Surry Hills the most sought suburb for first homebuyer in NSW

Soaring home values and a return to the office have pushed many first homebuyers into high density and urban pockets.

Surry Hills, Rhodes and Lane Cove are among the areas that have seen the biggest spike in first homebuyer activity in the past six months, according to new figures released by NAB on Friday.

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NAB said lending to first homebuyers hit a record high in April after increasing 67 per cent nationally in the first four months of 2021 to the corresponding period last year.

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First homebuyers are looking to inner city pockets and homes in the western suburbs. Picture: Tim Hunter.Source:News Corp Australia

In Sydney lending was 70 per cent higher and up 107 per cent in regional NSW during this period. Figures also reveal despite record demand in April, lending to first homebuyer was down four per cent in Sydney and 11 per cent in regional NSW in the first four months of 2021 to the last four of 2020.

NSW was the only state to have recorded a decline in both metro and regional areas during this period. NAB executive of home ownership Andy Kerr said the level of first homebuyer activity was the highest seen in a generation.

“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,” he said.

 Inside Karl Stefanovic’s waterfront mansion

The return to work is driving many buyers back to inner city pockets. Picture: NCA NewsWire / Damian Shaw.Source:News Corp Australia

Mr Kerr said with dwelling values up by 11.2 per cent since January, first homebuyers had started to search in different areas than last year — particularly suburbs with apartments.

“There are still plenty of opportunity for first homebuyers with inner city apartments with values not rising as much as houses or other pockets,” he said.

According to NAB, the most popular suburbs for first homebuyers in Sydney was Surry Hills/Darlinghurst, which was up 166 per cent.

Adrian William director Adrian Tsavalas said there had been a huge uplift in first homebuyer activity in the inner city and fringe areas in the past couple of months.

“About 90 per cent of all one-, two- and three-bedroom apartments we are selling are going to first homebuyers,” he said.

“Many buyers are looking for property closer to where they work with many people now back in the office.”

After Surry Hills/Darlinghurst, Maroubra (up 238 per cent) was the next sought after suburb, followed by Lane Cove (up 55 per cent) and Rhodes (up 291 per cent). Parramatta, Rockdale, Caringbah, Saint Mary’s and Acacia Gardens were also sought after.

Mr Kerr said the west continues to continues to drive plenty of interest from Rhodes to Saint Mary’s.

Parramatta stands out as the only postcode in Sydney that made our list of hot spots in both December and now,” he said

“The south west has comparatively slowed off the significant demand we saw last year, while the strong performance of Surry Hills may be a bit of an outlier as growth in surrounding suburbs was modest.”

Gosford on the Central Coast, Port Macquarie and Dapto in Wollongong were the most sought after regional suburbs in NSW.

Originally published asSurprising areas first homebuyers are looking to buy in

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