NAB reveals the most popular suburbs for first home buyers
By Cameron Micallef
17 December 2020
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1 minute read
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One of Australia’s big four banks has revealed the locations where first home buyers are flocking to.
Data released by NAB showed that lending to first home buyers (FHB) has increased by 21 per cent over the last 12 months, as consumers rush to dip their toes in the market.
“First home buyers are back in the market at levels we haven’t seen for a decade,” NAB executive, home ownership, Andy Kerr said.
“Demand has been supported by historically low interest rates and more government support, such as the First Home Loan Deposit Scheme and HomeBuilder. A brief pullback in property prices also helped FHBs as the uncertainty of COVID-19 put many plans on ice, with investor demand slowing noticeably.
The number of first-home buyers in beach towns has more than doubled in just three months as young Australians working from home make a sea change, a major bank has revealed.
Ballina near Byron Bay, a Gold Coast suburb and Port Macquarie on the New South Wales Mid-North Coast have also seen a surge in young people flocking to buy their first house.
National Australia Bank executive of home ownership Andy Kerr said the ability to work from home had encouraged property newcomers to move to the coast for lifestyle reasons. Flexible working arrangements implemented due to COVID-19 are encouraging many Australians to consider a tree or sea change as easy access to the CBD moves down the priority list, he said.
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