Western Sydney remained a property hotspot for one real estate group in the traditionally quiet month of December, with its CEO expecting investors and first time buyers to continue to drive the market in 2013.
“Real Estate is starting to resemble the retail sector, in that Christmas seems to be getting earlier every year,” said CEO of Starr Partners, Douglas Driscoll.
“Admittedly, there are noticeably fewer buyers around in December, but agents should never simply assume that people aren’t interested in purchasing a new home. It’s worth noting that Australia is fast becoming a multicultural melting-pot, with a growing percentage of buyers not even celebrating Christmas.”
Mr Driscoll pointed to the success of one of its offices in Merrylands, located around 25 kilometres west of the city.
“Our Merrylands franchise is a perfect example of an office that haven’t taken their foot off the gas,” he continued. “They have sold an incredible 23 properties in the past six days. Whereas most businesses will experience a post-Christmas lull, our Merrylands team will hit the ground running in the New Year”.
Mr Driscoll, whose company has just under 30 offices in western Sydney, said investors and first time buyers would be attracted to the region by major infrastructure developments and low interest rates.
“Buyer confidence is high and if the economic climate remains steady we will most likely see properties being snapped up by investors and first-home buyers alike who are poised to take advantage of good rates and the strong likelihood of rising house values in 2013,” he said.
While the traditional investor will dominate the market, Mr Driscoll said he foresees a new emerging trend for greater western Sydney; a new younger generation of investment property buyers. He said this new breed of investor has slowly crept into markets over the past 12 months and is expected to steadily increase into the year ahead.
“Starr Partners has seen an influx of first-time buyers investing in properties in the greater west due to their attractive rental yields,” he continued.
“With interest rates now at their lowest in recent years, 2013 will see increased numbers of younger investors into the western Sydney property market. Despite this, the traditional investor will still drive the market.”
In the Hills District, the Northwest rail link will stimulate the market in areas such as Kellyville and Rouse Hill, with experts claiming the development to be the biggest government build since the Sydney Harbour Bridge.
“Large builds always add value to a suburb and when the infrastructure involves improving the local area’s transport you can almost guarantee a boom. As we move further into 2013 we will begin to see increased investment in these suburbs and surrounds. Property price increases in the Hills District is almost guaranteed in 2013.”