Sydney’s most competitive suburbs revealed

Buyers are having to fend off an average of 150 competitors to snap up a home in some Sydney suburbs, according to new data from PropTrack.

The data revealed the top suburbs by the average number of key inquiries for a property.

Two neighbouring Western suburbs topped the list, with Werrington averaging 150 key inquiries per listing and St Marys averaging 144.

Ray White United Group principal Peter Diamantidis has been selling properties in the St Marys area for over two decades.

He said interest had been “ramping up” in the area over the last few months, with new infrastructure adding to the appeal for buyers.

“You’re not just working directly with homeowners, you’re also working with developers and investors, so there’s inquiries coming in from different categories,” he said.

“Investors are buying into the area because of the new metro which is under construction and will be the main interchange to the upcoming airport.

“But then you’ve also got your first home buyers.”

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Mr Diamantidis said such demand, combined with low supply, has driven price growth in the area.

“In the last three months we’re seeing now it’s becoming very rare if we sell a property under $1m,” he said.

“Compared to 12 months ago, you could probably pick up something for $700,000-800,000.

“23 years ago, I was selling houses for $160,000, or even less.”

The massive levels of inquiries have also made for highly competitive auctions.

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Mr Diamantidis said auctions in St Marys were averaging between 10-15 registered bidders.

“The last one we did had 22 and ended up selling over $500,000 over reserve,” he said.

In late July, a Canberra St property held by the same St Marys family for 76 years sold for $3.515m, $515,000 above reserve.

The winning bidder was an investor and developer who is understood to be planning townhouses for the site.

PropTrack’s data also showed strong inquiries for eastern suburbs properties, with Rose Bay, Coogee and Bronte all cracking the top ten.

TOP SYDNEY SUBURBS BY KEY INQUIRIES PER LISTING

Source: PropTrack.

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