Despite winter typically slowing down for the property market, a number of suburbs across Sydney are heating up with tens of thousands of buyers looking for a new home.
Newly released data collected by PropTrack looked at the most in demand suburbs this winter in the 12 months to the end of May 2023.
The data collected suburbs based on how many people clicked the agent’s number on the listing.
A number of suburbs in the Hills District recorded high engagement rates with over 20,000 buyers looking to purchase properties in Baulkham Hills and Kellyville.
Castle Hill topped the list of suburbs, with 28,973 engagements over the past 12 months.
With a median price of $2.088m, the suburb’s popularity has been driven by high quality local schools and proximity to the upcoming Metro Rail Line.MORE:How new airport flight paths will hit home valuesEpping’s sales bonanza continues‘Blind buy’ gamble to reap fintech guru $15m+
PropTrack economist Anne Flaherty told The Daily Telegraph that Sydney’s had cemented its position as the country’s most expensive capital city over the past year.
“Many of the properties within suburbs on the list like Wahroonga or Mosman offer high quality homes or units that are highly sought after by both local and overseas buyers.”
“What makes this list unique is the rise of first home buyers looking to take advantage of schemes and purchase a property under the $1.5m threshold.
“This is part of the reason behind the high number of enquiries for units in places like Ryde, where buyers are factoring cost-of-living pressures when entering the property market.
Uniland’s Annie Zeng has seen some success in the Hills District, selling a four bedroom home in Baulkham Hills for $2.052m in April this year as well as the sale of 11A Honeymyrtle Road Kellyville in June for $1.5m.
Ms Zeng highlighted newly constructed homes, or well-maintained properties as being highly sought after in these suburbs.
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“A lot of the homes that we sell tend to be more affordable than their counterparts closer to the city. I think the rising popularity of the home-work hybrid structure means that buyers aren’t having to commute to Sydney every day, so buying a property out in Castle Hill isn’t considered as far away as before.”
“Many of the local schools in the Kellyville area have been going up in the state’s rankings, it’s increasingly being seen as convenient for shopping and amenities.
“We’re increasingly seeing local buyers, families, and upsizers looking in the suburb – the property at Honeymyrtle Rd itself saw 50 groups in two days prior to selling.”
Across a number of states, the suburbs seeing the most engagement from buyers are located in scenic areas that combine high levels of liveability with excellent amenities – particularly in Sydney’s North-West and Hills District regions.
The data also looked at suburbs that received a high level of enquiries for units, with suburbs like Ryde, Dee Why, and Epping ranking highly,
Auction rates in June were higher than the lows seen late last year, with auction volumes also staying in line with 2022 levels.
Benson Auctions’ Stu Benson believes that the lack of supply on the market has also driven up enquiries for homes and units across Sydney, being unable to keep up with demand.Mr Benson highlighted properties within a two to three kilometre radius of the Metro Rail Line as being hot property right now, stating “it doesn’t take a genius to follow the rail line and find the market heat.”
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“Overseas investors and buyers returning back home to Sydney has meant that you could have twice the amount of stock available, and it would still not be able to cater to the high level of demand we’re seeing at auctions and inspections.”
“While there have been multiple interest rate rises, many buyers are only thinking about placing a roof over their heads and are subsequently willing to pay higher prices at auction to make this happen.”
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Originally published as Sydney’s most in-demand suburbs this winter
