NSW Market Update
Explore our latest property data to discover what is happening within the New South Wales market.
New South Wales Market Update
NSW buyers’ property preferences remain stable into 2024
- Quarter-on-quarter we have seen those purchasing property within NSW remain consistent in their property preferences.
- Houses entered 2024 as the most popular property type with 44% share in Q1, which wasn’t dissimilar to how they ended 2023 at 45% share in Q4.
- Strata dwellings remained consistent from Q4 2023 to Q1 2024 with 21% share.
Strata properties retain the top spot for First Home Buyers
- After gaining ground in 2023, Strata properties have remained the most popular property type for First Home Buyers in Q1 2024.
- Starting 2023 with 46% in Q1, year-on-year this property type has slowly increased their share, now representing 49% and maintaining its Q4 standing as the preferred property type for First Home Buyers.
- Houses have maintained second position with 47%, the same share they had last quarter.
City of Penrith a hit for First Home Buyers
- Postcode 2760 has climbed up the ladder from 9th spot in Q4 2023, to now be no1 this quarter.
- This postcode includes suburbs like Colyton, North St Mary’s, Oxley Park, Ropes Crossing and St Mary’s (including east and south).
- Local government areas which proved to be popular were Blacktown (2148 in 5th, 2762 in 6th) and Cumberland (2145 in 3rd, 2142 in 9th) which also covers Parramatta LGA).
- Since the previous report in Q4 2023, three new locations have emerged within the Top10, these include Bankstown 2200, Schofields 2762 and 2142 covering Blaxcell, Camellia, Clyde, Granville, Holroyd, Rosehill, and South Granville.
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Industry opinions on First Home Buyer activity
In New South Wales Greater Western Sydney has continued to dominate the Top10. We saw another two postcodes named in the list which didn’t appear in the last quarter of 2023. In second position for this quarter, was postcode 2200, covering Bankstown and surrounds, which wasn’t named among the most popular postcodes at all in Q4 last year.
Lee Bailie
Head of Property AU | InfoTrack
It’s interesting to see the trends that have emerged in our latest Property Market Update for Q1. Many locations have remained consistent from the end of last year into early 2024. Suburbs like Surfers Paradise on Queensland’s Gold Coast has once again proven to be popular with home buyers, as well as its neighbouring locations of Southport, Pimpama, and Hope Island.
Sandra Falzon
General Manager Marketing and Ecommerce | InfoTrackGO
