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The top 10 Sydney suburbs with properties selling the fastest have been revealed. Picture: Julian Andrews
Suburbs of western and south western Sydney have emerged as hot spots with properties being snapped up the fastest.
It appears affordability and bigger blocks are the main drivers to a fast sale across the Harbour City, as escalating interest rates see people snapping up homes at the lower end of the market.
New data from PropTrack has revealed the top 10 fastest selling Sydney suburbs for both houses and units, with some slashing Sydney’s average of 45 days on the market by as much as a third.
Werrington County, a suburb 6km east of Penrith with a median price of $800,000, topped the Sydney list with homes listed for an average of just 15 days.
This was followed by Raby, Kearns and Glenmore Park with an average of 17 days on the market and median prices under $1m.
Houses are selling quickest in western and southwestern Sydney.
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PropTrack economist Angus Moore said affordability was an important driver of fast sales given how quickly interest rates had risen.
“To give it some context Sydney as a whole over the past year has been 45 days,” he said.
“One of the things we have seen over the past year or so is that in parts of western Sydney and south western Sydney, prices have held up a bit better compared to the rest of Sydney broadly.
“Part of it comes down to the fact that they are a bit more affordable suburbs which, in the environment of rising interest rates, is going to be more attractive to some buyers.
“There’s also a fairly active market out in western Sydney where there’s a bit more development and turnover.”
Over the past year, Sydney has recorded an average of 45 days of houses and units on the market.
Ray White Diamantidis Group owner and selling principal Peter Diamantidis sold a home in Werrington County in just 72 hours
The three bedroom home on 689 sqm sold for $850,000 in January.
“It was on the market for two to three days,” Mr Diamantidis said.
“We’ve had a few of those quick sales at the moment.”
He said he wasn’t surprised to see Werrington County top the list as the quickest selling suburb.
“The area is high in owner-occupier, has newer homes and has good size blocks which people are looking for. It ticks all the boxes,” he said.
A house on Chisholm Ave, Werrington County sold in just 2-3 days.
“It’s a smaller suburb, it was an estate in mid 1985 and a lot of people have been there from day dot.
“Places like Werrington County, Werrington Downs and Cambridge Gardens have similar style homes which are selling fast. On average the block sizes are 650 sqm – 750 sqm.”
When it came to units, Glenmore Park topped the list with an average of 22 days on the market, followed by Jamisontown and Leumeah on 25 days.
Homebush West had an average of 27 days on the market while the northern beaches suburb of Freshwater had an average of 29 days.
“We are seeing units have taken a little bit longer to sell throughout the past few years in Sydney,” Mr Moore said.
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The data also looked at the biggest decreases in days on the market across Sydney, with Colebee and Woodcroft topping the list however with just eight days less on the market compared to 12 months ago.
“The main point to take away is that they are not down by very much which is consistent with the fact that overall Sydney is taking longer to sell homes than it was 12 months ago,” Mr Moore said.
“It’s not a huge surprise, 12 months ago market conditions were still pretty competitive.”
When it came to regional NSW, areas in outer western Sydney, Wollongong and Lake Macquarie had the fastest sales with suburbs of Fletcher, Edgeworth and Cordeaux Heights averaging around 24 days.
TOP 10 SYDNEY SUBURBS SELLING THE FASTEST
HOUSES
Werrington County – 15 days on the market
Raby – 17 days
Kearns – 17 days
Glenmore Park – 17 days
Narellan Vale – 19 days
Camden South – 19 days
Werrington Downs – 19 days
Blaxland – 20 days
Eschol Park – 20 days
Cranebrook – 21 days
Sydney recorded an average of 45 days on the market over the past 12 months. Picture: Gaye Gerard
Units
Glenmore Park – 22 days
Jamisontown – 25 days
Leumeah – 25 days
Homebush West – 27 days
Penshurst – 28 days
Ingleburn – 28 days
Freshwater – 29 days
Werrington – 30 days
Macquarie Fields – 30 days
Rooty Hill – 30 days