Real Estate

first homebuyers target the west

Written by The ReReport

RESURGENT first home buyers are targeting Sydney”™s outer ring suburbs, with Kingswood in the Penrith region revealed as the most popular location for first-timers to buy. The exclusive data from St George revealed seven of the top 10 suburbs where first home buyers had purchased in the past year to October are in western Sydney, with St Marys, Liverpool, Penrith, Campbelltown, Toongabbie and Wentworthville all included.Kellyville in the Hills Shire, Mount Colah in the Hornsby region and Bucketty in the Hunter Region made up the rest of the list.media_cameraNo. 12 Glebe Place in Kingswood is on the market with a price guide of $559,000 to $599,000 and is sure to be popular with first-time buyers.St George Bank general manager Ross Miller said a resurgence in first home buyers had seen the outer ring of Sydney and lower priced end of the market perform strongly over the past quarter.RELATED: Where to nab a home for under $500kThis Sydney area is topping buyer hot lists“Affordability in these areas seems to be renewing first homebuyer confidence, and we are seeing an increase in demand,” he said.“We are also seeing that first home buyers are not opposed to a tree-change either, with the Hunter Region making it into the top ten.”Price falls of more than 6 per cent in Sydney over the past year, according CoreLogic’s Hedonic Home Value Index, coupled with stamp duty concessions on properties priced below $650,000 and reductions up to $800,000 have lowered the barriers to entry.media_cameraThis apartment at 1301/6A Atkinson St in Liverpool sold for $550,000, below the stamp duty cut-off.Over $9 million in grants and exemptions were handed out in the Liverpool postcode, data from revealed, the most in any Sydney chief economist Nerida Conisbee said it was clear first home buyers were sticking to areas they could receive incentives, as they almost had the market to themselves.“When you look at first homebuyer housing approvals they are at their highest level in almost a decade,” she said.How to bid at auction for your dream home?
How to bid at auction for your dream home?“Investors have pulled out so when they go to buy there is far less competition. At that price point first home buyers tend to be the most active.”Demand in regional areas has also spiked, Ms Conisbee added, with pockets of NSW doing well off the back of first homebuyer activity.“For people that don’t need to be in central Sydney these regions offer great lifestyle benefits and pretty affordable housing,” she said.Stewart Cowan and Riani Simpson recently purchased their first home in the Liverpool region, taking advantage of the market to move into an area that was previously unaffordable.media_cameraFirst home buyers are finding success in the market. Pic Sam Ruttyn“We went to a lot of open homes and the properties which were freshly renovated and modernised were never on the market for very long,” Mr Cowan said.“We took the opportunity to purchase a home in an area we did not think we could afford to purchase in a year ago. That alone would suggest that the market has tipped favourably into the realm of the first homebuyer.”MORE: Razor blade killing comes back to haunt homeWhy buyers are turning to brokersWith a budget around $650,000, the pair were competing against other first home buyers but felt the savings on stamp duty gave them an advantage over investors.“This competitive edge has given some power to the first homebuyer, who are essentially starting the race to buy their first home in pole position,” Mr Cowan said.media_cameraThe pair bought in the Liverpool region. Picture: Jonathan Ng.Glen Craigie of McGrath-Liverpool said a high percentage of purchases in the south west were from first-time buyers, especially over the past six months.“All signs point to now being a good time to buy,” he said. “There are some attractive options and prices have dropped to a more affordable level.”SIGN UP TO THE NSW REAL ESTATE NEWSLETTER

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