‘A gem for people’: The Sydney suburbs where homes are selling fastest

Sydney home sellers are offloading properties in as little as two weeks in pockets of the city where buyers are swift to act for the limited number of homes for sale.

The time taken to sell a home has dropped as low as 13 days in Sydney’s outer suburbs, median days on market data from CoreLogic shows, and properties in a string of western suburbs, pockets of the northern beaches, Sutherland Shire and Central Coast typically sold in two to three weeks.

Sydney sellers are finding a buyer for their homes in a median of 31 days. But it takes two weeks or less in some markets.Credit: Peter Rae

Werrington County homes had the quickest median days on market over the year to November, at 13, followed by those in Wattle Grove, Raby, St Andrews and Elderslie at 14 days, as agents report increased demand for affordable suburbs amid rising interest rates – which curb buyer spending power and put pressure on household budgets.

Buyers were also quick to act in suburbs like Oakhurst and Winston Hills, where private treaty sales took a median of 18 days. Allambie Heights, Dee Why, Erina, Engadine and Kellyville Ridge were also among the dozens of suburbs where homes sold within 21 days.

Sydneywide, sellers offloaded properties in a median of 31 days over the December quarter. Properties sold via auction were not included in the analysis.

CoreLogic Australia’s head of research Eliza Owen said days on market declined for the first half of 2023, falling from 42 days last summer to 28 days by August, amid lower volumes of homes for sale and rapidly rising values.

The median ticked upwards from there, Owen said, as more homes were listed for sale and softer market conditions emerged from a higher than expected increase to interest rates and a weaker economic outlook – which prompted some highly indebted homeowners to sell, while also reducing buyer demand.

“[The number of homes for sale] normalised in the second half of the year, which gave buyers more time to negotiate as there was less urgency” she said.

Slowing price growth in Sydney and more listings meant the median was likely to hover around similar levels early this year, Owen said, but noted there was great variation across the city.

“The high-interest rate environment is skewing demand to the relatively more affordable housing markets … and more accessible pockets of higher end regions,” she said.

Ray White Nepean Group director Sid Elias said demand for houses in the area had grown as buyers sought better value. Growth in the region and large infrastructure projects had also been a drawcard.

“We had 13 rate rises, and it’s astonishing that prices went up,” Elias said. “[Homes here have been] very popular, and I think the more rates and prices go up the more it’s going to be a gem for people, because of the affordability mark, but also people are starting to realise how nice it is out here.”

Properties were quick to sell as demand was still outstripping limited supply, Elias said, noting he recently sold a house in Colyton – which had a median of 18 days — to an investor within 12 hours.

It was owner occupiers though who were fuelling the market, particularly upsizers moving further afield for a larger house. The unit market had less demand.

Raine & Horne Dee Why and Collaroy principal Aaron Raco said Allambie Heights was popular with families as it was among a handful of comparatively more affordable suburbs on the northern beaches, and was the closest of those to the city.

“2023 was difficult because of all the rate rises, but days on market were so low in Allambie Heights because stock levels were so low and prices were still strong,” he said.

Meanwhile, higher density Dee Why was becoming more popular with downsizers, adding to demand from younger buyers and investors.

Raco expected to see more homes for sale in the coming months as vendor confidence improved off the back of higher prices and growing expectations for rate cuts.

Quick sale times are welcome news for Karey Payne who is preparing to sell her family’s Allambie Heights house, ahead of a move to New Zealand. They considered renting the home, but decided it was a good time to sell.

Karey and Ray Payne with twins Sam and Josh who are selling their house in Allambie Heights.Credit: Edwina Pickles

“We’re ready to just move and pass it on, it will be great for another family, or someone moving from an apartment like we did,” she said. “Allambie is lovely, the hardest thing will be leaving our neighbours.”

Homes in the area had recently fetched more than they did just a couple of years ago, Payne said, but still offered better value for money than nearby areas.

“It’s amazing [how fast homes are selling],” she said. “I think it must be really frightening for people coming into the market, but I think it’s still one of the areas that’s not as extreme [for prices on the northern beaches] and that is why homes probably still sell quickly,” Payne said.