This article is from the Australian Property Journal archive
WESTERN Sydney is the top hotspot for first home buyers, as several metropolitan and regional areas experience in a boost in first home buyer activity, against a larger market slowdown.
According to new lending data from NAB, the June quarter has seen an increase in first home buyer activity across a number of areas, with Sydney’s 2035 postcode including Maroubra leading the way with a 269% increase.
“Western Sydney is a hot pick for first home buyers. Suburbs in the west are providing great value, with the city and local businesses going from strength to strength,” said Andy Kerr, executive of home ownership at NAB.
“Access to Parramatta and Blacktown with so many amenities and transport options means first home buyers continue to flock to western Sydney for a bargain.”
The 2142 postcode, which includes Granville, followed with a 264% increase across the quarter, 2767 including Bungarribee was up by 137% and 2765 including Melonba was up by 124%.
In regional NSW, 2530 including Dapto saw a 79% boost across the quarter, followed by 2800 including Orange, at 40%.
While in Melbourne increases were less pronounced, with 3175 including Dandenong leading the way with an 80% increase, followed by 3121 including Richmond, up 66%.
“With proximity to both the Mornington Peninsula and Gippsland, suburbs like Dandenong provide value whilst also being surrounded by some of Victoria’s most desirable getaway regions,” added Kerr.
“Closer to the city, Richmond is always a top pick for first time buyers and the growth of apartments in the suburb is revitalising the idea of inner-city living and working.”
In outer Melbourne and regional Victoria 3216 including Belmont saw an increase of 69%, followed by 3429 including Sunbury with 36%.
In Queensland, 4006 including Fortitude Valley saw the greatest increase in activity at 78%, followed by 4207 including Beenleigh with 34%.
“With cafés, pubs or trendy shopping on your doorstep, there’s no surprise that Brisbane’s Fortitude Valley is a popular hotspot with first home buyers this year,” said Kerr.
“If you are looking for the inner-city experience – the Fortitude Valley still has it all.”
While in regional Queensland 4670 including Bundaberg saw an 85% increase, followed by 4740 including East Mackay at 42% and 4211 including Beechmont at 16%.
In Western Australia, the regional postcode of 6230 including Bunbury massively outpaced Perth metropolitan areas, with a 125% increase.
Compared to 6018 including Karrinyup, which was up by 41% and 6107 including Queens Park, up 37%.
“Not only is Karrinyup a beautiful suburb 15 minutes north of the CBD, but it is also three minutes from arguably one of Perth’s most spectacular beaches. Proximity to the Karrinyup shopping precinct also provides access to fashion, dining and lifestyle options,” noted Kerr.
In South Australia, 5114 including Blakeview was the only postcode to make the list, with a 90% increase.
“The urban sprawl north of Adelaide continues to be at the top of the list for first home buyers. Proximity to Elizabeth and Gawler with great value for money means suburbs like Blakeview have been a hotspot for buyers,” said Kerr.
In the ACT, 2692 including Ainslie and Watson saw the greatest growth of any postcode with a 360% increase, followed by 2620 including Queanbeyan with 42% and 2611 including Weston, up 26%.
“Flexible working is one of the biggest trends over the last decade when it comes to changing the game for property sales. The option to work from home is giving first home buyers more choice when it comes to location. All of a sudden, a slightly longer commute when made a few times a week becomes a serious consideration,” said Kerr.
