Suburbs with best home deals follow path of Western Sydney transport links
Home seekers will get the fast track to a better price in new housing estates spread along the path of Western Sydney’s major transport links.
These were the city pockets with the largest choice of housing available and the least competition from rival home seekers, giving buyers plenty of room to negotiate prices down, new research revealed.
The areas included a string of suburbs spread around the western stretches of the M4 motorway starting from Oxley Park in the Mt Druitt area through to Werrington, Kingswood and Penrith.
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All were areas with an abundance of new housing estates, unusually high rates of discounting from sellers and median prices below the Sydney average.
LocationScore head of research Jeremy Sheppard said house hunters in these suburbs could take their time and negotiate hard with agents because properties took longer to sell.
There was also evidence of few buyer inquiries at open for inspections, which meant buyers could often submit offers on properties without having to counter rival bids from other home seekers, Mr Sheppard said.
There was a similar situation in suburbs near proposed rail infrastructure connecting the west with Badgerys Creek airport and the Central Coast such as Marsden Park and Jordan Springs.
Marsden Park had a particularly significant glut of new housing, with more than 12 per cent of all housing in the area currently up for sale.
There were also good apartment deals in the Hills suburb Kellyville, where developers oversupplied the area with units in anticipation of the opening of the new Sydney Metro Northwest rail link earlier this year.
“If you’re not buying for investment purposes and purely want to find a place to live without worrying about capital growth, the bigger supply of housing will make it easier to get into the market,” Mr Sheppard said.
The hardest Sydney markets to currently get into were in the northern beaches, lower north shore and eastern suburbs, he added.
House hunters in these areas had a dwindling choice of available housing and faced the stiffest competition for sales.
Competition in these areas was fuelling a recent uptick in Greater Sydney’s median property price.
Preliminary CoreLogic data showed the city median inched up 0.5 per cent over August — the third consecutive month of growth following nearly two years of price falls. The median grew 0.1 per cent in June and 0.2 per cent in July.
Realestate.com.au chief economist Nerida Conisbee said buyers often sought out properties in premium eastern locations at the start of market recoveries, with growth in prices later spreading to cheaper western areas.
This would give home seekers in the west a window of opportunity to get a good deal while prices were still down, she said.