First-home buyers hoping to break into the property market under the federal government’s 5% Deposit Scheme are finding their strongest foothold in the Top End, with a national study revealing the Northern Territory has captured eight of Australia’s top 10 suburbs.
The index study was commissioned by Cooper & Co., evaluating 1,189 scheme-eligible suburbs nationwide to determine where buyers can secure the best balance of affordability, capital growth, and market velocity.
The index scored eligible suburbs across four weighted measures: an affordability ratio calculated by dividing median house prices by state annual median household income (40 per cent), 12-month price growth (30 per cent), median days on market (15 per cent), and buyer demand (15 per cent).
Greater Darwin’s Zuccoli took out the number one spot in Australia with a composite score of 89.6 out of 100.
The suburb recorded a median house price of $715,000 – sitting comfortably beneath the Northern Territory’s $750,000 scheme price cap – and delivered 34.9 per cent price growth over the past 12 months.
Properties in Zuccoli are also the fastest-moving in the country according to the index, spending a median of just 14 days on market while attracting 821 interested buyers.
According to the study, the Northern Territory swept the top seven positions nationally. Woodroffe claimed second place with a median price of $605,000, 32.2 per cent annual growth, 15 days on market, and 462 interested buyers.
Anula rounded out the top three with a median price of $680,000, 25.9 per cent growth, 19 days on market, and 550 buyers.
Bakewell placed fourth at $642,500, followed by Gunn at $670,000.
Gray ranked sixth while posting the single highest 12-month price growth in the national top 10 at 36.1 per cent, alongside a median price of $575,000.
Leanyer placed seventh at $723,188, while Karama took tenth place at $615,000.
Across Darwin, 30 scheme-eligible suburbs fell under the $750,000 cap. According to the study, the pattern across the top three suburbs revealed that each sits at least $35,000 below the regional ceiling. The study notes this finding is based on its own commissioned data set.
Luke Rainsbury, general manager of Cooper & Co., said the findings highlight a clear shift in market dynamics.
“The data highlights how much opportunity sits outside of the traditional east-coast capitals that usually dominate the conversation about first-home buyers,” he said.
“The findings suggest Zuccoli, Woodroffe, and Anula, all in NT’s Greater Darwin, are where some of the best opportunities for first-time buyers are, with prices sitting comfortably under the cap, strong price growth, and homes don’t stay long on the market.
“With homes in the top 10 selling in as little as 14 days, these are markets where first-time buyers who can move quickly stand to benefit.”
Only two suburbs outside the Northern Territory managed to break into the national top 10, both located in regional Victoria’s Greater Geelong area.
Newcomb ranked eighth overall with a composite score of 83.6, recording a median price of $630,000, 13.5 per cent price growth, and 19 days on market. Newcomb also generated the strongest buyer demand in the nation according to the study, recording 1,636 interested buyers.
Corio followed in ninth place, scoring 83.2 with a $575,000 median price, 17.4 per cent price growth, and 1,579 interested buyers.
According to the study, Corio’s 28-day median campaign duration represented the longest turnaround in the top 10. Both Victorian entries sit more than $300,000 below Victoria’s $950,000 scheme cap, which the study’s authors say shows that buyers can find strong growth and high demand well under statutory price limits.
Australia’s 10 best suburbs for first-home buyers
Rank | Suburb | State | Median house price | Affordability | 12-month price growth | Days on market | Buyers interested | Composite score |
1 | Zuccoli | NT | $715,000 | 93.8 | 34.9% | 14 days | 821 | 89.6 |
2 | Woodroffe | NT | $605,000 | 98.6 | 32.2% | 15 days | 462 | 87.5 |
3 | Anula | NT | $680,000 | 96.3 | 25.9% | 19 days | 550 | 86.2 |
4 | Bakewell | NT | $642,500 | 97.5 | 31.1% | 20 days | 456 | 86.1 |
5 | Gunn | NT | $670,000 | 96.8 | 22.9% | 16 days | 511 | 85.9 |
6 | Gray | NT | $575,000 | 99.2 | 36.1% | 15 days | 209 | 85.4 |
7 | Leanyer | NT | $723,188 | 93.1 | 23.1% | 21 days | 621 | 84.6 |
8 | Newcomb | VIC | $630,000 | 94.1 | 13.5% | 19 days | 1,636 | 83.6 |
9 | Corio | VIC | $575,000 | 97.3 | 17.4% | 28 days | 1,579 | 83.2 |
10 | Karama | NT | $615,000 | 98.5 | 26.5% | 23 days | 339 | 83.0 |