Western Sydney first home buyer market sees a bounce back: HTW residential
Traditional drivers of the western Sydney property market include interest rates, the availability of credit, affordability, employment and infrastructure spending, according to the latest Herron Todd White (HTW) residential report.
The current COVID-19 epidemic is going to have a negative impact on key drivers, so it will be interesting to see what impact this may have on the property market in the short to medium term, the valuation firm said.
The report notes that first home buyer market has seen a bounce back in recent months with many local agents noting an increase in buyer activity. This can be attributed to continued low interest rates and some confidence returning to the market after a period of decline.
"St Clair is a suburb within the Penrith LGA and is well positioned within the first home buyer’s price range," the valuation firm said.
With a $662,000 current median dwelling price (source: CoreLogic), this suburb offers buyers detached brick dwellings on slightly larger parcels of land compared to their more easterly neighbouring subdivisions.
A St Clair dwelling at 8 Ontario Avenue (pictured above) recently sold for $642,000 and comprised four bedrooms, one bathroom and a single garage on 568 square metres of land.
"Upgraders rely on the strength of the first home buyer and entry level market to allow them to secure the right price in order to upgrade," the valuation firm said.
Traditional areas for upgraders have been new estates with low maintenance blocks such as in Box Hill in the north-west and Leppington in the south- west.
These new estates allow local upgraders the opportunity to buy a larger modern house with quality inclusions, the report noted.
A recent sale at Box Hill achieved a price of $1.01 million.
The four-bedroom, two- bathroom home is situated at 47 Longerenong Avenue (pictured above) on a low maintenance 375 square metre block.
Note regarding COVID-19