The hot Sydney suburbs where homes sell in weeks

Properties are selling in a matter of days in Sydney’s most in-demand pockets, while listings in other suburbs can languish on the market for almost a third of a year.

PropTrack figures have laid bare the impact of multiple rate hikes and government incentives, with competition in cheaper areas remaining elevated, while buyer competition at the higher end of the market appears to be grinding to a halt.

Affordable properties in Greater Sydney’s outer regions, including The Central Coast and Sutherland Shire, largely recorded the fastest selling times.

On average, homes in Greater Sydney spend 34 days on the market, while units last 32 days.

Units in Engadine sell in just over half this time, selling after a median 17 days on market.

Units in Sutherland Shire are selling fast. Picture: Toby Zerna

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Apartments in Sutherland Shire’s Menai and Jennali sold in a median 20 days, while units in nearby Heathcote sold in 22.

In the market for homes, Ashcroft, Warrimoo and South Penrith properties spent just 22 days on the market, while Werrington County homes sold a day faster.

At the other end of the market, listings tended to linger in areas like Baulkham Hills, Hawkesbury and Sydney City.

Homes in Pitt Town spent a median 117 days on the market, and nearby Oakville (93), Kenthurst (78) and Glenorie (75) were among the other suburbs in cooldown.

Units in Sydney and Haymarket lasted over 70 days on the market on average.

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This home on Dumbarton Pl, Engadine, sold on April 14 for $1.54m after two weeks on the market.

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PropTrack economist Angus Moore said while it was still early days, the evidence suggests that the First Home Buyer scheme was having an effect on demand.

“In NSW, the number of first home buyers in the December quarter was up 20 per cent compared to a year earlier,” he said.

“While we can’t pin all of that on the five per cent deposit scheme, it has likely played a role.”

Mr Moore said NSW was not alone, with every state having seen an increase in first-home buyer activity compared to a year ago, though the jump has been larger in NSW than in other states.

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PropTrack economist Angus Moore

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McGrath Engadine sales agent Rhys Christofa said the suburb had experienced “a huge influx” of out of area buyers over the past year.

“You’ve got a lot of first-home owners buying and a lot of investors are looking to buy in this area,” he said.

”We’re getting some really good new developments happening in the town, and primarily that first-home owner bracket are snapping up units very quickly.”

Mr Christofa said one unit listing had very recently sold in just two weeks.

Paul Hills of The Agency Central Coast said it was a similar story in the north, with more families willing to take up the commute to the area.

“Somewhere like Ourimbah, that’s so close to the train station, it’s got a main line railway, so that’s really handy,” he said.

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This property on The Entrance Rd, Bateau Bay, sold on April 13 for $1.055m after just one week on the market

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Mr Hills said “it could well be because of the cost of fuel” that more buyers were showing interest in The Central Coast.

He added that any property around the $1m mark was “extremely buoyant”.

“We just had a place that was literally on the market for a week,” he noted.

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SYDNEY’S HOTTEST MARKETS

Source: PropTrack

SYDNEY’S COLDEST MARKETS

Source: PropTrack

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