Aussie buyers face tough market: Can affordable first homes under $700K fit a tight budget?
With migration surging and affordability at a 17-year low, PropTrack data highlights urgent demand for affordable first homes under $700K.
To meet the Government’s 1.2 million Housing Accord Target, medium- and high-density apartments are being built across major cities.
Affordable first homes under $700K are in high demand, but rising construction costs push buyers towards smaller homes.
PropTrack’s Cameron Kusher notes rising construction costs push buyers towards affordable first homes under $700K, fitting their budget constraints.
Affordable first homes under $700K are available, but their appeal depends on the amount of space and location buyers are willing to compromise.
Townhouses offer a great budget-friendly option for staying within city limits while keeping costs low, making them ideal for affordable first homes under $700K.
House and land packages are trickier but developers offer good deals in outer areas or new masterplanned communities.
These new masterplanned communities often include amenities like childcare, schools, supermarkets, and transport links, making them more convenient for affordable first homes under $700K.
Buyers of new homes can use stamp duty concessions, off-the-plan discounts, and First Home Owner Grants (FHOG) to save money.
In Queensland, the FHOG is $30,000 for new homes or builds, but state concessions vary, offering savings for those seeking affordable first homes under $700K.
Victoria provides first home buyer duty concessions for homes priced between $600,001 and $750,000, along with off-the-plan duty discounts.
Victoria
St Leonards, Bellarine Peninsula
Metricon’s St Leonards Seaside development offers house and land packages starting at $739,448 in this charming coastal peninsula. To make the most of your purchase, consider utilizing duty concessions and the First Home Owner Grant (FHOG). Additionally, Metricon is currently providing a $30,000 rebate.
This single-level, four-bedroom home design features a kitchen with a walk-in pantry, a study nook, and a 7-star energy rating with double-glazed windows.
Geelong and the Bellarine Peninsula offer a vibrant art and culture scene, stunning surf beaches, scenic national parks, and a beautiful wine region with 40 cellar doors to explore.
Clyde North, Melbourne
Mirvac’s Smiths Lane development is located in Clyde North, a rapidly growing outer suburb of Melbourne known for its excellent new schools.
Additionally, the area will benefit from planned infrastructure such as the Clyde Rail Link, a future town center, and major sporting facilities.
The Clyde and Clyde North communities are projected to grow to over 157,000 residents by 2041.
Smiths Lane features architecturally designed townhouses with three or four bedrooms, priced between $650,000 and $725,000.
Each home is situated within 200 meters of parkland or green open space.
This family-focused new community is currently offering extra rebates and special deals with partner builders.
Cranbourne South, Melbourne
Brompton, Wolfdene’s flagship community, now houses over 3,000 residents.
Their latest release features two-bedroom townhomes starting at $560,000, three-bedroom options from $595,000, and four-bedroom homes from $660,000.
The smart three-level design of these residences allows for extra bedrooms without expanding the lot size, helping to keep prices affordable.
The community, featuring 17 hectares of parks, wetlands, and 10 km of trails, is slated for completion by September 2027.
Williams Landing, Melbourne
Just 35 minutes from Melbourne’s CBD, Williams Landing offers a masterplanned development with a 50-hectare town center featuring diverse amenities.
Rail connections are available, but for a scenic route, the 24km Federation Bike Trail connects Williams Landing to the CBD.
Two-, three-, and four-bedroom townhomes start at $705,000, with the entire Williams Landing development, including the town center, set for completion by 2032.
Wollert, Melbourne
Also developed by Cedar Woods, Mason Quarter is situated in the rapidly expanding suburb of Wollert, 25km north of Melbourne’s CBD.
This masterplanned community will blend natural surroundings with amenities such as retail, dining, schools, and transport options, fostering a lifestyle of healthy, connected living both indoors and outdoors.
Set for completion in 2029, homes in the estate are offered at affordable prices, with townhomes starting from $470,000 and house and land packages from $650,000.
You can currently secure a home with a $10,000 deposit.
Truganina and Tarneit, Melbourne
Stockland is developing two noteworthy communities west of Melbourne’s CBD, focusing on connectivity, convenience, and affordability: Grandview in Truganina, 28km west of the CBD, and Wattle Park in Tarneit, 33km west.
Both masterplanned communities offer house and land packages starting at $617,000, with the option to secure a home with a $10,000 deposit.
Grandview offers city views, mountains, and 50 hectares of natural reserve, while Wattle Park features river views, green space, and convenient transport.
Queensland
Nirimba, Sunshine Coast
Nirimba is a thriving development area on the Sunshine Coast, located 15 minutes inland from Pelican Waters and Caloundra. It offers convenient access to the M1 for trips to Brisbane or Noosa.
This location provides a coastal lifestyle with a hinterland backdrop. Stockland Aura is offering house and land packages starting from $675,000, with townhomes available at more affordable prices.
Stockland Aura is a highly sought-after masterplanned community featuring over 20 parks, playgrounds, sports grounds, and more green spaces.
The community includes two primary schools, a high school, and childcare centers, with a shopping precinct offering diverse amenities.
Baringa shopping precinct boasts health and wellness services, an IGA Marketplace, and a Tavern, plus weekly and monthly Farmer’s Markets.
Redbank Plains, West Brisbane
Nestled in a serene area of Redbank Plains near Ipswich, Eden’s Crossing is a 150-hectare community by Brighton Homes.
Over a third of Eden’s Crossing is dedicated to lush green spaces, including parks, playgrounds, and walking tracks.
Upon completion, Eden’s Crossing will accommodate over 1,200 families, fostering a vibrant and close-knit neighborhood within the community.
Four-bedroom, two-bath house and land packages are available for $683,500, with Brighton Homes offering additional cash-back incentives on select packages.
Redland Bay, South Brisbane
If you can stretch your budget or secure a concession, you might find house and land options in Redland Bay. Lendlease’s Shoreline community offers choices starting from $749,000, with additional land available for sale.
The vibrant waterfront community blends natural beauty with modern convenience, featuring walking tracks and cycleways through scenic bushland to the bay.
Enjoy the sun at the Sandy Cove foreshore or visit planned cafes and restaurants, while kids attend the future school.
Future amenities include an on-site primary school and childcare center, making it ideal for families seeking convenience and leisure.
Park Ridge, Logan/South Brisbane
Just 35 minutes south of Brisbane’s CBD and 45 minutes from the Gold Coast, Ausbuild’s Somerset Park Ridge offers central convenience.
The estate fosters a strong sense of community, supported by local schools, sporting clubs, cafés, and restaurants for growing families.
Flagstone, Logan
Building family homes since 1949, Simonds offers affordable house and land packages in the Logan region, starting at $649,000.
Simonds offers multiple estates, with Flagstone being a major community to consider in the Greater Flagstone Priority Development Area.
Flagstone blends urban planning with South-East Queensland’s natural beauty, offering a convenient location just a short drive from Brisbane and the Gold Coast.
South Australia
Tonsley, Adelaide
Developed by Peet, Tonsley Village spans 11 hectares within the 62-hectare Tonsley Innovation District, offering innovative residential living.
Tonsley Village features an independent embedded network powered by 16,000 solar panels on MAB and TAFE SA roofs.
The range of Torrens-titled homes is fixed price and turn-key, starting from $560,000.
The progressive neighborhood is located 20 minutes from the city, 10 minutes from the beach, and 25 minutes from McLaren Vale.
It is also just 5 minutes from Westfield Marion, Flinders Medical Centre, and Flinders University, with convenient rail links.
Woodville, Adelaide
Another offering from Peet, the community-focused Woodville Rd is located just 8km from Adelaide’s CBD.
It will feature 172 architecturally designed Torrens Titled terrace homes, ranging from two to four bedrooms, starting at $675,000.
Additionally, Woodville Rd will offer one- and two-bedroom apartments.
Located opposite the St Clair Recreation Centre, playground, and skate park, the site will feature over 30% open space upon completion.
Every home will be situated within 200 meters of a high-quality landscaped park.
