BresicWhitney analysis shows buyers making wider searches across inner Sydney villages

Sydney inner ring buyer searches evolved in 2013, with the BresicWhitney agency noticing their buying search for homes was across more suburbs.

They have studied their 2013 auction bidder registrations records to detect the pattern of change.

insights_chart_jan_22_one

Source: BresicWhitney

Around 80% of buyers took a wider multiple-suburb purchasing journey on their search to secure a home last year.

"In recent years the majority of searches would be limited to just one or two areas," its principals, Ivan Bresic and Shannon Whitney suggested.

They say Sydney’s 'City of Villages’ reputation was taking resonance.

"As these epicentres grow and spread, and as new hubs emerge, it will be interesting to see traditional habits and suburb boundaries blur further," they said.

The top five buyer patterns were:

  1. East / West buyers in Leichhardt, Camperdown, Newtown, Redfern and Surry Hills.

  2. The Darlinghurst, Surry Hills, Redfern search.

  3. From Leichhardt to Drummoyne, Balmain and Rozelle.

  4. Pyrmont, Glebe, Newtown across to Balmain.

  5. Darlinghurst and Paddington buyers stretching to Bondi.

It’s interesting to note the common traits - and differences - that characterise the suburbs within each search which does span council precincts.

From a marketing aspect, the City of Sydney is made up of 10 village groups under the Clover Moore initiative:

CBD and Harbour; Chinatown and CBD; South Crown and Baptist Streets; Glebe Point Road; Green Square and City South; Harris Street; King Street; Macleay Street and Woolloomooloo; Oxford Street; Redfern Street.

"Each is unique and dynamic in its own right with its own set of social, economic and environmental characteristics," the council website suggests.

While the BresicWhitney research credits the wider pattern of buying interest to buyer choice, it would also be realistic to think it was also due to shifting price accessibility. 

news@propertyobserver.com.au

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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