New data from the National Australia Bank (NAB) has identified the nation’s top suburbs for first home buyers seeking properties under $650,000, offering a balance of affordability, lifestyle, and amenities.
Denton Pugh, NAB Executive for Home Lending, highlighted the impact of the expanded Australian Government 5% Deposit Scheme, which removes income caps and allows buyers to enter the market with just a 5% deposit. The scheme has already helped over 185,000 Australians take steps toward homeownership, enabling some to purchase properties that would have previously been out of reach.
While the scheme opens doors for many, Pugh emphasized the ongoing challenge of housing supply. Rising demand, smaller households, and population growth mean there is a need for more homes, including medium-density options that reflect modern living. National dwelling prices rose 0.8% in September, marking the strongest monthly gain in nearly a year, with year-to-date growth of 4.9% and auction clearance rates at 71.9% nationally.
Pugh stressed that governments and industry must work together to streamline planning and embrace innovation to ensure Australians have access to affordable housing. In the meantime, aspiring homeowners should not wait on the sidelines but take steps when they are financially ready.
To guide buyers, NAB has released a list of the top 10 postcodes where homes under $650,000 offer good transport links and lifestyle amenities:
- 3029 – Hoppers Crossing, Tarneit, Truganina (Melbourne’s west)
- 3064 – Craigieburn, Mickleham (Melbourne’s north)
- 4350 – Toowoomba and surrounds (Regional Queensland)
- 3024 – Wyndham Vale, Manor Lakes (Melbourne’s west)
- 3338 – Melton South, Weir Views (Melbourne’s west)
- 3030 – Werribee, Point Cook (Melbourne’s west)
- 4740 – Mackay (North Queensland)
- 3350 – Ballarat (Regional Victoria)
- 6210 – Mandurah, Meadow Springs (Western Australia)
- 4680 – Gladstone, Tannum Sands (Queensland)
Pugh concluded that while more homes are needed, first home buyers can still take meaningful steps toward ownership when they are ready and have a plan that works for them.
