First- home buyer numbers double
FIRST-home buyer numbers across the state have more than doubled this year, encouraged by the state government’s stamp duty savings introduced last July.
There were 2246 first-home buyer loans issued in February compared with 1105 the previous February.
“We’re certainly seeing strong numbers,” said My Housing Market economist Dr Andrew Wilson.
“First-home buyers are buying units across Sydney and houses in Penrith and Campbelltown or the Central Coast.”
And agents, particularly in Sydney’s west, say the pace is accelerating.
“I’ve noticed a surge in the last 10 days or so — now they seem to be at every open home,” said McGrath agent Anna Younan, who sells apartments and houses from Camden to Campbelltown, the epicentre of the surge.
Department of Finance figures show Campbelltown, Westmead, Liverpool, Parramatta and Werrington were the top five first-home buyer suburbs last month.
But first-timers in the east have also been inspired to buy.
Dr Wilson pointed to ABS figures showing the average loan in February was $372,700. Assuming the first-timers had a 20 per cent deposit, most of them are looking at properties priced at less than $500,000 — unless parents were buying for them.
He provided data showing the west had 454 units — the most in Sydney — for sale under that figure. But there were a fair share for sale in more expensive markets, too — 64 in the city and east, and 48 in the inner west. Only 16 are for sale on the lower north shore.
There are 203 houses for sale under $500,000 on the central coast, 91 houses in the west, and 49 in the southwest.