‘First-home buyer comeback’ set to dominate Vic spring market

Victorian first-home buyers are emerging as a major force this spring.

First-home buyers are set to take over Victoria’s property market this spring as auction numbers surge across the state.

PropTrack is expecting 1080 homes to go under the hammer across the state this week, up 9 per cent from 12 months ago.

And Victoria recorded a 68 per cent clearance rate last week ahead of spring starting on Monday.

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It comes as new research from Resolve Finance shows first-home buyer demand is rebounding as both rents and property prices rise across the nation.

The mortgage broker network surveyed more than 1000 renters as part of its annual Generation Rent report, released this week.

According to the report, 57 per cent of Australian renters are planning to buy their first home or investment property within the next two years, compared to just 42 per cent last year.

Victoria led the pack with 62 per cent of its renters intending to purchase a home within the time frame.

NSW placed second with 56 per cent of renters working towards buying a residence in the next two years, followed by 54 per cent of Queensland renters.

Resolve Finance’s report found the highest proportion of Australian renters planning to step onto the property ladder in the next two years were aged 35 to 49 years old, with 65 per cent in the age bracket wanting to buy within the period.

This three-bedroom house at 16 Roseberry St, Ascot Vale, will be auctioned with a $1.5m-$1.575 asking range on Saturday. More than 30 groups have inspected the home.

Resolve Finance managing director Don Crellin says some younger buyers are purchasing their first home with financial help from their family, while others are using government assistance.

Resolve Finance managing director Don Crellin described this spring as “a genuine first-home buyer comeback”.

“Despite the challenges, more renters are determined to make the leap into homeownership,” Mr Credlin said.

“Not surprisingly, the timing aligns with increasing government support of the Housing Australia schemes, such as the First Home Guarantee scheme, designed to support first-home buyers.”

From October 1, the Home Guarantee scheme will lift price caps and income thresholds for first-home buyers with a 5 per cent deposit.

Eligible buyers will be able secure a Melbourne home priced at $950,000 or less under the program.

About 60 groups including couples, young families and investors have inspected this three-bedroom townhouse at 9 Rollo St, Coburg North, priced at $710,000-$770,000. It will be auctioned at 2pm on Saturday.

8 Mullins Court, Williamstown, will be head under the hammer with a $2.5m-$2.6m price guide on Saturday. More than 30 groups have checked out the four-bedroom house.

Earlier this week, a report from PropTrack and the CBA revealed a Victorian renter couple aged in their late 20s or early 30s, earning a typical $140,000 income, could afford 24 per cent of houses and units sold across the state in the past year.

According to the Australian Bureau of Statistics, Victoria recorded 38,472 new loans to first-home buyers in the past financial year, compared to 36,756 issued in the 2023-24 financial year.

PropTrack data shows Melbourne’s median weekly rent rose from $560 in December 2024 rose to $575 in April 2025.

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