Surry Hills is the most sought after suburb for first-time home buyers in New South Wales


Soaring home values ​​and the return to the office have pushed many first-time home buyers into urban and high-density areas.

Surrey Hills, Rhodes and Lane Cove are the areas where first-time home buying activity has increased the most in the past six months, according to new data released Friday by the National Australia Bank.

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The NAB said that after a national increase of 67% in the first four months of 2021 compared to the same period last year, first-time home loans in April hit an all-time high.

First-time buyers are looking for residences in the city center and in the western suburbs. Photo: Tim Hunter.

During this period, loans in Sydney increased by 70%, while loans in remote areas of New South Wales increased by 107%. Data also shows that despite record demand in April, loans to first-time buyers in remote areas of Sydney and New South Wales fell 4% and 11% between the first four months of 2021 and the last four months of 2020.

During this period, New South Wales was the only state with a decline in both urban and suburban areas. Andy Kerr, director of homeownership at NAB, said the level of activity among first-time homebuyers is the highest in a generation.

“Record interest rates and government incentives continue to support demand, and it’s great to hear the stories of some customers buying their first home earlier than expected,” he said.

The return to work has prompted many shoppers to return to the downtown area. Image: NCA NewsWire / Damian Shaw.

Mr Cole said that since January, home values ​​have risen 11.2% and first-time buyers have started looking for properties in different areas than last year, especially in suburbs with lower prices. apartments.

He said: “For first-time home buyers who own a downtown apartment, there are still plenty of opportunities. The value of these apartments will not increase like houses or other pockets.

According to NAB data, the most popular suburb for first-time buyers in Sydney is Surry Hills / Darlinghurst, which has increased 166%.

Adrian William Director Adrian Tsavalas said the activity of first-time homebuyers in city centers and outlying areas has increased significantly in recent months.

“Of all the one, two and three bedroom apartments that we sell, around 90% will be sold to first time buyers,” he said.

“Many buyers are looking for properties closer to their place of work, and now many people are returning to the office.”

After Surry Hills / Darlinghurst, Maroubra (up 238%) is the next sought after suburb, followed by Lane Cove (up 55%) and Rhodes (up 291%). Parramatta, Rockdale, Caringbah, Saint Mary’s and Acacia Gardens are also sought after.

Mr Kerr said there is still a lot of interest in the West, from Rhodes to St. Mary’s.

Parramatta is the only postcode in Sydney that has been included in our hotspot list in December and now, ”he said.

“Demand in the Southwest has slowed relatively compared to last year, and Surry Hills’ strong performance may be a bit unusual as the surrounding suburbs haven’t grown much.”

Gosford, Port Macquarie on the central coast and Dapto in Wollongong are the most popular regional suburbs in New South Wales.


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