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St Marys is seeing a surge in first home buyer demand

Property prices might be rising, but that hasn’t been deterring first home buyers with lending increasing dramatically for the group over the first four months of this year. 

According to data from the National Bank of Australia (NAB), lending to first home buyers surged by 67 per cent in the period between January and April 2021 compared to the same period in 2020, and was also up by 9 per cent when compared to the final four months of 2020. 

“The level of first homebuyer activity has been like nothing we’ve seen in a generation,” NAB executive of home ownership Andy Kerr said in news.com.au.

“Record low interest rates and government incentives continue to support demand and it’s been great to hear stories of some customers purchasing their first home earlier than expected. However, we also recognise rising house prices are creating a challenge for some Australians as supply levels remain below average.”

Where have first home buyers been buying?

With affordability becoming an issue, many first home buyers have been heading to middle and outer ring suburbs, although some are turning to inner-city apartment markets too. 

In Sydney specifically, suburbs such as Rhodes, Maroubra, Darlinghurst, Surrey Hills and Acacia Gardens have seen a significant uptick in first home buyer lending, as has St Marys where there was a 45 per cent increase in lending in the first four months of this year when compared to September to December last year. 

The suburbs of Parramatta, Rockdale, Lane Cove and Caringbah were also popular among first home buyers. 

It’s clear the west of Sydney has become a popular choice for many first home buyers, likely due to better affordability, combined with the fact that many workers now have the ability to work from home which means they don’t need to make their way into the Sydney CBD.

Infrastructure improvements and exciting new developments are also likely to be appealing for a lot of buyers, and as the west prepares to welcome the first flight from the Western Sydney International Airport in 2026, there’s little doubt that this side of Sydney is going to remain popular for some time. 

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