Victoria first-home buyers: Why interstate buyers are moving to Melbourne

Ilana Ascenzo, 19, and sister Olivia, 23, combined their buying power to enter the property market years earlier than many of their peers. Picture: David Crosling First-home buyers are changing states and teaming up with siblings for their shot at the Great Australian Dream after Victoria was named the nation’s most affordable. But while it might be the country’s best bet for market entrants, those getting through the door have revealed it is still taking extraordinary measures. Australian Bureau of Statistics figures show Victoria recorded 9407 first-home buyer loan commitments in the June quarter, the most of any state. RELATED: Victoria’s most iconic restaurants that no longer exist Fast-food giant Wendy’s massive 200-store Aussie expansion revealed RMIT commences $270m student tower to help revive Melbourne CBD However, the number eased 3 per cent from the March quarter, while new Victorian investor loan commitments fell 14.2 per cent over the same period. REA Group last week named Victoria Australia’s most affordable state, but the title came with a major qualification: barely 16 per cent of homes sold in the past year were within reach of a household earning a typical $127,00...