Despite an interest rate cut not materializing in 2024 as many had anticipated at the start of the year, first home buyers appear content to enter the Sydney off the plan apartment market, somewhat reassured that rates are unlikely to rise in the short to medium term.
Data collected by MatterFact showed that first home buyers made up over 60 percent of enquiries in 2024 across New South Wales on Urban.com.au, driven by more affordable stock coming to market outside the city, particularly in and around suburbs along the recently opened Metro line.
Speaking with first home buyers across Sydney in 2024, the main driver of their purchase is the ability to afford the deposit, having saved up while living at home. However, many feel they are not yet ready to take on a mortgage. They are looking to enter the property market but aren’t prepared to begin repayments just yet, so they’re opting to buy into new developments at the earliest possible stage, knowing that the construction period will likely be at least two years, by which time they will be better positioned to begin repayments.
In this article, we explore the most popular suburbs in Sydney for first home buyers in 2024, highlighting some of the most sought-after developments in these areas.
Crows Nest
Another suburb to benefit from the metro boom is Crows Nest.
Previously relying on heading to the neighbouring St Leonards for a train, Crows Nest is now just minutes from the centre of Sydney on the metro, which is drawing first home buyers.
One of the most popular projects for the year, and it only launched a few months ago, is Elevate Hume Place, the apartment development being delivered literally above the Crows Nest Metro Station.
Third.i, and joint venture partner Phoenix Property Investors, have seen a great response to the 130 one, two and three-bedroom apartments that have been designed by Woods Bagot.
One-bedroom apartments, which are under $1 million, are being seen as a great investment given the rarity of a TOD (Transit Oriented Development) so close to the city, one which isn’t easily repeatable.
Not just first home buyers, but any buyer at Elevate can buy an apartment with just a $10,000 deposit, rather than the standard 10 per cent.