Sydney’s property market has fluctuated over the years, however, economists believe that it could now be tilting in the favour of first home buyers.
With the negative economic impact of COVID-19 still very much affecting the property market, it is unsurprising that the buyer figures remain lower than usual.
However, in the last week or so there has been an increase in the number of sellers entering the market, which could, in theory, enable buyers to purchase in suburbs that pre-COVID would not have been possible.
So if you’re based in Sydney and you’ve had your eye on that apartment in your perfect location but it’s just out of reach, keep reading!
In some of Sydney’s popular suburbs such as Newtown, Alexandria or Strathfield, apartments could dip below $650,000, offering potentially great value.
And continuing further west, in the same price bracket you could go bigger, as suburbs surrounding Smithfield and Liverpool, could see houses dip below the $650,000 mark.
And if that wasn’t already financially enticing enough, first home buyers purchasing below that threshold would avoid paying stamp duty, possibly saving thousands in the process!
As the rental market struggles through reductions, deferrals and vacancies, coupled with Airbnb’s flooding the regular market, the impacts of COVID-19 may, in fact, indirectly benefit first home buyers.
If this trend continues, and first-time buyers can capitalise on government schemes such as the HomeBuilder scheme, then it may be the chance for many to get their foot on the first rung of the property ladder.