Sydney's new property trend
Sydney's new property trend
Sydney's property market is showing a strong shift to suburbs where more than half of homeowners now have a mortgage.
New figures show the Macarthur region leads the trend, with new homes a magnet for young families.
As quickly as new blocks are being prepared at the old Oran Park race track, buyers are speeding through the door to snap them up.
Almost 53 per cent of homes in Camden are held by mortgages – that is the highest rate in New South Wales and it is because of the area’s growth and affordability.
In less than a decade, Oran Park is expected to grow from paddocks to a town of over 25,000 residents living in 8000 new homes.
“We've had strong demand ever since we opened the doors at Oran Park. The last six months there has been a noticeable increase,” said Mark Perich, of the Oran Park development.
“The average house and land package together is probably about the low $500,000 mark."
But it is not just Camden that is booming; the fastest growth in mortgage repayments has been in Marrickville, Penrith, Botany Bay, Gosford and Penrith, which reflects rocketing real-estate in those areas.
Sydney easily has the nation's biggest loans, led by Woollahra at over $3000 a month.
