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

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.

Guardian AU· This weekBusiness

Economy set to worsen, with higher unemployment and weaker growth on the way, Jim Chalmers reveals

Treasurer Jim Chalmers has signalled that the December midyear budget update will forecast weaker growth and higher unemployment. Economists warn of a difficult six months ahead. Unemployment reached 4.7% in September, its highest in nearly five years. Chalmers says higher interest rates and inflation are likely to soften growth. Economists also expect the full effect of four rate rises to still be felt, with a further rise possible.

realestate.com.au· A while agoBusiness

Geelong property projections reveal the 33 suburbs to hit $1m by 2036

New modelling from PropTrack projects that 33 suburbs across the Geelong region could have median house prices of $1 million or more by 2036. The analysis applies recent five and 10-year market performance to future periods, projecting growth across both affordable areas and family suburbs. Realestate.com.au economist Angus Moore said strong population growth and Geelong's commutable position to Melbourne are driving price growth. Buyers advocate Tony Slack said a shortage of new housing supply is keeping demand ahead of supply and maintaining prices.

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#Housing PricesTopic

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

Economy set to worsen, with higher unemployment and weaker growth on the way, Jim Chalmers reveals

Geelong property projections reveal the 33 suburbs to hit $1m by 2036

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#Housing PricesTopic

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

Economy set to worsen, with higher unemployment and weaker growth on the way, Jim Chalmers reveals

Geelong property projections reveal the 33 suburbs to hit $1m by 2036