5 per cent deposit scheme: Melb buyers lose as values plunge

Tens of thousands of Melbourne homes eligible for the Australian government’s 5 Per Cent Deposit Scheme have lost value since October. Picture: Jake Nowakowski. Ill-fated Albanese government efforts to help Melbourne first home buyers have left worrying numbers trapped with homes worth up to $96,000 less than they paid. New analysis shows more than 30,000 properties eligible under the Australian government’s 5 Per Cent Deposit Scheme have had five figures wiped off their value in just 10 months. A report from real estate research platform SuburbData estimates about 85 per cent of those that fit into the parameters have experienced median prices falls of between $7965 and $96,722, between October and August’s end amid wider market pain. RELATED: Victoria first-home buyers: Why interstate buyers are moving to Melbourne Super regret hits millions as first-home buyers face $20,000 deposit shortfalls Victorian first-home buyers forced to repay millions in grants and tax Prime Minister Anthony Albanese’s government raised the scheme’s price cap to $950,000 for Victoria’s capital in October last year and removed caps on the numbers of first-home buyers able to use it – as well as income t...