Big bank reveals Australia's first-home buyer hot spots
First-home buyers are using government boosts and sliding prices to drive a new suburbs boom from the ground up.
A growth corridor in Melbourne’s up-and-coming north and west is so popular with first-home buyers, according to National Australia Bank, its population spike will contribute to Melbourne overtaking Sydney as Australia’s largest city
NAB’s new data snapshot of first-home buyer hot spots nationally, released on January 23, shows emerging postcodes offering new builds have registered the strongest demand for home loans.
26 Labichea Street, Craigieburn, Victoria
As the market droops after a hot streak, debutant buyers are making the most of lower vendor expectations, hand-in-glove with five-figure government schemes, to get into the market. NAB reported its first-home buyer activity “remained steady” in the second half of 2022.
Andy Kerr, NAB’s Executive Home Ownership, said in the report that first-home buyer participation is “bucking” the “softening” trend seen in other brackets of the property market.
In Victoria, one in 10 first-home buyers are signing deals in Hoppers Crossing, in Melbourne’s west, or Craigieburn, in the north, where house and land packages are an entry point and fall under the criteria for a $10,000 helping hand from the state government.
Further north, NAB reported a 63 per cent bump in demand for first-home buyer properties in Sydney’s developing north-west suburb of Schofields. In this postcode, off-the-plan properties and new estates are eligible for the government’s $10,000 grant to build or buy new.
28 Lockheed Drive, Schofields, New South Wales
Domain listings for apartments in Schofields show artist’s impressions of the modern, developing streetscape, funded by first-home buyer purchases.
“Despite the overall market softening, first home buyers are bucking the trend with sales staying stable nationally and growing in some of the hottest suburbs such as Schofields in NSW,” Mr Kerr said in a statement.
“Outer metro growth areas like Tarneit in Melbourne, Hallett Cove, right near Adelaide’s southern beaches and suburbs south-east of Perth have great amenities, particularly for young families.
“Many of these areas are also attractive areas for investors and have high growth over the past five years as well as good rental yields.
1/10 Gloucester Crescent, Darling Heights, Queensland
“The popularity of these areas for first home buyers remained strong throughout the second half of 2022 and we expect to see steady demand early this year, as first home buyers look to areas representing the best value.”
In Queensland, first-home buyers have been targeting properties in regional areas.
An infrastructure boost in the city of Toowoomba has made it an appetising option to get into the market, especially in the suburbs of Darling Heights and Drayton, NAB found.
NAB’s first-home buyer hot spots, ranked by state
Victoria
1. Hoppers Crossing, Tarneit, Truganina
2. Craigieburn, Donnybrook, Kalkallo, Mickleham, Roxburgh Park
3. Cardinia, Clyde, Clyde North
2B Tillbush Drive, Hoppers Crossing, Victoria
New South Wales
1. Schofields
2. Berkshire Park, Box Hill, Maraylya, Marsden Park, Nelson, Oakville, Riverstone, Vineyard
3. Casula, Chipping Norton, Hammondville, Liverpool, Lurnea, Moorebank, Mount Pritchard, Prestons, Warwick Farm
18 Constance Avenue, Schofields, New South Wales
Queensland
1. Toowoomba and surrounds
2. Beenleigh, Yarrabilba
17 Graceview Street, Darling Heights, Toowoomba, Queensland
Western Australia
1. Armadale, Harrisdale
26/113 Owtram Road, Armadale, Western Australia
South Australia
2. Hallett Cove, O’Halloran Hill
3. Mount Barker
40 Jordan Drive, Morphett Vale, South Australia
Tasmania
2. Berriedale, Chigwell
156 Wilson Street, Burnie, Tasmania
Canberra
11/14 Randell Street, Dickson, Canberra
Northern Territory
1. Nightcliff, Casuarina
2. Alice Springs, Gillen
16/260 Casuarina Drive, Nightcliff, North Territory
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