Arabic version: مشترو المنازل لأول مرة في جولد كوست يفرون إلى تحديات الإسكان في ملبورن

Siddharth Nagar, a 32-year-old civil engineer, is leaving the Gold Coast for Melbourne after struggling to find a home within his budget. He began his house hunt in South-East Queensland (SEQ) last September, but after six months and numerous failed auctions, he found the market increasingly out of reach. “You either have to do two jobs or you need a partner with a really good income,” he said, reflecting on the challenges faced by first-home buyers in the region.

According to ABC News, the 5% Deposit Scheme, designed to assist first-home buyers, has had limited effectiveness in SEQ. Despite the scheme’s rollout, property prices have surged, with many units listed at prices far exceeding the caps established by the initiative. Nagar noted that units in Logan, initially priced around $600,000, have skyrocketed to $800,000, while homes on the Gold Coast increased from $750,000 to as high as $950,000.

Data shows that only 13% of properties purchased under the scheme from October to March were in SEQ, compared to higher figures in Melbourne and Sydney. Property analysts attribute this discrepancy to the rapid rise in property values in SEQ, which have outpaced the scheme’s price caps. Gerard Burg, head of research at Cotality, indicated that the current market conditions have made it difficult for many first-home buyers to seize opportunities.

As a result, more first-home buyers are turning their attention to Melbourne, where median house prices are comparatively lower. The Real Estate Institute of Victoria reported a significant increase in first-home buyer loans in the state since the scheme’s launch. With Melbourne’s median house price approximately $60,000 cheaper than Brisbane’s, many are finding it a more viable option.

Nagar’s experience echoes a broader trend, as anecdotal evidence suggests that many first-home seekers from SEQ are relocating to Melbourne in search of more affordable housing. This shift may signal a changing migration pattern, with fewer people moving to Queensland and more considering Melbourne as their new home base. As the housing market continues to evolve, the challenges faced by first-home buyers in SEQ remain pronounced, prompting many to explore options beyond their original plans.