First homebuyer’s move to Western Sydney
New data has revealed a trend for first home buyers in Sydney, as new areas become popular for the first time ever.
New data has revealed that certain Sydney postcodes are surging in popularity with first home buyers, while a city once prized for its affordability is now out of reach.
Western Sydney remains king when it comes to first home buyers, with only one other region in the top 10 NSW suburbs first homebuyers bought in the last quarter of 2023, according to the latest InfoTrack research.
Encompassing the top three are the neighbouring postcodes of 2145 (Westmead, Wentworthville, Greystanes), 2170 (Liverpool, Casula, Prestons), and 2141 (Lidcombe, Berala, Rookwood).
While areas around Westmead and Liverpool have been in the top 10 for months, the addition of the 2141 postcode surprised researchers.
“The postcode 2141 which encompasses four suburbs – Berala, Lidcombe, Lidcombe North, and Rookwood – has made an impressive entry, coming in third position for its debut in the top 10 list,” Info Track Head of Property Lee Bailie said.
The only suburb not in Sydney’s west to make the list was The Central Coast postcode of 2250, encompassing Gosford, Erina, Mount White, Peats Ridge and Wyoming.
Other relatively new entries include the 2747 and 2760 postcodes, which includes 15 suburbs surrounding the University of Western Sydney, which is no surprise, Mr Bailie said.
“It makes sense we are seeing a younger buying cohort taking up residence in this geographical location, with the university so close and with the recently opened WestConnex tunnel extension of the M4 Motorway,” he said.
It’s also clever long-term planning – purchasing property in proximity to major roads and facilities like a university can be a smart investment for students or city workers seeking accommodation,” he said.
More and more first home buyers are also choosing to purchase apartments over homes, with the share of those buying strata properties rising one per cent each quarter in 2023.
Strata properties now account for 49 per cent of first homebuyer purchases, while houses make up 47 per cent.
First home buyers searching for an affordable house won’t be able to rely on Brisbane anymore, the data has also revealed.
Not a single Brisbane suburb was listed on the most popular list for Queensland house sales for the entirety of 2023, indicating that the city is out of reach for many first home buyers, Mr Bailie said.
“Houses are the most popular property type in Queensland, but the reality is, buying a house in Brisbane is expensive, with the median price now well over $700,000,” he said.
“This has led to more and more people purchasing in regional areas.”
The Townville suburb of Kirwan had the highest volume of house sales in the fourth quarter of 2023, followed by Caboolture, an urban centre 44km north of Brisbane.
It’s a different story when it comes to apartment living, with Brisbane suburbs making up half of the unit sales in 2023.
While the Gold Coast’s Surfers Paradise took out the top spot for unit sales, it was followed by South Brisbane, Brisbane City, Newstead, West End and Fortitude Valley, all around the River City’s CBD.
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