Sydney suburbs are expecting to welcome thousands of new dwellings in what’s hoped will provide relief to home prices, according to the PRD Real Estate.
Erskineville is set to see about 1700 new homes in the pipeline, followed by Lidcombe with 1363, Melrose Park with 1151, Alexandria with 682, Waterloo with 665, Hurstville with 650 and Strathfield with 615.
Parramatta is set for another 1300 homes after defying the Sydney narrative with plenty of units already on the market.
In Norwest, 156 apartments in the Orchards Development were released today, with half selling within only a few hours.
Sarah Mgnacca, 19, snapped up a one-bedder for $690,000 with help from mum and dad on her deposit.
“It’s near the metro and a lot of restaurants,” she said.
“It’s a very good opportunity, I am very thankful.”
Construction is now full steam ahead on four more apartment buildings in the Orchards Development, with experts saying long awaited stock now being delivered could bring some price relief in parts of Sydney.
Domain chief of research Nicola Powell said boosting supply in certain suburbs will give buyers more choice.
“Apartments prices have now fallen for the first time in a year and a half,” she said.
“Sydney has a structural undersupply that has been built for many years.”
Powell, however, added the city particularly needed more affordable homes.
“When you look at the median house price of $1.66 million, that is unattainable for the vast majority,” she said.
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