South-west Sydney’s Appin Grove sells out as buyers chase Aussie dream

A lack of new homes on the Sydney property market is triggering a rush of buyers desperate for the Australian Dream of a backyard and a stand-alone house, with a new development selling out in just three months.

A lack of new homes on the Sydney property market is triggering a rush of buyers desperate for the Australian Dream of a backyard and a stand-alone house, with a new development in southwest Sydney selling out just three months after it was given planning approval.

Developer giant Walker Corporation’s Appin Grove neighbourhood in southwest Sydney has been completely bought up, with all 259 lots snapped up in three months, as homebuyers look to beat a superheated property market which has resulted in Sydney house values growing by 8.3 per cent this year so far.

Walker executive chairman Lang Walker said the rapid sale of the lots showed Sydney families wanted a slice of land to call their own.

“The pace at which Appin Grove sold out is exciting for all young families because it demonstrates the great Australian dream is well and truly alive, and they should be able to believe it’s still achievable to have that great suburban life with a backyard for the kids and the dog to run around in,” he said.

Josh and Stephanie Raish have bought a home off the plans in Appin Grove, Appin, where all 259 lots sold just three months after the developer’s DA was approved. Picture: Julian Andrews

Appin Grove buyers Stephanie and Joshua Raish were among those to snap up properties at the development as they searched for an affordable house.

“We are 35 weeks pregnant so having space to grow and a backyard for our family is really important for us. The new schools and shops planned are a big drawcard too,” Ms Raish said.

“(Finding a home was) very tough. We were looking for a while but we just knew we had to go … in that direction. The pricing was not matching what we were able to spend.

“We’re keen for the area … there’s a lot of development is going on, and it’s closer to the beaches, we’re pretty excited now.”

Managing Director at Urban Land and Housing Group Christopher Lowry said the Australian dream of a backyard and a freestanding house meant affordable homes on Sydney’s outskirts remained attractive to buyers.

“We are seeing a very strong demand for housing across Sydney from young families wanting more space and a backyard in a relaxed suburban setting, without sacrificing amenities,” Mr Lowry said.

The desire for a stand-alone home comes as the median house price in Sydney hits $1,359,936, more than $400,000 above Melbourne and half a million dollars more than Brisbane.

Homebuyers Josh and Stephanie Raish. Picture: Julian Andrews

The value of a Sydney home has also grown by 8.3 per cent this year, outstripping every other state and territory in the country.

The insights, contained in CoreLogic’s latest home value index released earlier this months, was being driven by a shortage of new homes ready for purchase across Sydney, according to CoreLogic’s head of research Tim Lawless.

“It largely comes back to very low supply levels … the reality is, listing numbers in Sydney have been remarkably low,” he said.

“We’re not seeing a lot of land available for sale around Sydney, dwelling approvals have plummeted … there’s not much of a pipeline of supply … There’s just not much available to buy and people are feeling that sense of urgency.”