Unlocking Asset Quality: A First Home Buyer’s Guide to Choosing the Right Property
Why Asset Quality Matters for First Home Buyers
When it comes to buying your first home, it’s not just about getting into the market, it’s about buying the right property.
Not all homes are created equal. Your first home doesn’t need to be your forever home, but it should be a smart step forward. The right property can support your lifestyle now and set you up for what’s next. A high-quality asset is more likely to grow in value, give you future options, and make it easier to upgrade when the time comes. In this guide, we’ll show you how to choose the right property as a first home buyer, so you can feel confident you’re buying well.
You’ll learn how to:
Zoom out and assess market-level supply and demand
Identify what to look for in a suburb and avoid oversupplied areas
Understand land value, property layout, and future buyer appeal
Spot red flags like off-the-plan apartments or poor location choice
If you want your first home to support your lifestyle and your long-term goals, this is the place to start.
Let’s break down the steps to help you buy right not just buy.
Step 1: Understanding Supply and Demand
Before falling in love with a property, it’s worth zooming out and asking: How rare is this home, and how many people want to live here?
Supply is about how many similar properties are available in the area. If a home is one of hundreds, like in a new estate or a high-rise apartment building, it’s not scarce or rare, and its value may struggle to grow.
Demand is about how desirable the area is. The more people who want to live there, the more likely prices will rise over time.
Buying in an area with limited supply and strong demand gives your property a better chance of growing in value over time.
Supply and Demand Checklist
Ask these questions when assessing a property:
Supply:
Are there hundreds of near-identical homes nearby?
Can the area be expanded or redeveloped easily (e.g. paddocks, empty land)?
Is the property unique or hard to replicate?
Is it in a high-rise building with lots of listings?
Demand:
Is the area close to jobs, schools, transport, or lifestyle options (cafes, gyms, shops)?
Who wants to live here and why?
Will this appeal to future buyers with high borrowing power (e.g. families, professionals)?
Trap to avoid: Buying in areas with lots of available land or new builds may seem affordable now, but the lack of scarcity can limit long-term value.
Step 2: Choosing the Right Suburb for Long-Term Value
Once you’ve considered the big picture of supply and demand, the next step is to zoom in on the suburb itself.
A great suburb isn’t just one you like, it’s one that future buyers will want to live in too. That’s why suburb choice plays a huge role in how well your home holds or grows in value over time.
Liveability is key. Think about what it’s actually like to live in the area day-to-day, and how attractive it would be to others in the future.
Suburb Checklist: What to Look For
Ask these questions when evaluating a suburb:
Lifestyle & Access
Is it close to shops, cafes, supermarkets, or gyms?
Are there schools and childcare options nearby?
Is there easy access to public transport or major roads?
Are there green spaces like parks or walking trails?
Safety & Services
What are the crime rates like? (You can check Domain’s suburb profiles)
Is there access to health services, clinics, or hospitals?
Value Potential
Is this suburb in high demand, or next to a more popular area?
Could it be a “bridesmaid suburb” that offers similar lifestyle benefits but at a more affordable price?
Is the area changing or improving (infrastructure, shops, upgrades)?
Tip: Sometimes the suburb next door offers the same lifestyle for a better price, don’t overlook the “bridesmaid” suburbs.
Step 3: Zooming in on the Street
Even in a great suburb, not all streets are equal.
The street your home is on can impact everything from day-to-day liveability to how easy it is to sell in the future. Noise, traffic, privacy, and sunlight all play a role in how desirable your property is, both for you and future buyers.
A quiet, tree-lined street near parks and schools is usually more appealing (especially to families) than a main road with constant traffic. And if your home has a north-facing backyard, it’ll feel lighter and warmer, particularly in winter, which can really boost both comfort and value.
Street Checklist: What to Look For
Street Location
Is it a quiet street or on a busy main road?
Are there powerlines, train lines, or other visual/noise impacts nearby?
How close is it to parks, shops, and schools?
Livability Factors
Does the property have a north-facing backyard or good natural light?
Is there street parking?
What’s the general feel of the street, is it tidy, tree-lined, and well maintained?
Future Buyer Appeal
Are most properties on the street well-kept homes, or is it dominated by warehouses or commercial buildings?
Are there lots of listings on the street, or do owners tend to stay long-term?
Tip: Don’t forget to visit in person if you can, a quick drive down the street can reveal a lot more than a listing ever will.
Step 4: Zooming in on the Home
Once you’ve narrowed down the suburb and street, it’s time to look closely at the property itself. You want a home that works for your lifestyle now, and one that future buyers will love too.
From the street appeal to the floor plan, every detail can influence liveability, value, and future demand.
Home Checklist: What to Look For
Curb Appeal & Surroundings
Visual street appeal, does the home look inviting?
Are neighbouring homes tidy and well-maintained?
Are there nearby eyesores (e.g. factories, service stations)?
Are there privacy concerns (e.g. overlooking apartments)?
Layout & Liveability
Is the floor plan practical and easy to navigate?
Are bedrooms well-separated for privacy?
Is there enough space for your current and future needs?
Is there a space to work from home?
Is the outdoor area usable and private?
Does the home have good natural light?
Building vs Land
Does the home have a versatile layout that would suit different buyers?
Is the design appealing without being too unusual or hard to renovate?
Is the block size and shape valuable for the area?
Does the land have growth potential (e.g. north-facing, hard to replicate)?
Could this be a home you grow into or out of?
Tip: Buildings age, but land appreciates, focus on the quality of the land underneath the home.
Final Thoughts
Buying your first home isn’t just about what you can afford, it’s about making a smart, strategic decision that supports the life you’re building now and sets you up for what’s next.
Asset quality really matters. The right property can grow in value, open doors for your next move, and give you more financial freedom down the track. A poor-quality asset, on the other hand, can limit your options and slow your momentum.
So take your time. Revisit this checklist as you inspect homes, compare options, or weigh up your next steps. It’s okay to walk away if something doesn’t stack up, future-you will thank you.
Want more support?
Listen to Episode 6 of First Home Unlocked for a full breakdown of asset quality, and download your Asset Quality Checklist. Or if you're planning to buy your first home, book a Chat With Jack to talk through your options and take the next step with confidence.
