More qualified buyers armed with finance approvals are driving up enquiries for housing in suburbs such as Fairfield, Whatley, Greenfield Park and Bonnyrigg in south-western Sydney, according to leading real estate group, Raine & Horne.
“We are seeing more qualified buyers with finance in place, or almost in place at open homes,” said Chris Hart, Principal, Raine & Horne Fairfield.
“There have been fewer tyre kickers at opens in January and the first two weekends of February, which is a marked change from three months ago.
“Not only are the buyers more qualified and have finance, but they also appear to make more offers.
“People have got over the fear that has been played up by some commentators in the media and are now getting on with the job of buying a suitable home in south-western Sydney.”
More owners are playing a part in the revitalisation of the Fairfield real estate market by being more prepared to meet the market than in 2018, Mr Hart confirmed.
“Vendors have adjusted their price expectations from 2018, which savvy buyers have recognised. Buyers have noted that some vendors have relisted properties with new prices, and they are making offers accordingly.
“Talk of possible interest rate cuts attributed to the Reserve Bank last week have yet to cut-through in the Fairfield region. But a rate cut would help our market in the medium term.”
The sweet spot for buyers in the Fairfield region appears to be properties priced between $350,000 - $800,000, noted Mr Hart.
“A price of $350,000 buys a two-bedroom apartment in a three-story red brick building in Fairfield with a car space.
“For investors, with an eye for a decent yield, an apartment valued around $350,000 is generating rents of $320 a week, which is equivalent to a 4.75% return. This is a very strong return for a Sydney suburb.
“We’re also seeing some interest in properties priced around $1.2 million as buyers believe that housing in this price range offers value and there is no longer any point in waiting.”
Longer-term, the savvy investors are monitoring the progress of the second Sydney airport at Badgerys Creek.
“Fairfield is the halfway point between Parramatta and the new airport, which augurs well for long-term capital growth,” Mr Hart said.
“This region also has excellent infrastructure such as a robust retail precinct in Fairfield and proximity to the new airport. This region’s central location appeals to investors and first home buyers.”
For all your sales and property management needs in Fairfield and surrounding suburbs, contact Raine & Horne Fairfield on (02) 9727 7141 or visit the office at Shop E4, Fairfield Forum, 8 - 36 Station St, Fairfield.