Melbourne 3000: Australia’s most in-demand suburb for first-home buyers
Point Cook and Craigieburn among the nation’s top 10
The suburb of Melbourne is Australia’s top pick among first-home buyers.
Based on the volume of enquiries on realestate.com.au in August, the number of buyers looking at units in the 3000 postcode has skyrocketed, PropTrack data revealed.
The interest in Melbourne CBD apartments is on the rise, according to Barry Plant Yarra Edge branch manager Geoff White.
“There are undoubtedly more first-home buyers out and about wanting units in the CBD,” he said.
Enquiries have increased from migrants, overseas students and those wanting to live closer to work in the city centre.
“There is also more demand from those who moved out during the pandemic and are now returning to the city,” Mr White said.
CBD apartments priced from $400,000-$600,000 offer first-home buyers a city lifestyle at entry-level prices.
“There are huge benefits for these buyers here,” Mr White said.
He pointed to the one-bedroom apartment at 204/100 Exhibition Street priced at $395,000-$435,00 and the two-bedroom apartment at 1702/33 Rose Lane ($495,000-$525,000).
“Both are in the heart of the city and attracted strong enquiries from first-home buyers,” he said.
As interest rates have peaked and there is more confidence in the market, these buyers are now making moves to secure a home in the CBD.
“This trend should continue through to next year,” Mr White added.
The data also revealed Point Cook and Craigieburn are among the top 10 suburbs in Australia, which are sought-after for houses by first-home buyers.
A thriving suburb with modern amenities, Point Cook is a haven for those looking for affordable housing, according to Barry Plant Point Cook agent Alexander Deeb.
“Enquiries have increased, particularly from those wanting to buy instead of paying rising rents,” Mr Deeb said.
“And this is one of the most affordable areas within 20-25km of the CBD.”
The suburb offers a good range of properties and easy access to schools, parks, transport, shops and freeways to the city and Geelong.
At an auction contested by four bidders, including three first-home buyers, a family renting in Point Cook snapped up a four-bedroom house at 48 Malibu Boulevard.
The property attracted 74 groups at the opens and sold to a first-home buyer for $851,000, a whopping $51,000 above the reserve, Mr Deeb said.
Fresh to the market, a four-bedroom house at 22 Durlston Street, priced at $695,000-$745,000, is catching the eye of first-home buyers.
The quality-built home is near the Sanctuary Lakes shopping centre, schools and Saltwater Reserve.
In Craigieburn, Barry Plant Craigieburn agent Romi Sleiman said the past three houses he sold were to first-home buyers.
“The level of enquiries from these buyers is consistently high,” he said.
A young first-home buyer from Wollert splashed $600,000 on a low-maintenance four-bedroom house at 18 Bradshaw Avenue.
And a buyer wanting to live closer to family spent $556,000 on his first home at 65 Gossia Avenue.
“He had missed out on a previous auction, and snapped up this three-bedroom house in an off-market sale,” Mr Sleiman said.