More than 1000 Victorians aged in their 60s bought their first home in the past financial year.
Victoria’s first-home buyers are proving it pays to never say never, with a growing proportion making their move onto the property ladder after they turn 40.
But experts are worried it’s a “concerning” shift that will have people still paying off mortgages in their 70s amid a worsening housing affordability crisis.
Latest State Revenue Office data shows that in the past financial year there were 60,160 first-home buyers who used the state’s stamp duty concession scheme.
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Of these, more than 11,500 (19 per cent) were aged 40 and up, including more than 2300 in their 50s and a surprising 998 in their 60s.
And the share of buyers making a move later in life has risen from 15 per cent in the 2022 financial year.
By contrast, younger first-home buyer numbers are dropping away. There were fewer than 7500 aged under 25 in the latest stats, compared to just under 10,000 three years ago.
PropTrack senior economist Anne Flaherty says the change in first-home buyer ages was “concerning” as a symptom of the state’s housing affordability crisis.
PropTrack senior economist Anne Flaherty said the rising age of first-home buyers in Victoria was a “clear trend” and that alongside this the share of Australians renting later in life was also growing.
“This is quite a significant change over just a three-year period — it’s pretty concerning,” Ms Flaherty said.
“It’s a symptom of the declining affordability we are seeing.”
The economist said while a rising age for first-home buyers meant many could be paying off mortgages into their 70s, owning your own home put you in a far better position for retirement in Australia and was worth pursuing.
How Old Are Victoria’s First-Home Buyers
Under 20 — 431
20-24 — 6,959
25-29 — 16,494
30-34 — 14,955
35-39 — 9,790
40-44 — 5,402
45-49 — 2,777
50-54 — 1,540
55-59 — 814
60+ — 998
Source: State Revenue Office, 2025 financial year stamp duty concession applications data
“For a lot of people, it’s still the best move; as often when you are getting to the end of the mortgage the repayments will be less than rent and you will have security of tenure,” she said.
“While sometimes you might not be able to afford the home you imagined … the sentiment that you will never buy does a lot of harm. And while these stats are concerning, it does show you still can get into the market.”
Melbourne home prices have not risen as fast as other major Australian capitals, potentially helping some first-home buyers break into the market later in life.
Ms Flaherty added that with Victorian housing relatively weak for the past few years, it was also possible some older first-home buyers had been “priced back into the market”.
“With one in five aged over 40, it’s showing it’s still a difficult journey — it’s just the challenge is lower than in other capitals,” she said.
Unfortunately, with new housing construction volume insufficient to stall house price growth longer term, and insurance rates firmly into a rising cycle again, Ms Flaherty said it was “inevitable” the age of first-home buyers would continue to rise.
“The 5 per cent deposit scheme could have an impact on getting people into the market sooner, but that won’t be around forever,” she said.
LP Advisory buyer’s agent Alana Prideaux said the firm had encountered migrant families making their first Aussie home purchase in their 50s and 60s — though most were buying above the $750,000 cap of the first-home buyer stamp duty concession.
54 Church St, Werribee, sold to first-home buyers for $1.255m in April, 2025.
And they are seeing a growing share of their first-home buyers making a move on the market aged 35-40, with those under 25 are now only approaching them every few years.
“And I can’t imagine the trajectory changing. There are schemes to help, but with the cost of living not everyone will be able to use those opportunities,” Ms Prideaux said.
“What we are already seeing will only continue.”
There’s also a chance more of the state’s first-home buyers will be migrating from other states, where home values have more than doubled in the past five years while Melbourne’s have had only limited price growth.
Victoria’s Top First-Home Buyer Postcodes
Hoppers Crossing, Tarneit, Truganina (postcode 3029) – 2072 applicants
Craigieburn, Donnybrook, Mickleham, Roxburgh Park (postcode 3064) – 2041 applicants
Cardinia, Clyde, Clyde North (postcode 3978) – 1127 applicants
Point Cook, Werribee, Werribee South (postcode 3030) – 1043 applicants
Botanic Ridge, Cranbourne, Devon Meadows (postcode 3977) – 872 applicants
Aintree, Deanside, Fraser Rise (postcode 3336) – 812 applicants
Mambourin, Mt Cottrell, Wyndham Vale (postcode 3024) – 711 applicants
Wollert (postcode 3750) – 699 applicants
Cobblebank, Melton South, Eyenesbury, Strathtulloh (postcode 3338) – 638 applicants
Pakenham, Rythdale (postcode 3810) – 627 applicants
Source: State Revenue Office, 2025 financial year stamp duty concession applications data
“In the last six months, the majority of our clients were interstate and they were wanting to relocate to Melbourne — and that’s across first-home buyers and secondary-home buyers,” Ms Prideaux said.
While not captured in the SRO data, the firm is anticipating the expansion of the First Home Guarantee, under which the federal government backs buyers with a deposit of just 5 per cent, will lead to an increase in first-home buyers making a move later in life.
Olivia Cornwell, pictured with her dog Elphie, is among the first-home buyers still making a move earlier in life, and it’s already paid off with her first home listed for sale a year later with a $100,000 higher price tag. Picture: Ian Currie.
Mortgage Choice broker David Thurmond said he was seeing the government’s stats play out with the clients walking through his door, estimating an extra three or five more aged 40 and up were coming in most months.
“And the majority of first-home buyers three years ago would not have had children, but now 20 or 30 per cent would have them,” Mr Thurmond said.
The broker said a key driver was the federal government’s First Home Guarantee, which allowed them to purchase a home with a 5 per cent deposit and no lender’s mortgage insurance costs.
Mr Thurmond said for many older buyers, who now had dependants or had built up costs in their life, this was the difference in getting into the market and not.
Mortgage Choice broker David Thurmond is seeing more buyers aged in their 40s looking for a home loan.
“So I’m not surprised those numbers are being seen, we are seeing the same thing,” he said.
However, while he said he was expecting to see more wannabe homeowners in their 40s in the years ahead, he noted significant increases in the 50-plus category were less likely as at that point most people who bought a first home were doing so with an inheritance.
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