Episode 11 Summary - Where Should I Buy My First Home? A Step-by-Step Approach That Works
 

When it comes to making one of life's biggest decisions—buying your first home—there's one question that looms large for almost every first-time buyer: Where should I buy my first home? It's the question that Veronica and Meighan, two experienced buyer's agents with nearly 50 years of combined experience, hear more than any other.

In Episode 11 of the Your First Home Buyer Guide Podcast, the hosts debunk the myth that there's a one-size-fits-all answer to this question. Instead, they provide a strategic, research-based framework you can use to confidently make your own decision. Here's what you'll learn from this episode:

🎯 Why No One Can Tell You Where to Buy
Veronica and Meighan stress that the question "Where should I buy?" is deeply personal and can't be answered by well-meaning friends, family, Uber drivers, or even property professionals without context. Each buyer's situation, goals, and financial capability are different, and listening to generic advice often leads to poor decisions or buyer's remorse.

🧭 The 3P Framework: Price, Property, Position
At the heart of this episode is the 3P framework:

Price – What's your true budget, and is it flexible?
Property – What features do you need or want (e.g. 2 vs. 3 bedrooms, parking, unrenovated vs. turnkey)?
Position – Where can you live that supports your lifestyle, work, family, or future plans?

The key is understanding that you can't have all three at the ideal level. You'll need to compromise on at least one. The episode guides you on how to identify your fixed vs. flexible elements, helping you prioritise what matters most.

⚖️ Embrace the "Ugly C-Word": Compromise
No matter your budget—$500K or $5 million—you'll need to compromise somewhere. Veronica and Meighan explain why facing this reality early can save you years of frustration. They show you how to assess what trade-offs you're willing (and not willing) to make in order to land a property that meets your real needs.

🧠 How to Avoid "Property Limbo" and Analysis Paralysis
Many buyers go around in circles for months (or years!) without making progress. This episode helps you avoid "property limbo" by outlining a clear process to narrow your search to areas and properties that actually exist within your budget and lifestyle goals. It's about replacing guesswork with clarity.

🧪 Test Your Budget Assumptions—You Might Have More Wiggle Room
You'll learn how to test your borrowing and purchase assumptions. Many buyers limit themselves too tightly—perhaps to avoid Lenders Mortgage Insurance (LMI) or to stay under psychological price barriers. Veronica and Meighan explain why slightly increasing your budget might significantly improve your long-term outcomes and prevent costly future upgrades.

🌏 Expanding Your Suburb Search—Without Wasting Time
The episode encourages you to explore suburbs outside your initial radar. Through a step-by-step evaluation of commute times, lifestyle fit, future plans (like having kids or downsizing), and community feel, the hosts explain how to find realistic and rewarding alternatives without chasing unicorns.

🔍 Learn to Research Realistically
Rather than hoping the perfect property will "just come up," this episode teaches you how to conduct focused, fact-based research. You'll stop chasing dreams and start identifying real options that are on the market—or could be—within your means.

🧰 The Where to Buy Workshop: A Toolkit for Confident Buying
This episode introduces listeners to the affordable, practical Where to Buy Workshop offered through Home Buyer Academy. It's included when you purchase The First Home Buyer Course and is a comprehensive tutorial that walks you through the 3Ps, helps test assumptions, and gives you tools to create a clear suburb and property strategy tailored to your unique needs.

🗣️ Block Out the Noise—And Trust Your Process
You'll also learn how to confidently tune out unsolicited advice and stay focused on your own goals. The episode arms you with the knowledge to say, "Thanks, but I've got this," and mean it—because you've done the work.

Final Thoughts
Buying your first home is a major milestone, and no one else can make the right decision for you. But with the right process, guidance, and tools, you can make a confident choice—one that fits your budget, suits your lifestyle, and sets you up for long-term success.

If you're ready to stop spinning your wheels and start making serious progress, this episode will help you get there. It's the ultimate guide to understanding where you should buy—not based on hearsay or hype, but on you.

👉 Ready to get started? Check out THE First Home Buyer Course.

Episode Highlights:
• No one should answer this question for you [02:19]
• The 3 Ps - Price, Property, and Position [08:29]
• It's not a quick process; it takes time, effort, and a lot of self-reflection [11:34]
• Looking at places that 'don't exist' take up more time and energy [13:11]
• Reasons why the step-by-step process is important [14:34]
• The exciting, discovery-side of the whole process [17:33]
If you enjoyed today's podcast, don't forget to subscribe, rate and share the show! There's more to come, so we hope to have you along with us on this journey!
Loading...
Learn how to buy your first home without making avoidable mistakes.
  Co-Founders

Veronica Morgan & Meighan Wells 

Veronica & Meighan are both licensed real estate agents who exclusively help buyers. Together they have nearly 40 years experience as property professionals.

Veronica is principal of Sydney based Good Deeds Property Buyers and is also co-host of The Elephant in the Room property podcast as well as Location Location Location Australia on Foxtel and author of Auction Ready: how to buy property at auction even though you're scared s#!tless!

Meighan is the multi award winning principal of Brisbane based Property Pursuit, chairperson of the REIQ Buyers Agent Chapter & a regular media commentator.