First home buyers prepared to spend more in VIC, QLD, than in NSW
First home buyers in Victoria and Queensland are increasingly willing to stretch their budgets, surpassing spending trends seen in New South Wales.
While affordability remains a key consideration, data from November and December reveals a growing willingness among first-time buyers in these states to invest more in their first property.
In contrast, in New South Wales, where Sydney is consistently ranked among the least affordable cities globally, first home buyers are primarily focused on apartments priced between $600,000 and $1 million.
Elevate Hume Place, above the Crows Nest Metro station, has attracted significant demand for its one-bedroom apartments that are priced just under $970,000, while the completed apartments in The Grand Eastlakes offer an attractive entry at $745,000.
First home buyers in Queensland, mainly Brisbane and the Gold Coast, are increasingly willing to spend over $1 million, particularly for larger homes or apartments in sought-after suburbs.
A prime example is Citrine in Rochedale, where buyers can secure three or four-bedroom townhouses priced between $1 million and $1.5 million.
In the hot Gold Coast new apartment market, buyers are also willing to exceed the $1 million mark, as seen at Flourish on Sixth, the newly released development by Sherpa in Palm Beach.
This development offers some of the most affordable apartments the area has seen in years.
One-bedroom apartments initially listed under $600,000 sold quickly, while two-bedroom units, previously priced in the mid-$800,000s, are now listed just above $1 million — still offering incredible value in one of the Gold Coast's most desirable suburbs.
In Victoria, while entry-level apartments remain more affordable compared to Queensland and New South Wales, first-home buyers are still opting to spend more for better properties.
The most popular price range for first-time buyers in Victoria is $400,000 to $1 million, but, similar to Queensland, many are willing to stretch their budgets for more desirable options.
Kindred Mentone, with its architecturally striking townhouses south of Bayside, has been a standout choice for many first home buyers in this price range.
Another popular project in recent months is New Johnston in Abbotsford, which offers a range of apartments in the $400,000 to $1 million bracket.
Located at 398-400 Johnston Street, near Victoria Park Station, this development consists of 58 one, two, and three-bedroom apartments across nine levels, with ground-floor retail spaces.
New Johnston, currently under construction by Valeo Constructions, is expected to be completed by late 2025.
