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

Key points

• Typical home prices in 18 Melbourne suburbs have moved above the $950,000 cap for the federal first-home buyer scheme, according to new REA Group figures. The cap was lifted by $150,000 last October, but rising prices have pushed these suburbs beyond it again.
• Templestowe's median unit price now sits $31,500 above the limit.
• Industry figures say the scheme makes larger mortgages easier to access but does not necessarily make housing more affordable, while one builder reports packages starting at about $450,000.