New figures from Domain show 7.16 per cent of homes in the Sutherland Shire traded in the 12 months to May,while 6.62 per cent of those on the Central Coast found new buyers.
On the Central Coast,6.6 per cent of homes traded in the 12 months to May.Peter Rae
That was the highest turnover rate in the state,with the exception of the Southern Highlands and Shoalhaven region,where 7.89 per cent changed hands.
Home owners in other areas were more likely to stay put,with the Baulkham Hills and Hawkesbury region,south-west and inner south-west seeing fewer than 5 per cent of homes sold.
Nationally,7 per cent of properties transacted over the year.
Domain chief of research and economics Dr Nicola Powell said turnover had increased during the pandemic and subsequent market boom.
Some home owners brought forward decisions to relocate,upsize or downsize,while others sought to cash in on demand and market growth – particularly in certain sea and tree change destinations in proximity to Sydney.
“Some of these areas have seen extraordinary price growth … it would have been very lucrative to unlock equity and profit or go and purchase elsewhere,” Powell said.
While turnover was impacted by last year’s lockdown,Powell said activity had rebounded sharply afterwards.
She added a drop in first home buyer activity,which peaked in May 2021,may have impacted demand in more affordable markets like the city’s south-west and outer south-west.
In the inner west,where 5.65 per cent of homes transacted,selling agent Namir Mikha,of Adrian William,has seen families increasingly looking to renovate in recent years so they can stay in their home for longer. Others look to move nearby,but with demand for family homes often outstripping supply,it can be a challenge.
Inner west residents Ruth Harrison and Tim Randall know that challenge first-hand,having spent almost a year searching for a home to upsize to in the area,eventually settling on a Marrickville house a few hundred metres away from the home they’ve outgrown. The previous owner held it for 50 years,and the pair hope to follow in their footsteps.
“It is a small street,we had some wonderful neighbours,” Harrison said. “We were maybe the quickest turnover in the street. We were hoping for something to come up in surrounding streets,but we’ve been there seven years,and nothing bigger came up.
“We were really adamant that we wanted to try buy before we sold. We were concerned about selling first and not being able to get something in the area.”
Ruth Harrison and Tim Randall spent almost a year searching for their next home,and are now selling their Petersham house.Brook Mitchell
That lower turnover may now work in their favour,with the pair selling their nearby
Harrison said it wasn’t an easy decision,with plans to renovate waylaid by the pandemic and long wait times for tradesmen. But with their children fast approaching their teenage years they decided to make a move instead.
Strong demand for family homes was also key to lower turnover rates in the Baulkham Hills region.
“[Our buyers are] mainly families and they’re looking for that long-term home,” said selling agent Matt Mazzei,of Manor Real Estate.
A house for sale in Marrickville in the inner west,where 5.65 per cent of homes transacted in the year to May 2022.Peter Rae
“But we do see some of them upsize again within a few years’ time,” he said,adding that smaller,more affordable properties turned over more frequently.
It was a similar story in the south-west region,where Ray White Wetherill Park director Robert Biasetto said families were typically after homes they could hold long term.
“The demographic here tend to keep the house longer,and because of the affordability can buy another investment property elsewhere[and still keep the family home],” he said.
“A lot are happy to be living in the area,they’re not looking to move towards town.”
Across Sydney,Powell said turnover had started to slow and would continue to do so. Heightened interest in relocating,amid the rise of remote working,had largely flowed through the system,and buyers were facing higher property prices and mortgage costs than they had a year ago,which was also impacting demand and turnover.
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