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New data has revealed the top Australian suburbs encouraging first-time buyers to take the property plunge.
Buying a first home can be an anxiety-inducing experience. From managing the finances to deciding what and where to buy, the process is full of big decisions. When it comes to the latter question, it seems that many buyers are finding safety in numbers.
New research from NAB has identified the hottest suburbs in Q2 2022 that are attracting purchasers looking to make their first property investment, showing striking rises in certain locales.
The biggest increase was seen in Sydney’s eastern suburbs postcode of 2035, home to Maroubra, which saw a 269 per cent increase in FHB activity during the June quarter. Outside of that, the city’s western suburbs proved most attractive to new home owners, with Granville (2142) rising 264 per cent in popularity, Bungarribee (2767) seeing 137 per cent more interest, and Melonba (2765) welcoming a 124 per cent increase in first home buyers.
The ACT, however, was home to the greatest growth in FHB activity. The postcode of 2602 in Canberra, which includes Ainslie and Watson, increased by 360 per cent in the June quarter compared to Q1 2022.
Rises were not quite as steep across the rest of the capitals, but even so, certain trends emerged.
Suburbs in the south-east of Melbourne continued to lure first-time owners, with Dandenong (3175) up 80 per cent and Endeavour Hills (3802) up 40 per cent. Buyers also found luck in the inner city, with Richmond notching a 66 per cent increase.
Similarly, Brisbane’s centrally-located Fortitude Valley (4006) was one of the city’s most popular among those new to the market, growing 78 per cent.
NAB’s executive of home ownership Andy Kerr pointed to a gradual stabilising of the work-from-home lifestyle as a reason for some suburbs’ substantial shifts.
“The option to work from home is giving first home buyers more choice when it comes to location,” he said, noting that “the outer metro suburbs like Dandenong and Frankston in Victoria and Granville in Western Sydney continue to perform well”.
“Clearly the tree-change remains appealing for first home buyers, with Sunbury in Victoria and Dapto in NSW once again a hotspot,” he added.
Conversely, the allure of inner-city living also continues to hold appeal for new buyers, who unsurprisingly skew toward a younger age bracket.
“Suburbs like Richmond in inner-city Melbourne, Maroubra in Sydney or Fortitude Valley in Brisbane show that the balance of work and lifestyle continues to trend, particularly with apartment living,” Mr Kerr said.
And he noted that many of the moves captured in NAB’s latest release were expected to accelerate with buyers taking advantage of continued access to first-buyer programs.
“With a combination of house prices declining and the recent release of the First Home Guarantee Scheme, there is renewed optimism for first home buyers,” he said.
ABOUT THE AUTHOR
Juliet Helmke
Based in Sydney, Juliet Helmke has a broad range of reporting and editorial experience across the areas of business, technology, entertainment and the arts. She was formerly Senior Editor at The New York Observer.
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