NSW property sales are up this quarter as the average first-home buyer increasingly heads to Western Sydney for apartments, according to new Infotrack data.
The data showed the overall volume of sales transactions in NSW increased by 7 per cent over the three months between April and June, with Dubbo leading the market for buyer inquiries.
InfoTrack chief operating officer Lee Bailie said buyers appear to be heading towards suburbs with strong services, where affordability doesn’t compromise liveability.
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InfoTrack Q2 data shows the average first homebuyer is heading for a Western Sydney apartment. Picture: Supplied, InfoTrack.
“Dubbo’s move into the top position highlights the strength of regional markets and the appeal of locations that offer buyers more than just affordability,” Mr Bailie said.
“The city’s diverse economy, spanning healthcare, education, agriculture, mining and renewable energy, is supporting long-term demand,” he said.
First-home buyers tended to buy closer to Sydney with seven of the top 10 suburbs being in the western suburbs.
InfoTrack data showed Parramatta was the top hotspot for first-home buyers but Fairfield emerged as a new second place following a 130 per cent increase in sales compared to earlier this year.
“First-home buyers are making very deliberate choices about where they enter the market, and affordability is clearly shaping demand,” Mr Bailie said.
First home buyers are being money conscious while trying to find suburbs with good infrastructure. Picture: NCA NewsWire / David Swift
“Western Sydney continues to stand out because it offers a combination of relative value, infrastructure investment and access to housing options that suit first-home buyers,” he said.
“With borrowing capacity impacted by interest rate rises, suburbs like Fairfield are becoming increasingly attractive.
“Affordable price points combined with significant local investment, including a $630 million hospital redevelopment and a new $50 million mega venue, are boosting (Fairfield’s) appeal among first-home buyers,” he said.
Houses made up the majority of property purchases but three in four first home buyers opted for townhouses and apartments. Picture: Supplied, InfoTrack.
Strata properties accounted for 26.3 per cent of all purchases across the market as a whole, but a whopping 76.7 per cent of first-home buyer purchases.
InfoTrack attributed Ryde’s jump to the fourth most popular suburb for first-time buyers to its “ongoing apartment construction boom” where medium and high-density developments were replacing older homes.
“The data shows a market adapting to changing conditions, with first-home buyers gravitating towards locations that offer affordability, infrastructure and long-term value,” Mr Bailie said.
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