New NAB lending data released today reveals Western Sydney is leading the way when it comes to hotspots for first home buyers.
Despite a decline in property sales throughout 2022, new data shows that compared to the first three months of the year, a number of metropolitan and regional areas have seen strong growth in first home buyer activity in the June quarter.
In Sydney, beachside Maroubra proved most popular with first time buyers, increasing by 269% along with the postcode 2142 which includes Granville, on the outskirts of Paramatta.
Suburbs in the south-east of Melbourne also continue to provide great value and location for first home buyers, with Dandenong (+80%) drawing plenty of attention. In Brisbane, the bustling Fortitude Valley is a first home buyer hotspot, growing 78% between April and June.
However, it was the ACT that was home to the area with the greatest growth in FHB activity. The postcode of 2602 in Canberra, including Ainslie and Watson, increased by 360% in the June quarter, as against the quarter prior.
NAB Executive ³Ô¹ÏÍøÕ¾ Ownership, Andy Kerr said the benefits of hybrid working continued to give Australians options to buy in areas they previously may not have considered.
“Flexible working is one of the biggest trends over the last decade when it comes to changing the game for property sales,” Mr Kerr said.
“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.
“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.
“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.
“With a combination of house prices declining and the recent release of the First ³Ô¹ÏÍøÕ¾ Guarantee Scheme, there is renewed optimism for first home buyers.
