Sydney’s wealthy suburbs top of buyers’ Wish Lists

Journalist, Nila Sweeney

Sydney’s affluent Lower North Shore and the Eastern suburbs have raced to the top of the most wanted list for Homebuyers, fuelled by strong interest from cashed-up expats and locals seeking out larger family homes, new Domain data shows.

Homes in Mosman, Randwick and Maroubra received the most inquiries from buyers, while Melbourne, Middle Harbour and Moreton Bay were the most searched areas between January and July this year.

All the most sought-after suburbs in the top 20 list are in Sydney and dominated by the eastern suburbs, inner west and upper north shore where large family homes are in high demand.

‘‘The list is very telling of who is in the market and where are they looking,’’ Nicola Powell, Domain’s senior research analyst, said.

‘‘Some of these areas have had a heavy influence from expats returning home and are targeted by upsizers who sold their homes for hefty prices. It could also be a reflection of lower first-home buyer activity.’’

A Lower North Shore selling agent said demand from expats and local home buyers had been surging since February this year.

‘‘We’ve certainly received more inquiries than we have previously,’’ he said. ‘‘I think having access to the beaches and the schools is a big pull for the lower north shore area.’’

What was also telling was the fact that none of the more popular regional areas such as Byron Bay had made it to the most wanted list, which could indicate a slight softening in demand. ‘‘Since March, it is likely that the shift towards regional areas has moderated a bit, particularly the lifestyle shift,’’ Ray White chief economist Nerida Conisbee said.

‘‘Although Sydney and Melbourne are currently locked down, before this, we were seeing more people being called back into the office,’’ Ms Conisbee said.

‘‘This meant that it was no longer so convenient being located so far out of town. There is now a recognition that workplaces have changed, but it is likely to be a hybrid working from home and from the office model.’’

Domain’s analysis also found that houses sold via private treaty were selling the fastest many areas.

For units, Queenscliff in Sydney’s North and Camp Hill in Brisbane were among the fastest sellers – spending just 22 days on the market on average.

‘‘It’s quite interesting to see that the areas where houses and units were selling the fastest were distributed across the country, not just Sydney, which received the highest levels of inquiries and searches,’’ Dr Powell said.

‘‘What it shows is that buyer demand has been strong across Australia, with days on market shrinking as properties transact in record time.

‘‘Apartments are also seeing a swift turnaround, which may indicate that people who are priced out of houses are opting to buy a unit. This could also mean that investors are coming back into the market.’’

Latest NewsSydney’s wealthy suburbs top of buyers’ Wish ListsWednesday, 25 August 2021

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