First home buyer incentives and investor return fuels Sydney market frenzy.
Sydney’s spring property market has been delivering robust competition, with up to 150 key enquiries per listing in some suburbs, according to PropTrack.
While demand is particularly strong in more affordable locations – such as Werrington and St Marys, which are seeing 150 and 144 serious buyers per listing respectively – premium suburbs like Rose Bay, Coogee and Bellevue Hill are also seeing intense interest.
Ray White chief economist Nerida Conisbee said that low stock and rising demand were making conditions highly favourable for Sydney property sellers, and that the “enormous amount” of first home buyer incentives were contributing to this environment.
“The market [that’s] the hottest at the moment is anything that fits within the limits of the 5% deposit scheme”.
At the same time, PropTrack reports that investors have started returning to the market, which is likely to result in stronger price increases at the bottom end.
