New NAB data has revealed a list of first home buyer hotspots across Australia as property prices are tipped to continue to decline.
NAB economists anticipate this decline to top 20% from peak to trough, with a further 13% decline forecast throughout 2023.
Director and Founder of Aus Property Professionals Lloyd Edge said the current state of the property market is favored towards buyers with an abundance of deals and less competition.
“This means that buyers have more options to choose from, and have more room to negotiate on price,” Mr Edge said.
“It's a great time to enter the market for those who have been waiting on the sidelines for the right opportunity.”
NAB Executive Home Ownership Andy Kerr said value and location remain the two most important factors for first home buyers when looking to purchase their first property amidst a softening market.
"Outer metro growth areas like Tarneit in Melbourne, Hallett Cove, right near Adelaide's southern beaches and suburbs south-east of Perth have great amenities, particularly for young families,” Mr Kerr said.
"Many of these areas are also attractive areas for investors and have high growth over the past five years as well as good rental yields.”
NAB has identified these suburbs and postcodes across the states and territories as having favourable conditions for first home buyers in 2023:
Victoria
- 3029 - Hoppers Crossing, Tarneit, Truganina.
- 3064 - Craigieburn, Donnybrook, Kalkallo, Mickleham, Roxburgh Park.
- 3978 - Cardinia, Clyde, Clyde North.
NAB Executive Home Ownership Andy Kerr said first home buyers in Victoria continue to be attracted to growth areas to the north, west and south-east of Melbourne.
“Melbourne’s population is tipped to outpace Sydney’s by 2031 and these areas along key transport corridors will be where we continue to see that growth,” Mr Kerr said.
Read more: Melbourne suburbs tipped to grow in 2023
New South Wales
- 2762 - Schofields.
- 2765 - Berkshire Park, Box Hill, Maraylya, Marsden Park, Nelson, Oakville, Riverstone, Vineyard.
- 2170 - Casula, Chipping Norton, Hammondville, Liverpool, Lurnea, Moorebank, Mount Pritchard, Prestons, Warwick Farm.
“Schofields and Liverpool are some of the most in-demand suburbs for first home buyers in NSW,” Mr Kerr said.
“With new housing developments falling within the price thresholds for a number of state government assistance schemes, (NSW) have growing public transport options, retail and education precincts and parks in a suburban environment.”
Read more: Sydney suburbs tipped to grow in 2023
Queensland
- 4350 - Toowoomba and surrounds.
- 4207 - Beenleigh, Yarrabilba.
- 4300 - Springfield Lakes, Goodna.
“Toowoomba has been going from strength-to-strength in past years, attracting families with its quick commute to Brisbane, schools, laidback lifestyle and spacious land sizes,” Mr Kerr said.
“With billions of dollars of investment coming down the pipeline on the Inland Rail Link and a new Toowoomba Hospital, the ‘garden city’ is shaping up as an exciting place to buy and live.”
South Australia
- 5162 - Morphett Vale, Woodcroft.
- 5158 - Hallet Cove, O’Halloran Hill.
- 5251 - Mount Barker.
“Adelaide’s southern suburbs continue to be in-demand locations for first home buyers,” Mr Kerr said.
“Transport upgrades make Morphett Vale, Woodcroft and Hallet Cove attractive places to live and commute into the CBD.”
Read more: Adelaide suburbs tipped to grow in 2023
Western Australia
- 6112 - Armadale, Harrisdale.
- 6061 - Balga, Nollamara.
- 6164 - Success, Cockburn Central.
“Perth’s southeast is growing rapidly, with good access to transport corridors and employment, as well as affordable and sustainable housing,” Mr Kerr said.
“Recently opened schools and access to parks and bushland give first home buyers in Harrisdale access to the suburban lifestyle with the chance to escape the hustle and bustle.”
Tasmania
- 7320 - Burnie, Acton, Camdale.
- 7011 - Berriedale, Chigwell
- 7310 - Devonport, East Devonport
Read more: Hobart suburbs tipped to grow in 2023
Australian Capital Territory
- 2602 - Dickson, Watson
- 2913 - Casey, Franklin
- 2617 - Bruce, Lawson
Northern Territory
- 0810 - Nightcliff, Casuarina
- 0870 - Alice Springs, Gillen
- 0832 - Rosebery, Bakewell
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