First-home buyers may have an easier time getting into the market next year, with home prices expected to slow.
And those prospective buyers are looking to take advantage of the stamp duty exemption for properties under $650,000, according to research from realestate.com.au.
The research found a number of first-home buyers were looking in the same areas.
“Within Sydney, outer, more-affordable suburbs are prevalent on the list, which is no surprise given first-home buyers tend to be on a lower budget than upgraders,” realestate.com.au director of economic research Cameron Kusher said.
“Within these areas, grants and stamp-duty discounts and exemptions may be applicable on purchases.
“There should be a greater preparedness from vendors to list their properties, which will mean more stock to choose from and a better balance between supply and demand in 2022. This should also contribute to the easing price growth this year.”
The top 10 suburbs in New South Wales where the average home is cheaper than $650,000 are:
Emerton – $575,000
Lethbridge Park – $597,000
Mannering Park – $600,000
Tregear – $600,000
Blackett – $605,000
Willmot – $612,500
Whalan – $620,000
San Remo – $627,500
Budgewol – $630,000
Airds – $630,000
In terms of which suburbs are the most popular among first-home buyers, the list looks slightly different.
The top 10 most popular suburbs for first-home buyers are:
Oran Park (house)
For first-home buyers in NSW, Wollongong units ranked at the top of the list of the most sought-after suburbs.
Realestate.com.au said this was due to buyers seeking a lifestyle closer to the water and where they could get more bang for their buck.
Multiple units in Wollongong have sold below $700,000, with many first-home buyers avoiding traditional auctions in favour of buying methods they consider less stressful.