Why Are First Home Buyer Properties Surging Ahead in October?
Why Are First Home Buyer Properties Surging Ahead in October?
If you’ve been watching the property market, you might have noticed something interesting: homes within First Home Guarantee (FHBG) price caps are outperforming higher-value properties. Let’s break down what’s happening and why—and what it means for you.
Q: What’s the big news for October?
Properties under the FHBG price caps grew 1.2% nationwide, compared to 1% growth for homes above the cap. That might sound small, but in property terms, it’s a big deal—especially when you consider the trend is consistent across most markets.
Q: Are houses or units doing better?
Houses are leading the charge. Those within the FHBG limits rose 1.3%, while units managed 1%. So, if you’re eyeing a house in the affordable range, you’re in good company.
Q: Is this growth unusual?
Absolutely. October ranked in the 84th percentile for growth compared to all months since 2009. That means this isn’t just a blip—it’s a standout month.
Q: Which cities are seeing the biggest gains?
- Darwin tops the list: homes under $600,000 jumped 2%, while pricier properties grew 1.3%.
- Sydney came second: houses under $1.5 million rose 1%, compared to 0.5% for higher-end homes.
- Even premium areas like Melbourne’s inner suburbs, Perth, and North Brisbane saw affordable homes outperform, with growth up to 1.9%.
Q: Any cities bucking the trend?
Yes—Canberra and Hobart. In these markets, higher-priced homes grew faster than those under the FHBG caps.
Q: What about regional areas?
Regional Western Australia is booming, with FHBG properties up 2.1%. Other states like Victoria, Queensland, and South Australia saw growth between 0.8% and 1.3%. Hot spots like Geelong and Wide Bay also recorded strong gains for first-home buyer properties.
Q: Why is this happening?
Experts point to the expansion of the 5% Deposit Scheme as one factor driving demand for affordable homes. While it is too early to measure the full impact, the trend suggests first-home buyers are gaining momentum.
What Does This Mean for You?
If you’re a first-home buyer, the market is moving in your favour. Affordable properties are not just holding their value—they’re growing faster than many high-end homes.
Ready to take the next step?
Contact Charlie Wakim today on 0416 12 1493 for expert advice and personalized property solutions. Let us help you turn your first-home dream into reality!