Homes in parts of Sydney are being snapped up mere days after coming up for sale as a dry spring selling season turns the screws on home seekers.
PropTrack figures revealed units in outer Sydney have been selling particularly quickly, with properties in some pockets changing hands in as little as 10 days.
This is a marked change from the long-term norm, where an average Sydney home would usually sell about two months after listing.
Campbelltown agent Evdon Brentham of Richardson and Wrench said the speedy sales pointed to a market where pressure on buyers was mounting.
“There’s low stock on the market, so it’s all about supply and demand,” he said. “It really is just that supply and demand, that affordability and the value for money that you can get out this way.”
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Selling a home previously would take on average, two months. Picture: AAP/Matthew Vasilescu.
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PropTrack data showed homes in suburbs out west including Linden, Cambridge Gardens and Werrington County were spending a median 10-12 days on market, unprecedented numbers.
Properties in South Penrith over the last 12 months have also sold quickly, spending a median time of only 13 days on market before sale.
By contrast, units across Greater Sydney typically took about 45 days to sell while houses would take about 42 days.
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Some suburbs in Western and Southwestern Sydney are experiencing rapid selling rates.
Some auctions are being called off because of generous pre-auction offers.
Penrith’s Property Central agent Paul Wallace said fast sales had followed infrastructure improvements in the area.
“The reason for that is your close proximity to the M4 and a new opening to get onto the M4 these days,” Mr Wallace said.
“Infrastructure continues to improve around Penrith, where you’ve got hospital upgrades, airports coming. It’s been so much going on in the last 10 years and their proposal for so much to happen in the future that these areas offer a lot more liveability these days than it ever did.”
Properties in Linden, Cambridge Gardens and Werrington Country are among the fastest selling.
The PropTrack data suggests how fast demand is outweighing supply.
The data suggests demand is seriously beginning to exceed supply to the point where local buyers are aware they have to be quick when properties are up for sale or face missing out.
With many areas in the west and southwest among the cheapest in Sydney, demand at this bottom end of the market has strengthened so much, there is now a fight from buyers to snatch up the best deals quickly.
“Location ticks all the boxes. Major hubs, you have got CBDs, hospitals. People want to be close to the new airport now and all the work opportunities are coming up,” added Synergy Realtor’s Tony Haidar.
Real estate agent Paul Wallace said improving infrastructure was making the Penrith area more appealing for buyers.
“For a seller it’s a good opportunity because there’s not many properties on the market. If you’re wanting a top dollar for your property, this is the time now,” Mr Haidar said.
The Penrith real estate agents advice for buyers worried about missing out on their dream property was simple: “Be pre-approved, ready to go,” he said.
“A lot of (buyers) come in and they’re still waiting for (loan) approvals, and don’t know how much they can borrow. That’s the biggest mistake they make. They might walk in and inspect the property and they like it, and they’re still waiting.
“Not only that, they might not be able to afford it. A lot of people, they have budgets of a million dollars where the property is $1.2 million. Getting ready, being ready is key for buyers.”
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