The most popular Melbourne suburbs for first home buyers in August
First home buyers were well and truly back in the market, in their droves, earlier in the year, with stamp duty concessions and HomeBuilder grants giving those who were yet to get on the ladder a firm footing in the property market.
Demands has unsurprisingly tapered a touch from the segment, but many developers and agents are reporting just as strong interest, given how well the property market held up over the pandemic, paired with record low interest rates that are likely to be in place until 2024.
ABS data showed first home buyer commitments remain 20.4 per cent higher compared to this time last year.
With first home buyer loan commitments still holding strong, Urban has highlighted the developments in the suburbs most popular amongst first home buyers for the month of August.
Brunswick
Always a popular spot for the younger, first home buyer demographic, Urban's most popular suburb in August was Brunswick, in Melbourne's north.
When COVID lockdowns lift, Brunswick will again be home to live music, upbeat pubs and beer gardens. At the area's heart, Sydney Road has Middle Eastern and Mediterranean eateries, offbeat shops, shisha lounges and cafes along its considerable length. Neighbouring East Brunswick is more upscale, home to upwardly mobile professionals and craft-beer bars.
One of the most popular projects in the area is 4 Ballarat Street, developed by Assemble Futures.
Designed by Fieldwork Architects and with landscaping by Rush Wright, 4 Ballarat places an emphasis on providing a seamless transition to the natural environment, with each apartment running on 100% renewable energy.
Located in the heart of Brunswick, a popular location for cafes and restaurants, Assemble Futures are offering a rent-with-the-option-to-buy model which has made this development particularly popular amongst first home buyers.
The new rent-with-the-option-to-buy model offers a more accessible pathway to owning a home, that bridges the gap between renting and buying. Once the applicant signs the lease agreement and contract of sale, they secure five years agreed rent with the option to buy their home at the end of the lease period.
Keysborough
Keysborough is a family-friendly suburb, 27 kilometres south-east of Melbourne, and is drawing attention for those working from home, and young families, due to its larger, and more affordable, apartments and townhouses.
Haven Townhomes has been consistently drawing attention with affordable three and four bedroom townhomes on offer, with young families particularly interested.
Developed by Aultun Group and designed by Cera Stribley Architects, The Haven estate encompasses a variety of two storey floor plans with the option of choosing a house and land package, or an off-the-plan purchase.
Situated surrounded by thriving wetlands and meandering walking trails, each of the 59 Haven Townhomes are in a prime position for sweeping views, access to nature and convenient amenities.
It is set for completion in December 2021.
Preston
Back to Melbourne's inner-ring, just past Brunswick, is the equally lively Preston, a popular haunt for sport enthusiasts with its number of AFL clubs and sporting grounds.
The latest residential offering to hit High Street is Due North, set in the heart of Preston. The architecturally designed apartment building developed by Caydon Property boasts rooftop living, Melbourne views and spacious apartments.
Situated within 20 minutes of the Melbourne CBD, residents at Due North can enjoy the diverse choice of restaurants, bars, fashion stores found on High Street.
Due North offers residents the chance to make the most of Northside living, boasting rooftop space, a coworking area in the lobby and three retail spaces.
The development boasts environmentally conscious features and is designed to decrease energy consumption; helping residents save more on their next power bill.
Preston has remained particularly appealing amongst first home buyers due to it's comparative affordability when compared to popular nearby suburbs like Coburg, Northcote and Reservoir where the median unit price is $75,000 - $150,000 lower
Brighton
Not often associated with first home buyer interest, Brighton, in Melbourne’s exclusive Bayside precinct, is one of the most-sought after, and most expensive, areas of real estate in Victoria.
Rarely does an opportunity for a first home buyer come along. But the local Southend Property Group is developing their newest boutique apartment development, Southend, with first home buyers at the forefront of their thinking.
They’ve priced their one-bedroom apartments from $549,000, and the two-bedroom apartments from $694,000. They’re about a third cheaper than the next most affordable development currently on the market at Brighton, which is priced from $1.8 million for a two-bedroom apartment.
The median apartment price in Brighton is $895,000, according to SQM Research.
Southern is located at 604-608 Hampton Street, where residents can step directly out to Hampton Street’s thriving cafes and shops, stroll down to Were Street Village’s gourmet groceries and walk to South Road beach.
