How first-home buyers can crack exclusive postcodes for under $750k

For many first-home buyers, the dream of living in a prestigious suburb can feel out of reach. However, recent analysis by property data highlighted by Ray White Group Chief Economist Nerida Conisbee, reveals that by choosing apartments over houses, first-home buyers can gain access to some of Australia's most desirable postcodes at affordable prices.

“If you buy an apartment in these suburbs, you aren’t getting compromised locations or second-tier suburbs,” Ms Conisbee said. 

“The top-ranking areas include some of Australia's most prestigious addresses: riverside Perth enclaves, Melbourne's inner-city havens and Canberra's parliamentary triangle neighbourhoods where apartments provide genuine access to million-dollar lifestyles at first-home buyer prices.” 

This approach can lead to substantial savings, with the most significant price gaps between houses and apartments found in premium suburbs. For instance, in Perth's exclusive Mosman Park-Peppermint Grove area, apartments have a median price of $552,000, while houses command $2.51 million – a difference of $1.96 million. Similarly, Melbourne's Hawthorn South offers apartments at $560,000, compared to $2.48 million for houses, resulting in a $1.92 million saving.

Other notable examples include:

• Armadale, Melbourne: $735,000 apartments, $1.9 million saving.
• Griffith, Canberra: $685,000 apartments, $1.6 million saving.
• Homebush, Sydney: $677,000 apartments, $1.6 million saving.
• Hamilton, Brisbane: $717,000 apartments, $1.5 million saving.
• Toorak Gardens, Adelaide: $717,000 apartments, $1.1 million saving.
• Larrakeyah, Darwin: $650,000 apartments, $500,000 saving.

“Each location offers world-class schools, excellent transport links, and the kind of lifestyle amenities that typically require multi-million-dollar budgets,” Ms Conisbee said.

For first-home buyers, this strategy not only provides entry into premium areas but also positions them for potential long-term capital growth. Apartments in these suburbs often outperform houses in less desirable locations, potentially making them a smart investment choice.

Contact us if you’d like to discuss how you can secure your first home in a prestigious postcode without breaking the bank.