Record-low listings, surging demand, and rising prices have turned Western Sydney into one of Australia’s most fiercely contested property markets, forcing buyers to fight for every available home – even during the current global economic uncertainty.
In some suburbs, thousands of buyers are interested in just a few dozen listings.
While Greater Sydney’s dwelling values have risen 5.8 per cent over the past year, Western Sydney recorded even stronger growth as affordability pressures pushed more buyers away from the inner suburbs.
Penrith and the greater Western Sydney area has emerged as one of the most competitive property markets in the country. Picture: Sam Ruttyn
Relative affordability combined with price growth has attracted the interest of both first-home buyers and investors, underpinning demand in the area.
Wes and Janet Dent experienced the unforgiving market in the West first-hand when searching for their first home back in 2021.
“As first‑home buyers, we felt completely overwhelmed and intimidated by the market,” Mr Dent said.
“Every open home we attended saw prices blow out anywhere from $50,000 to $150,000 above the listing price.”
After months of disappointment, their breakthrough came via a private listing in Glenmore Park.
The property has since grown to nearly 50 per cent equity, a result Mr Dent described as “one of the best decisions” the couple had ever made.
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Five-bedroom 8 Wisteria Cl, Glenmore Park, recently sold for $1.44m on April 13.
Five years on, the Dents are experiencing Western Sydney’s market from a new perspective – as investors.
Now focused on building a property portfolio, Mr Dent said he was looking to target properties in the Western corridor of Penrith, Glenmore Park and Jamisontown.
“Good properties don’t last,” he said.
“Strong listings often receive multiple offers within days and some are sold before or immediately after the first open home.”
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Wes and Janet Dent. Picture: Supplied
In Glenmore Park, PropTrack data shows that a staggering 4,321 buyers have been interested in just 74 houses available in the past month.
With 58.4 interested buyers per listing, homes in the suburb last a median of just 24 days on the market.
Homes sell a day faster on average in Jamisontown, where just seven houses have been listed in the past month.
In Penrith, 2200 buyers have registered their interest in just 28 houses that have been listed in the last month.
With a median price of $1.1m, Penrith homes last a median 31 days on the market.
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130 Coreen Ave, Penrith, sold for $1.39m in March.
PropApp co-founder Joel Wermut said Western Sydney’s competitive market is being driven by rapid population growth, scarce stock and heightened demand from first-home buyers, migrants and investors.
“Stock levels in parts of Western Sydney are so tight that even some experienced buyers’ agents are struggling to secure properties,” he said.
According to Mr Wermut, the region continues to absorb the largest share of Sydney’s population growth.
“When you combine rapid population growth with record-low listings, you get a market where hesitation costs buyers their chance,” he said.
PropApp co-founder Zac Burd said Western Sydney was now one of the toughest markets in the country for buyers.
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