Domain’s latest research has shone a spotlight on the suburbs seeing the strongest buyer demand.
Domain’s Buyer Demand Indicator tracks weekly demand for houses and units across Australia.
According to the latest stats, buyer demand is elevated across all cities compared with last year, apart from Melbourne.
“Interest in Sydney real estate has remained strong despite the Australian economy being flung into a pandemic-induced recession, the first economic contraction in roughly three decades,” said Domain’s senior research analyst Dr Nicola Powell.
“Sydney’s Buyer Demand Indicator hit a new peak for houses and units, the highest point since it began in October 2017.
“Over the four weeks to 6 September, buyer demand for houses increased 9.5 per cent. This is the steepest four-week gain since the post-lockdown double-digit rebound in May. For units, the indicator rose 4.5 per cent over the four weeks to 6 September.”
Dr Powell noted houses are the most in-demand property type in the Sydney market by far.
Eighty-nine per cent of investors are more likely to buy these as opposed to units, she said.
“While both property types have seen a significant uplift in buy intent behaviour from property hunters, with the indicator reaching new heights, the pace of growth for houses has been greater relative to units,” Dr Powell explained.
“The current health crisis has changed the way we use our homes, and for some it has altered purchasing decisions and property wish lists.
“While a tree change or sea change from higher-density living has always been appealing, the need to commute into the city has been a strong enough deterrent for many.
“But the pandemic has forced digital transformation of businesses, making working from home the new norm. Many Sydneysiders will continue to work from home or go to the office on a part-time basis, making the distance between our homes and work less crucial.”
According to Domain’s Buyer Demand Indicator, the top 10 suburbs/areas for investors looking to purchase houses are:
2. Rouse Hill - McGraths Hill
5. Dural-Wisemans Ferry
6. Canada Bay
In terms of units, the top 10 suburbs/areas are:
1. Rouse Hill - McGraths Hill
2. Pennant Hills -
4. Eastern suburbs - south