New postcodes surge in popularity among NSW First Home Buyers

Five new locations have made the list of the State’s top selling locations for first home buyers, according to new data.

Prop tech firm InfoTrack has released its latest Property Market Update, naming the 10 suburbs with the highest number of sales for first home buyers between 1 October and 31 December 2023.

The report found half the suburbs to make the list weren’t named the previous quarter.

These included Lidcombe in third place, Gosford in fifth, Kingswood in sixth position, Penrith in eighth, and St Mary’s at number nine.

InfoTrack’s Head of Property Australia, Lee Bailie, said it’s the first time the postcodes of 2141, 2747, and 2760 featured among the State’s most popular locations for this buying cohort.

“The postcode 2141 which encompasses four suburbs – Berala, Lidcombe, Lidcombe North, and Rookwood – has made an impressive entry, coming in in third position for its debut in the top 10 list,” Mr Bailie said.

The postcodes of 2747 and 2760 have a combined total of 15 suburbs which neighbour one another and surround the University of Western Syndney’s Kingswood campus. Prominent suburbs include Kingswood, Cambridge Gardens, Colyton, St Mary’s, and Oxley Park.

“It makes sense we are seeing a younger buying cohort taking up residence in this geographical location, with the university so close and with the recently opened WestConnex tunnel extension of the M4 Motorway. It’s also clever long-term planning – purchasing property in proximity to major roads and facilities like a university can be a smart investment for students or city workers seeking accommodation,” he said.

It marks a return to the list for the Central Coast’s postcode of 2250, which was the only location outside of Greater Western Sydney to make the top 10.

“There are 24 suburbs which made up the postcode 2250, which was also named at number five in Q1 of 2023 but fell from the list in Quarters 2 and 3,” Mr Bailie said.

“The beach lifestyle, greater property affordability, and commutable distance to the Sydney CBD account for this surge in popularity for Gosford, Erina, Mount White, Peats Ridge, and Wyoming.”

Moving from sixth position in Q3 to now take out first place is the postcode of 2145, encompassing Constitution Hill, Girraween, Greystanes, Mays Hill, Pemulwuy, Pendle Hill, South Wentworthville, Wentworthville, and Westmead.

The Property Market Update Q4 2024 report found a near even split between apartments and houses for first home buyers, with 47% purchasing owner occupied houses while 49% opted for strata owner occupied.

“Strata properties steadily climbed in popularity for first home buyers throughout 2023, from 46% in Q1, 47% in Q2, 48% in Q3, and now 49% share in Q4,” Mr Bailie said.

The full report can be viewed here.