15 markets primed for first home buyers
A new report has highlighted the areas in which changing market conditions render affordability within reach.
Property Credit has released its latest report, The Property Pendulum, which identifies the housing markets with conditions that are increasingly favouring buyers.
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Giordano Stepancic, chief executive of Property Credit, stated that amid rising interest rates and escalating prices, “there are tangible shifts in several markets where the balance is tipping towards first home buyers”.
The methodology used within the report involved a review of over 300 markets, homing in on the availability and affordability of homes under $750,000 while accounting for shifts in the number of listings in comparison to historical averages.
Property Credit’s findings revealed that while the overall market is tough, specific suburbs, especially those experiencing high demand, are showing resilience against broader market trends. Stepancic said this dynamic can offer “strategic opportunities for savvy first home buyers”.
“Our analysis not only identifies where the markets are shifting but also when these changes are occurring, helping buyers make informed decisions,” Stepancic said.
Notably, the marked increase in listings in several key markets was suggested by Property Credit as possibly marking a shift towards more buyer-friendly conditions.
These affordable key markets are:
Latrobe Valley (Victoria)
- Houses for sale under $750,000: 667
- House listings in the area are now 26 per cent higher than the 12-month average.
- Median house prices for this area have increased by 1 per cent over the last 12 months.
Launceston (Tasmania)
- Houses for sale under $750,000: 319
- House listings in the area are now 17 per cent higher than the 12-month average.
- Median house prices for this area have decreased by 1 per cent over the last 12 months.
Lower Hunter (NSW)
- Houses for sale under $750,000: 302
- House listings in the area are now 71 per cent higher than the 12-month average.
- Median house prices for this area have decreased by 1 per cent over the last 12 months.
Maryborough (Queensland)
- Houses for sale under $750,000: 295
- House listings in the area are now 24 per cent higher than the 12-month average.
- Median house prices for this area have increased by 9 per cent over the last 12 months.
Dubbo (NSW)
- Houses for sale under $750,000: 291
- House listings in the area are now 45 per cent higher than the 12-month average.
- Median house prices for this area have increased by 5 per cent over the last 12 months.
Inverell - Tenterfield (NSW)
- Houses for sale under $750,000: 288
- House listings in the area are now 24 per cent higher than the 12-month average
- Median house prices for this area have increased by 7 per cent over the last 12 months.
Hervey Bay (Queensland)
- Houses for sale under $750,000: 288
- House listings in the area are now 13 per cent higher than the 12-month average.
- Median house prices for this area have increased by 3 per cent over the last 12 months.
Gympie - Cooloola (Queensland)
- Houses for sale under $750,000: 230
- House listings in the area are now 41 per cent higher than the 12-month average.
- Median house prices for this area have increased by 7 per cent over the last 12 months.
Kempsey - Nambucca (NSW)
- Houses for sale under $750,000: 194
- House listings in the area are now 38 per cent higher than the 12-month average.
- Median house prices for this area have decreased by 5 per cent over the last 12 months.
Heathcote - Castlemaine - Kyneton (Victoria)
- Houses for sale under $750,000: 190
- House listings in the area are now 27 per cent higher than the 12-month average.
- Median house prices for this area have decreased by 4 per cent over the last 12 months.
Campaspe (Victoria)
- Houses for sale under $750,000: 189
- House listings in the area are now 48 per cent higher than the 12-month average.
- Median house prices for this area have increased by 1 per cent over the last 12 months.
Jimboomba (Queensland)
- Houses for sale under $750,000: 173
- House listings in the area are now 39 per cent higher than the 12-month average.
- Median house prices for this area have increased by 5 per cent over the last 12 months.
Meander Valley - West Tamar (Tasmania)
- Houses for sale under $750,000: 159
- House listings in the area are now 30 per cent higher than the 12-month average.
- Median house prices for this area have decreased by 3 per cent over the last 12 months.
Port Stephens (NSW)
- Houses for sale under $750,000: 107
- House listings in the area are now 21 per cent higher than the 12-month average.
- Median house prices for this area have decreased by 1 per cent over the last 12 months.
Young - Yass (NSW)