2 days Ago By Budget Trucks
Ready to buy your first home? We’ve rounded up the best suburbs in Australia for first home buyers in 2024, offering affordability and lifestyle benefits under the first home buyer cap. Making the leap from renting to owning your first home is a monumental step. But where exactly are first home buyers flocking to in 2024? With the property market continuing to evolve, PropTrack data reveals the suburbs across Australia that are attracting first home buyers in droves.
Offering a combination of affordability, lifestyle appeal and future growth potential, while still remaining under the first home buyer cap, these suburbs are emerging as prime spots for those looking to make their first foray into home ownership. Affordability Affordability remains a key concern for many first home buyers, and according to PropTrack Director of Economic Research Cameron Kusher, outer suburbs and inner-city areas with a high density of new unit developments are likely to see the strongest demand. Higher interest rates Interest rates continue to present challenges for buyers, as they reduce borrowing capacity and slow new housing construction, which in turn drives up rental costs.
Kusher says this is leading to a shift in what first home buyers are seeking. “You really have two cohorts of first home buyers,” he says. “Those who want a unit, usually close to the city centre, amenities, or well-connected to major working hubs, and those who prefer a detached house.
” Whether it’s the Great Australian Dream of a house and land, or the cosmopolitan convenience of urban apartment living, these are some of the postcode gems attracting first home buyers. Whatever your Australian Dream looks like - there is a home to suit your style. Picture: Caroline McCredie And the best part is, with more than 200 locations across Australia, making the big move has never been easier with Budget Trucks ready to help you call your dream house home.
Woodridge For first home buyers in the market for a unit, Woodridge, about 20km south of Brisbane’s CBD, stands out as an excellent choice for first home buyers. With a median unit price of $320,000, it offers significant value, well under the first home buyer cap of $700,000. Kilcoy and East Ipswich Looking for more space? Kilcoy and East Ipswich provide affordable options, with median house prices of $490,000.
Both suburbs are favoured for their affordability, making them top picks for those entering the property market. Goodna With a median unit price of $355,000, is not just affordable but also boasts a rich history, with heritage-listed sites and a strong sense of community. The suburb offers access to parks, shopping centres and public transport, making it ideal for young families and professionals.
"Over the past five years, capital city home prices have increased by 46.5%, while regional prices are 62.5% higher” Kusher explains.
“Within the capital cities, it’s typically the outer, more affordable areas that are seeing the strongest price growth.” Beenleigh Suburbs like Beenleigh, a midway point between Brisbane and the Gold Coast, where unit prices around $368,300 continue to attract first home buyers. Fancy moving close to the Gold Coast? Beenleigh could be the place for you.
Picture: Caroline McCredie With access to major highways and shopping centres, as well as outdoor recreational areas like the Albert River, it’s an attractive option for first home buyers. Carramar The western suburb of Carramar presents an appealing opportunity for those looking to enter the Sydney market. Here the median unit price is just $335,000 well under the $900,000 cap.
About 30km from the CBD, this multicultural hub is boats a variety of local eateries, parks, and schools, adding to its family-friendly appeal, while its proximity to Parramatta makes it a convenient location for those working in the city. Mount Druitt Another Greater Sydney suburb, offers a median unit price of $417,250, combining affordability with proximity to the city. The suburbs has undergone significant urban renewal in recent years, with improvements in infrastructure and the development of community facilities.
It offers easy access to public transport, shopping and educational institutions, making it a desirable location for first home buyers. "There is typically greater supply of new housing in and around these areas, which had previously led to lower price growth,” Kusher explains. San Remo and Mannering Park For first home buyers looking to make a sea change, San Remo, on the Central Coast ($670,000), and Mannering Park ($700,000), on the shores of Lake Macquarie, present attractive options that offer both lifestyle and convenience under the $750,000 regional cap.
Canley Vale With houses priced at a median of $420,500, Canley Vale rounds out the top suburbs in New South Wales. Renowned for its thriving food scene, particularly Asian cuisine, and its close-knit community atmosphere. Getting into your first property is exciting - don't be put off by a little DIY because it's a chance to make it your own.
Picture: Getty The suburb also benefits from good public transport links, including a train station that connects directly to the Sydney CBD, making it a strong option for those looking to purchase their first home within the Greater Sydney area. Albion For first home buyers seeking value, Albion is an outstanding choice, with a median sale price of $275,000, well under the first home buyer cap of $800,000. This affordability makes it one of the most attractive suburbs for those entering the Melbourne property market.
Melton and Melton South With median house sale prices of $478,000 and $485,000 respectively, both suburbs are highly attractive for first home buyers seeking both space and amenity and fall well below the $650,000 regional cap. The recent development of the Melton Train Station has also improved connectivity to the Melbourne CBD, making these areas increasingly desirable. "Affordability will continue to be the biggest challenge for first home buyers,” Kusher says.
“This means outer areas of the capital city or inner-city areas where we are seeing large volumes of new unit construction will likely see the strongest first home buyer demand.” Travancore Located just 5km from Melbourne, and with a median price of $371,000, the gentrifying suburb is a first home buyers’ gem, offering a blend of convenience and community. Notting Hill With a median unit sale price of $370,440, Notting Hill, in the city’s southeast, is also a top choice for those seeking affordability.
Many first home buyers are opting for units close to amenities, as opposed to a detached home in the suburbs. Picture: Getty "As our cities continue to sprawl and detached houses get more expensive, we’ll likely see more people choose to purchase cheaper apartment products,” Kusher says. Orelia In Western Australia, Orelia leads the unit pack with a median sale price of $230,000, making it an exceptional value for first home buyers.
Shoalwater Also offering great value, with a median sale price of $325,000, Shoalwater is highly desirable for its coastal lifestyle. Medina In the housing market, Medina ($432,000 median house price), about 35km southwest of Perth offers the best value below the $600,000 cap. Armadale Not far behind Medina in price point, Armadale ($475,000), about 30km southeast of the city centre, offers exceptional value.
Salisbury In South Australia, Salisbury in Greater Adelaide stands out with a median unit sale price of $330,000, making it an attractive option for first home buyers. Brooklyn Park With a median unit price of $352,000 and convenient access to Adelaide Airport and the city centre, first home buyers can get real value in Brooklyn Park. Elizabeth North House hunters should head for the Elizabeth region were Elizabeth North’s median house price of $415,500 is well below the $600,000 first home buyer cap.
The Elizabeth region in South Australia offers incredible value for first time buyers. Picture: Getty Elizabeth Grove, South and Downs also round out the most affordable list. Kurralta Park With a median unit price of $385,000, is another appealing pick for first home buyers, offering easy access to both the Adelaide CBD and the beach, providing the best of both worlds.
Bridgewater A top choice for first home buyers, with a median sale price of $411,500, offering a great entry point into the Hobart property market – and well under the $600,000 cap. Claremont Renowned for its picturesque setting by the River Derwent, Claremont, with a median unit sale price of $440,000 and a median house price of $535,000, provides another strong option for those looking to buy in Hobart. The area is also well-serviced by schools, shopping centres, and public transport, making it a desirable location for families.
coastal suburb known for its beautiful beaches and relaxed, seaside lifestyle..
