New research from National Australia Bank (NAB) has unveiled the top 10 postcodes where first-home buyers can still purchase a property under $650,000 – many offering strong transport links and lifestyle amenities.
Denton Pugh (pictured), NAB’s executive for home lending, said the findings come as government initiatives and lender support continue to open more doors for aspiring buyers.
“We need more homes, not just more buyers – but that doesn’t mean you should wait,” Pugh said in The Courier Mail report.
Pugh welcomed the federal government’s expansion of the 5% deposit scheme, noting that removing income caps and increasing property price limits are helping more Australians buy sooner.
“On one hand, removing the income cap and allowing buyers to enter the market with just a 5% deposit is a meaningful step, especially for those who’ve been struggling to get a foot on the property ladder,” he said.
He added that housing supply remains a key challenge.
“There’s still the broader challenge of housing supply – and the pressure that limited stock places on prices,” Pugh said.
The scheme has already helped more than 185,000 Australians.
“For many, it’s been the difference between dreaming of a home and actually owning one,” Pugh said.
Aussie noted that townhomes are becoming an attractive entry option for buyers in their 30s, offering more space than apartments with lower costs and maintenance than detached houses.
Pugh said NAB’s focus is on helping customers buy confidently and sustainably.
“We work closely with customers to ensure they understand their commitments and can make the numbers work – not just today, but sustainably into the future,” he said.
Pugh shared a recent success story from Melbourne’s southeast:
“On the first day of the expanded scheme, we helped a couple secure approval for a land and home package in Melbourne’s southeast for around $830,000 – a purchase that would’ve been out of reach under the previous $800,000 cap,” he said.
“With Victoria’s increase to $950,000, they were able to move forward with greater confidence.”
While the 5% deposit scheme improves access, Pugh stressed that supply must grow alongside demand.
“Smaller households and population growth mean we need more homes, and the right types of homes: medium-density options that reflect modern living,” he said.
He noted that national dwelling prices rose 0.8% in September, the strongest monthly gain in nearly a year, while auction clearance rates lifted to 71.9% nationally.
“Governments and industry need to work together to streamline planning and embrace innovation,” Pugh said. “Ensuring Australians have access to housing they can afford is a major focus for NAB.”
To inspire buyers ready to take their first step, NAB identified the most affordable locations offering strong connectivity and lifestyle value:
“Yes, we need more homes,” Pugh said. “But that doesn’t mean your property dreams have to be put on hold – sometimes, the best time to buy is simply when you’re ready – and when you’ve found a way to make the numbers work.”
With government schemes expanding and affordable suburbs still available, brokers have an opportunity to guide clients toward realistic pathways to ownership and sustainable lending outcomes.
Get the hottest and freshest mortgage news delivered right into your inbox. Subscribe now to our FREE daily newsletter.
