A surge of activity is expected in Sydney’s Inner West region, with more Inner West properties expected to be listed between now and November, according to Paul Pettenon, principal of Raine & Horne Concord, with higher-end properties priced around the $1.5 million mark.
“At the same time, owners are prepared to listen to the market and are pricing their properties accordingly. Also, auction clearance rates in Concord and surrounding suburbs have stabilised, which is a good sign for the local property market as it heads into September,” Mr Pettenon said.
The more affordable Western Sydney region with prices between $600,000 and $800,000 in areas such as Fairfield, Fairfield Heights, Yennora and Canley Vale are expected to be in high demand, Christ Hart, principal of Raine & Horne Fairfield, said.
“We expect that ongoing low interest rates along with the prospect of decent long-term capital growth and yields of 5 per cent will encourage first home buyers and investors to jostle for entry-level real estate in the Fairfield area this spring,” Mr Hart said.
Fairfield, in particular, is expected to see an economic boost through long-term jobs created from the Badgerys Creek airport, the principal added.
“Buyers are also recognising what this area has in terms of existing infrastructure such as transport, shops and schools.
“With the looming completion of the M4 extension, residents of Fairfield will have easy access to many other parts of Sydney and the city.”