property
First-Time Buyers Master Moorabbin's Competitive Market With Proven Deposit Strategies
First home buyers in Moorabbin are facing stiff competition, but with the right strategies, they can save for a deposit and get into the market sooner.
How we reported this
The median house price in Moorabbin has risen to $1.2 million, making it harder for first home buyers to save for a deposit.
This matters now because the current market is highly competitive, with many buyers vying for a limited number of properties. As a result, first home buyers need to be strategic about saving for a deposit if they want to get into the market. The Victorian government's First Home Owner Grant and the federal government's First Home Super Saver Scheme are just a couple of initiatives that can help.
In Moorabbin, first home buyers can take advantage of local resources such as the Moorabbin Real Estate Agents Association and the Kingston Council's housing affordability programs. For example, the council's website provides information on affordable housing options, including apartments in the Southland Shopping Centre precinct and townhouses in the Moorabbin Heights area. Additionally, organisations like the Bentleigh East-based financial advisory firm, Wealthwise, offer guidance on saving for a deposit and navigating the home buying process.
According to data from the Real Estate Institute of Victoria, the average time it takes for a first home buyer to save for a deposit in Moorabbin is around 4-5 years. However, with the right strategies, this timeframe can be significantly reduced. For instance, if a buyer saves $500 per month, they can accumulate $30,000 in 5 years, which is enough for a 10% deposit on a $300,000 apartment in the Nepean Highway area. As of June 2026, the median apartment price in Moorabbin is $620,000, so saving for a deposit requires discipline and patience.
Saving Strategies for First Home Buyers
To save for a deposit faster, first home buyers in Moorabbin can consider sharing a house with friends or family to reduce living expenses, using tax-advantaged savings vehicles like the First Home Super Saver Scheme, and taking advantage of government grants and concessions. They can also explore affordable housing options in surrounding suburbs like Bentleigh, Ormond, and McKinnon. By being proactive and informed, first home buyers can increase their chances of saving for a deposit and achieving their dream of owning a home in Moorabbin.
In practical terms, first home buyers can start by setting a realistic savings goal and creating a budget that accounts for all their expenses. They can then explore different savings options, such as high-interest savings accounts or term deposits, and consider seeking advice from a financial advisor. With persistence and the right guidance, first home buyers in Moorabbin can save for a deposit and join the ranks of homeowners in this vibrant and dynamic community.
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.