This is where you can nab a bargain property in Sydney
Buyers will need to look further west in order to find a bargain, western Sydney agents say.
While the western Sydney market has stabilised considerably following a boom period late last year, buyers will be hard pressed to find anything in their favour, with prices remaining consistently strong across the region.
“I don’t think there is such as a bargain anymore. If you are looking for a bargain you have to go [further out] west,” western Sydney real estate group Starr Partners’ Ramin Rahimi said.
“The further west you go, the more affordable prices become.”
Despite the bad news, there is a glimmer of hope for buyers, with Mr Rahimi highlighting Pemulwuy as the town where a bargain would most likely be found.
“Pemulwuy has strong growth because it is an established area which is expanding. There are a number of schools and parks in the area and prices are still relatively affordable, so it would be your best chance of finding a bargain.”
While the western Sydney region is still experiencing a period of growth as a whole, a reduction in the number of Chinese investors, coupled with uncertainty surrounding rates decisions has seen the market settle.
“A lot of buyers are really confused,” Mr Rahimi said.
“It’s to do with rates; it’s to do with Chinese investors not being able to borrow as much.
“If the interest rates go up, people are unsure whether they will be able to afford their home.”
It appears however, that the stabilisation within the market hasn’t necessarily translated into cheaper prices. Homes within the region are still selling for well over their reserve price, while the clearance rate for last weekend was a respectable 80.4 per cent.
By: Owen Roberts
Published: August 12, 2016Tags: affordable, agents, bargain, Chinese, growth, homes, house, market, news, prices, property, schools, Sydney, west, 悉尼房产