Melbourne’s top 5 most popular suburbs for first home buyers on Urban in Q4 2023
First home buyers started to reemerge in the off the plan apartment development space in Q4 2023, off the back of consecutive rate holds by the RBA.
While rates went up again in November, it's expected rates are almost at the peak, and the Big Four banks are anticipating the next rate move will be a cut.
We've dug into our data and looked at the top five most popular Melbourne suburb in Q4 2023.
Melbourne CBD
Melbourne CBD remains a top choice for first-home buyers.
Boasting many amenities, including world-class dining, cultural institutions, and efficient public transport, the CBD continues attracting young professionals and urban enthusiasts alike.
The recently completed $1 billion West Side Place development by developer Far East Consortium has become a hotspot for both first home buyers and investors.
Comprising four towers, including the prestigious Ritz-Carlton and Dorsett Hotels, the development features various apartment configurations starting at $550,600.
Residents can enjoy various amenities, including a swimming pool, gymnasium, function rooms, open terraces, cinema, and on-site retail arcades.
Located within the coveted University High School Zone, the development is just a short walk from the Yarra River, Flagstaff Gardens, Southern Cross Station, and the Free Tram Zone.
Another popular project is Brady Group's 380 Melbourne, located on Lonsdale Street.
Designed by Elenberg Fraser, the twin-tower project offers one, two, and three-bedroom apartments starting from $570,000.
The 65-level towers include 300 hotel suites and a retail and cafe arcade connected to the public domain through a unique low-lying podium.
Resident amenities at 380 Melbourne encompass a lounge, games room, private cinema, karaoke room, steam rooms, sauna, rooftop garden, heated lap pool, and outdoor terrace with barbecue facilities.
Southbank
Nestled along the Yarra River, Southbank has solidified its status as a vibrant and modern residential hub.
Soutbank's proximity to the CBD and the thriving arts and entertainment scene position it as an appealing option for first-home buyers seeking a cosmopolitan lifestyle.
The abundance of waterfront promenades, recreational spaces, and dining options further enhances the neighbourhood's charm.
One of the most popular projects in the suburb on the Urban website this year is Central Equity's FOCUS Melbourne, with its recent win at the 2023 HIA-CSR Victorian Housing Awards.
FOCUS won the Victoria Apartment Complex Award (over $20 million), while Central Equity was Victoria's most awarded apartment developer.
The $450 million FOCUS offers a move-in-ready option in the heart of Southbank.
The development has proved popular among locals who want to remain near the city while enjoying a neighbourhood feel.
The 50-level building comprises one, two, and three-bedroom apartments, strategically placing residents near the arts precinct and its upcoming $1.7 billion revamp, just over two kilometres from the CBD.
FOCUS distinguishes itself with resort-style amenities, including a 17-seat luxe theatre, indoor heated pool, sauna, gym, and landscaped terraces with barbecues.
Brunswick
Known for its eclectic atmosphere and diverse community, Brunswick has carved a niche as a haven for the culturally inclined. Trendy cafes, local markets, and green spaces complement the suburb's artistic flair.
As the trend of prioritising lifestyle and community connectivity grows, Brunswick stands out as an ideal choice for first-home buyers seeking a balance between cultural richness and affordability.
Experiencing significant gentrification in recent decades, Brunswick attracts young professionals, artists, and families who value a vibrant and eclectic lifestyle. ASX-listed developer Mirvac recognised the area's allure, choosing it as the location for their project, Prince & Parade
Designed by BATES SMART and landscaping by Jack Merlo, Prince & Paradeprises 166 one, two, three, and four-bedroom apartments. Cleverly oriented to maximise park views, the development rises to nine levels on the north side facing Brunswick Road and five on the south side facing Park Street.
Situated across from Princes Park, a 39-hectare oasis of greenery, walking paths, sports grounds, and playgrounds, Prince & Parademlessly blends urban sophistication with natural tranquillity.
The development's location offers its residents convenient access to culinary delights, vibrant cultural scenes, and educational institutions, including Princes Hill Secondary School, Melbourne University, and RMIT.
The fully electric building features a residents' lounge, dining room, rooftop terrace with panoramic views of Melbourne, a library, and a wellness studio.
Construction of Prince & Paradescheduled to commence in early 2024, promising a unique living experience that combines modern amenities with the charm of Brunswick's cultural and natural surroundings.
Moonee Ponds
Moonee Ponds offers a suburban sanctuary near the CBD's northwest without compromising accessibility.
Home to beautiful parks, reputable schools, and a welcoming community vibe, Moonee Ponds caters to those desiring a more serene living experience.
The suburb's well-connected public transport options, including trams and trains, ensure residents can easily navigate the city while enjoying the tranquillity of suburban life.
At the heart of Moonee Ponds is Hamton's Moonee Valley Park, a 20-hectare precinct just six kilometres from the CBD.
Within this dynamic development, Trackside House is a unique residential building, offering approximately 86 residences with views of the finishing straight at the iconic Moonee Valley Racecourse.
The 11-storey building, designed by Rothelowman in collaboration with Carr interior experts, includes a range of residences from grand three and four-bedroom options to more affordable one-bedroom units starting at $565,000.
As the fourth stage in the precinct's redevelopment, Trackside House benefits from a diverse range of eateries, retailers, and 20 hectares of open space and gardens. Various amenities, including playgrounds, sporting fields, and running tracks, enhance the community experience.
Another successful development by Hamton in Moonee Valley Park is Stonepine House, achieving over 80 per cent of sales within 11 weeks of its launch.
Offering exclusivity within the thriving community, Stonepine House features two and three-bedroom residences starting at $650,000.
Both Trackside House and Stonepine House are designed to complement the surrounding 20 hectares of greenery and are expected to be completed in mid-2025, contributing to the evolving landscape of Moonee Ponds.
Malvern
Renowned for its leafy streets and grand architecture, Malvern has long been a sought-after address for buyers seeking an upscale residential experience.
While often associated with a more established demographic, the suburb has witnessed an increasing interest from first-home buyers drawn to its classic charm and proximity to amenities.
Malvern's harmonious blend of heritage and contemporary living makes it an appealing choice for those entering the property market.
Kokoda Property's Malvern Collective was one of Urban's most popular projects Melbourne-wide across the whole of 2023.
Malvern Collective is envisioned as a 0-minute neighbourhood at 2 Station Place, an even more convenient community than the standard 15-minute neighbourhood.
The project comprises 205 one to three-bedroom apartments spread across two striking glass buildings above a vibrant hospitality precinct. Future residents will have every convenience at their doorstep, including a Woolworths Metro, six hospitality venues, and an easy commute to the city.
The popularity of Malvern Collective's apartments among owner-occupiers is attributed to the unique proposition, thoughtful design, and superior concierge service reminiscent of a high-end hotel managed through a dedicated residents' app.
Exclusive amenities within the project include a co-working space, cinema, swimming pool, wellness centre with hot and cold plunge pools, and a private dining area.
Malvern Collective is on track for completion in Q1 2024.