an "affordable state" for many residents, particularly those seeking entry-level properties. As Ms McKenna continues her search, she remains hopeful that circumstances may shift. For now, however, the path to homeownership feels ever more elusive, and the weight of financial responsibility grows heavier with each passing month.