Panic buying fuels lightning sales in Sydney’s west

In Sydney’s outer suburbs, a whirlwind of property transactions is unfolding as homes are snapped up within days of hitting the market. This rapid pace is a stark contrast to the typical two-month wait for a sale in the city, a shift attributed to a dry spring selling season and heightened competition among buyers.

Recent figures from PropTrack highlight the speed at which units are being sold in outer Sydney, with some properties changing hands in as little as 10 days. Suburbs such as Linden, Cambridge Gardens, and Werrington County are leading this trend, with homes spending a median of just 10-12 days on the market. This is a significant deviation from the usual 45-day period for units and 42 days for houses across Greater Sydney.

Evdon Brentham, an agent with Richardson and Wrench in Campbelltown, attributes this phenomenon to the basic principles of supply and demand. “There’s low stock on the market, so it’s all about supply and demand,” he explained. “It really is just that supply and demand, that affordability and the value for money that you can get out this way.”

The surge in demand is not limited to these suburbs alone. In South Penrith, properties have been selling at a median rate of just 13 days over the past year. This rapid turnover is partly influenced by significant infrastructure developments in the area. Paul Wallace, an agent with Property Central in Penrith, noted the impact of these improvements. “The reason for that is your close proximity to the M4 and a new opening to get onto the M4 these days,” he said. “Infrastructure continues to improve around Penrith, where you’ve got hospital upgrades, airports coming. It’s been so much going on in the last 10 years and their proposal for so much to happen in the future that these areas offer a lot more liveability these days than it ever did.”

The PropTrack data underscores the growing imbalance between demand and supply, with local buyers becoming increasingly aware of the need to act swiftly to secure a property. Many areas in Sydney’s west and southwest remain among the most affordable, intensifying the competition among buyers eager to capitalise on the best deals.

Tony Haidar from Synergy Realtor highlighted the appeal of these locations. “Location ticks all the boxes. Major hubs, you have got CBDs, hospitals. People want to be close to the new airport now and all the work opportunities are coming up,” he said. For sellers, this market presents a lucrative opportunity. “For a seller it’s a good opportunity because there’s not many properties on the market. If you’re wanting a top dollar for your property, this is the time now,” Haidar added.

The frenzy has also led to some auctions being called off due to generous pre-auction offers, further illustrating the urgency among buyers. Wallace advises prospective buyers to be financially prepared before entering the market. “Be pre-approved, ready to go,” he advised. “A lot of (buyers) come in and they’re still waiting for (loan) approvals, and don’t know how much they can borrow. That’s the biggest mistake they make. They might walk in and inspect the property and they like it, and they’re still waiting.”

He also pointed out the pitfalls of not being financially ready. “Not only that, they might not be able to afford it. A lot of people, they have budgets of a million dollars where the property is $1.2 million. Getting ready, being ready is key for buyers.”

As Sydney’s property market continues to heat up, prospective buyers and sellers alike must navigate the fast-paced environment with caution and readiness. The current landscape in Sydney’s west is a testament to the city’s dynamic real estate market, where opportunity and urgency go hand in hand.