A western Sydney market has become so strong that agents have been forced to turn away prospective buyers, according to one independent agency.
Tony Santoro of Laing+Simmons Liverpool said demand for housing in Liverpool was forcing leading agents to turn away buyers on a daily basis due to the severe shortage of stock.
He said it has never been more urgent for the government to fast-track new land releases in the area to meet increasing demand and restore affordability to the local property market.
“The undersupply of new homes is placing significant pressure on the property market and is resulting in inflated house prices, making the dream of home ownership unattainable for first home buyers,” said Mr Santoro.
“Most of the new dwellings to hit the market are sold within a couple of days. Buyers are having to pay record prices just to enter the market, while many simply have to wait and hope things improve.”
Mr Santoro said the only solution is new land releases to help ease the pressure.
Recent comments from the Department of Planning and Infrastructure outlined plans for the rezoning of land in Penrith, Narellan and Liverpool to deliver three new retail and development hubs in the Western Sydney region.
“In many cases, the government makes promises about plans for new land releases to help satisfy demand, but the delay between an announcement and the land actually hitting the market can often be years,” said Mr Santoro.
“New land releases are critical to meeting current buyer demand. However, they need to be fast-tracked.”
Mr Santoro said the lack of new stock has the potential to impact future infrastructure projects such as the rumoured second airport at Badgerys Creek.
“This new infrastructure would be a real boost for Western Sydney. However, the lack of residential development in the area could make it unviable,” Mr Santoro said.
“Competition for property within the Liverpool area has never been more fierce.
“Low interest rates have fuelled demand, but without enough supply, the need for new housing options will intensify.”