property
Suburbs where first home buyers are winning at auction
First-time purchasers captured 38 percent of sales in three Mentone pockets last quarter amid new state grants.
How we reported this
First home buyers won 12 of the 31 auctions held in Mentone’s south-west pockets between April and June this year.
The pattern emerged after the Mentone Housing Assistance Office rolled out its $15,000 deposit boost on 1 March, coinciding with a 4.2 percent drop in median auction clearance rates across the wider city. Rising interest rates and fresh federal tax offsets have pushed more young couples to target established stock rather than new builds.
Streets recording the clearest results
Buyers under 35 secured four of the six homes that sold under the hammer in the 200-metre stretch of Wells Road between Station Street and the rail line. Two three-bedroom weatherboard houses at 47 and 51 Wells Road fetched $785,000 and $802,000 respectively, each settling 6 percent below their March reserves. Further east, four of the seven lots offered on Balcombe Road near Mentone Beach Reserve also went to first-home contracts, with the lowest price at 112 Balcombe Road reaching $739,000 on 14 June.
The Mentone Ratepayers Association recorded the data after reviewing 87 settlement notices lodged with the local titles office. Its figures show first-home participation at 41 percent along those two corridors, compared with 19 percent city-wide.
Grants and next steps for buyers
Eligible purchasers can still claim the $15,000 boost if contracts are signed before 30 September, provided they have not owned property in the past five years. The Mentone Community Bank branch on Nepean Highway processes applications within five working days when buyers supply a pre-approval letter and proof of income dated after 1 January. Agents at the Mentone Auction Centre on Como Parade advise registering for the next three scheduled sales on 21 July, where four lots carry reserves under $820,000. Prospective bidders should attend the 10 July open homes at 28 Station Street and 9 Latrobe Court to inspect properties that last changed hands in 2019.
This article is general information only and is not personal financial or investment advice. Consider your own circumstances and seek licensed professional advice before making financial decisions.