Australia’s most popular suburbs for first-home buyers revealed by the federal government

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The most desirable postcodes for first-home buyers have been revealed – with some surprises.

The federal government’s National Housing Finance and Investment Corporation has released data on the popularity of the $500million First Home Loan Deposit Scheme.

Regional centres in south-east Queensland surprisingly had more first-home buyers secure a home loan with a five per cent deposit than the congested outer suburbs of Sydney and Melbourne

The most desirable postcodes for first-home buyers have been revealed - with some surprises

The most desirable postcodes for first-home buyers have been revealed – with some surprises

Toowoomba, a Queensland Darling Downs city of 150,000 people west of Brisbane, topped the list by having the most demand during the first six months of 2020 - with 70 loans guaranteed in postcode 4350

Toowoomba, a Queensland Darling Downs city of 150,000 people west of Brisbane, topped the list by having the most demand during the first six months of 2020 – with 70 loans guaranteed in postcode 4350

Toowoomba, a Queensland Darling Downs city of 150,000 people west of Brisbane, topped the list by having the most demand during the first six months of 2020 – with 70 loans guaranteed in postcode 4350.

Ipswich, a satellite city south-west of Brisbane with 350,000 residents, was Australia’s second most enthusiastic area for first-time buyers with 56 guarantees.

Mackay, a city in north Queensland with 80,000 residents, scraped into the top ten, with 45 approvals in postcode 4740 – putting it in the same league as a Sydney or Melbourne suburb.

Melbourne was home to five of Australia’s top ten postcodes for first-home buyers with Tullamarine near the airport and Broadmeadows in the city’s north having 52 approvals in postcode 3064.

Melbourne’s west were also popular with first-home buyers with 46 subsidised loans in the Wyndham City Council area, postcode 3029, and another 45 in nearby Werribee, postcode 3030.

Across Port Phillip Bay, the Cardinia and Casey councils each had 49 approvals.

Mackay, a city in north Queensland with 80,000 residents, scraped into the top ten, with 45 approvals in postcode 4740 - putting it in the same league as a Sydney or Melbourne suburb

Mackay, a city in north Queensland with 80,000 residents, scraped into the top ten, with 45 approvals in postcode 4740 – putting it in the same league as a Sydney or Melbourne suburb

Melbourne was home to five of Australia's top ten postcodes for first-home buyers with Tullamarine near the airport and Broadmeadows (pictured on July 2 during Stage Three lockdowns) in the city's north having 52 approvals in postcode 3064

Melbourne was home to five of Australia’s top ten postcodes for first-home buyers with Tullamarine near the airport and Broadmeadows (pictured on July 2 during Stage Three lockdowns) in the city’s north having 52 approvals in postcode 3064

Despite being Australia’s biggest city, Sydney had just two council areas in the top ten.

Campbelltown in the city’s outer south-west had 54 borrowers in postcode 2560.

The nearby Camden Council area, covering the new suburb of Oran Park, had 47 approvals in postcode 2570.

Between January and July this year, 10,000 borrowers accessed the First Home Loan Deposit Scheme. 

The median price for apartments bought under the scheme was $475,000, which was much higher than the mid-point price of $385,000 for houses.

High property prices in Sydney and Melbourne meant 83 per cent of the apartments were bought in capital cities.

Houses were more evenly spread, with 54 per cent of subsidised loans in capital cities and 46 per cent in regional areas.

The median price for apartments bought under the scheme was $475,000, which was much higher than the mid-point price of $385,000 for houses. Single home buyers - earning median to slightly-below average full-time salaries of $60,000 to $80,000 - comprised half of the scheme's beneficiaries

The median price for apartments bought under the scheme was $475,000, which was much higher than the mid-point price of $385,000 for houses. Single home buyers – earning median to slightly-below average full-time salaries of $60,000 to $80,000 – comprised half of the scheme’s beneficiaries

Single home buyers – earning median to slightly below-average full-time salaries of $60,000 to $80,000 – comprised half of the scheme’s beneficiaries.

The scheme is available for individuals earning up to $125,000 with another 10,000 places available since July 1.

Couples aged 25 to 34 and earning $90,000 to $125,000 were the most prominent, with a $200,000 threshold for those in a relationship.

The First Home Loan Deposit Scheme was one of Prime Minister Scott Morrison’s key 2019 election promises, which Labor backed. 

Instead of having to stump up for a 20 per cent deposit, first-home buyers only had to fund a five per cent deposit with taxpayers underwriting the rest.

Teachers were the most likely to benefit followed by nurses and child carers. 

Source


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