First home buyers in Melbourne often underestimate the competitive nature of the market and the time commitment required to secure a property. As of December 2025, this frequently leads to overpaying, missing out on suitable properties, or experiencing buyer fatigue.
Currently in Melbourne, a common oversight is underestimating preparation costs. Buyers often don’t fully factor in expenses beyond the deposit, such as building and pest inspections (typically $500-$1,000), conveyancing fees ($1,500-$3,000), and stamp duty, which can be substantial. In the Eastern Suburbs, where family homes near sought-after schools are in high demand, buyers sometimes compromise on inspections to strengthen an offer, a practice we at Fletchers don’t favour. Another frequent mistake is failing to secure finance pre-approval, which weakens their negotiating position. The typical campaign length in 2026 is 4-6 weeks, and buyers need to be prepared to act decisively within that timeframe. We observe that buyers who haven’t thoroughly researched comparable sales in areas like Balwyn or Doncaster often overextend themselves. Furthermore, many underestimate the importance of a thorough contract review by a legal professional.
Understanding these common pitfalls and preparing accordingly is crucial for a successful first home buying experience in Melbourne.