Home bargains

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Peter Koulizos is known as the "property professor." A lecturer in real estate at an Adelaide College and the best selling author of 'Top Australian Suburbs,' Peter says the rush is on around the nation for first home buyers.

"At the moment the State Governments vary, but the Federal Government, the FHB grant is $7,000. You get an extra $7,000 FHB boost if you're buying an established home and then you get an extra $14,000 if you're buying brand new," Peter said.

And that means the great Aussie dream is still within reach for first home buyers.

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But Peter's advice is take small steps first.

"I think one of the things first home buyers have to remember is that your first home is not your last home and your first home shouldn't be your dream home," Peter said.

"In my research I have found some very undervalued properties in some terrific suburbs."

"The fist thing is it needs to be relatively cheap, that means under the average capital city house or unit price," Peter said.

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The other major points to tick off are proximity to the city, good schools, parks, reserves and sporting grounds. Prospective buyers should also look for properties close to major shopping centres and in areas that have low crime.

It sounds impossible, but it's not.

"I was actually quite surprised myself the money that can get you into a top suburb, you'd be buying units, but still the location is the most important thing."

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Peter Koulizos says first home buyers can't go wrong if they follow two golden rules.

"The most important thing is the location, second, so far as capital growth is concerned, is land. Units don't have a huge land component but if you've got the location right that's the most important thing."

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So where do you start looking?

Peter Koulizos has selected the top five first homebuyer gem suburbs in every capital city.

Sydney's suburbs are:
Arncliffe
Darlington
Enmore
Newtown
Woolloomooloo - where units are much more affordable.

Melbourne's suburbs are:
Coburg - units are the best option.
Braybrook
Flemington, Frankston
Seaford

And in Brisbane:
Redcliffe
Brighton
Clontarf
Margate
Woody Point

In Hobart look for a house in North Hobart, while in Darwin houses may now be too pricey, so go for units in Rapid Creek.

Further information

Peter’s book, "Top Australian Suburbs" is available at all good bookstores.