18 Melbourne suburbs outrun Albanese’s $950k first-home cap

Prime Minister Anthony Albanese’s expanded first-home buyer scheme lifted Melbourne’s price cap by $150,000, but 18 suburbs have already moved beyond the new limit. Picture: NewsWire / Martin Ollman. Almost 20 Melbourne suburbs have moved beyond reach of first-home buyers since the Albanese government’s 5 per cent deposit scheme was expanded a year ago. New REA Group figures reveal that typical homes in the 18 suburbs were within the $950,000 price cap for the scheme, designed to help first-home buyers get on the property ladder with a smaller deposit and avoid being stung with lenders mortgage insurance. The government lifted the ceiling for the scheme by $150,000 in Melbourne and Geelong last October, but the new median price data shows market increases have put typical homes in those suburbs beyond reach again. RELATED: Global beer boss’ Vic home seeks $3.2m deal ‘Poor’: Huge Albo snub after 44pc crash ‘Horrible’: Block legend calls out ugly backlash For homebuyers hoping a unit might be a cheaper way into the market, Templestowe has delivered a $171,500 reality check, with the suburb’s median unit price jumping to $981,500 – $31,500 beyond the scheme’s cap. The cost of a typica...