Melbourne to Queensland exodus 'starting to see reversal' amid housing unaffordability
Some first-home buyers in South-East Queensland are relocating to Melbourne due to worsening housing affordability, despite the introduction of the 5% Deposit Scheme. The scheme's price caps have failed to keep pace with rapidly rising property values in SEQ, making it difficult for single-income earners to purchase homes. Melbourne's lower median dwelling prices have made it a more viable option for those priced out of Queensland's market.
- ▪The 5% Deposit Scheme increased property price caps but has not improved affordability in South-East Queensland due to rapid price growth.
- ▪Only 13% of properties purchased under the scheme from October to February were in South-East Queensland, despite its growing population.
- ▪Melbourne's median dwelling value of $830,000 gives it a significant affordability advantage over South-East Queensland.
- ▪Property prices for homes within the scheme's price caps rose nearly twice as fast as those above the caps in the six months following the scheme's expansion.
- ▪First-home buyers in SEQ face intense competition from investors and shrinking housing supply, limiting their ability to enter the market.
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| Original publisher | ABC News (Australia) |
| Canonical URL | https://www.abc.net.au/news/2026-04-29/gc-homebuyers-relocate-melbourne-5-pc-deposit-scheme-helps-few/106492412 |
| Publication time | Tue, 28 Apr 2026 19:42:22 +0000 |
| Retrieval time | 2026-04-28T19:59:39.769Z |
| Last seen | 2026-04-28T19:59:39.769Z |
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SEQ first-home buyers turn to Melbourne as 5% Deposit Scheme provides limited opportunityHBy Heloise VyasABC Gold CoastTopic:Housing PolicyWed 29 Apr 2026 at 5:42amWed 29 Apr 2026 at 5:42amWed 29 Apr 2026 at 5:42amSiddharth Nagar says getting on the property ladder in South-East Queensland has become unfeasible for single income earners. (ABC News: Glenn Mullane)abc.net.au/news/gc-homebuyers-relocate-melbourne-5-pc-deposit-scheme-helps-few/106492412Link copiedShareShare articleWith a full-time job as a civil engineer, Siddharth Nagar believed he was financially on track to becoming a home owner.But six months on and dozens of auctions later, the 32-year-old Gold Coast man said it was an impossible prospect on a single salary."You either have to do two jobs or you need a partner with a…
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