Record sales, surging demand and buyers eager to get their foot in the door. It’s still the narrative in South West Sydney – and for any prospective sellers wondering if it’s too late to dip their toes in the market, the reality is that it still remains flooded with enough buyer interest to take a carefree plunge.
The middle of June saw nearly a sale a day at Prudential Real Estate Campbelltown, with interest for properties at an all-time high, but agents struggling to get enough listings out quick enough to meet the demand.
“We’re seeing an impressive number of properties selling off-market, or immediately after they’ve just been listed,” says Alex Jahshan, Sales Consultant at Prudential Real Estate Campbelltown.
“One of our listings in Rosemeadow sold this month mid-week without any days on market, and we managed to achieve $50,000 above the owner’s expectations.
“A similar case in Ruse, where we listed a property on Friday morning and had it under contract by Saturday afternoon.”
It’s unprecedented buyer interest that is seeing the Sydney property bubble remain stronger than previous decades in contrast to the dim predictions of banks and economists last year.
But is the demand equal for all dwellings in the local area – and are buyers all looking for the same type of property?
The answer can be deduced from taking a look at Sydney’s apartment market, which has been tipped to soften due to new off-the-plans creating an oversupply in units. April data from realestate.com.au revealed that homes for the greater Liverpool local government area rose 29% in the previous six months, though the bulk of this demand was for houses and land.
But while oversupply of apartments may be resulting in reduced demand for them in some areas, it’s certainly not the case for all.
Campbelltown and some neighbouring suburbs are still seeing apartments perform consistently high for sales in the current climate; a listing at Parkside Crescent sold for the full asking price and above the vendor’s expectations in June, and buyers are still requesting apartment listings.
Of course, a large number of home buyers are seeking out larger backyards, land and family suitability, but there will always be a need for the affordability and low maintenance lifestyle that the apartment market offers.
So for buyers and investors wondering whether a house or apartment would be the better investment, if it’s to sell down the track, the best advice is to speak to an agent and identify which type of property appeals to the widest range of people, which neighbourhoods are becoming increasingly attractive to live in for capital growth and which ones offer a desirable lifestyle.
As for sellers – while homebuyer activity remains amidst the highest in a generation, to secure the best dollar at your home may just be to sell right now.
Prudential Real Estate Campbelltown | (02) 4628 0033 | campbelltown@prudential.com.au
Prudential Real Estate Liverpool | (02) 9822 5999 | liverpool@prudential.com.au
Prudential Real Estate Macquarie Fields | (02) 9605 5333 | macquariefields@prudential.com.au
Prudential Real Estate Narellan | (02) 4624 4400 | narellan@prudential.com.au
