Buyers camp out for two days to secure a home
Homebuyers have been camping outside development offices in Western Sydney for up to two days to be front of the queue at new land releases.
It comes as Sydney buyers continue to grapple with a decline in available properties and an acute shortage of shovel-ready land for building new houses.
A release of 36 lots of land in the Catherine Park Estate in Sydney's southwest last Saturday saw one buyer camp in his caravan from the Thursday.
The buyer, Tim Caruana, currently lives in the area, and was the first in the queue.
All but two of the available lots in the new Hampton Court release were sold out on the day.
The lots ranged in size from 312 sqm to 637 sqm, with a price tag from $400,000 to $620,000.
Terry Goldacre, the managing director of Harrington Estates, the developer of Catherine Park Estate, said demand for quality land was high.
"We were very pleased with the result, but were unsurprised given the level of inquiries we have received," he said.
The developer is expecting similar demand at its next land release on Saturday, 27 February at 8.30am.
Buyers have generally struggled against strong competition for housing in recent months.
Real estate listing across the Greater Sydney area hit a four-year low in December, while realestate.com.au research showed NSW buyer demand increased 53 per cent annually.
The supply of available properties has been particularly low in the Fairfield region of Western Sydney, which had the bulk of the Harbour City's top 10 "seller's markets", according to the Aussie research.
Suburbs in the region such as St Johns Park, Abbotsbury and Wakeley had less than five listings in December, despite all being heavily populated areas with more than 1000 dwellings.
Mr Goldacre said the Catherine Park Estate was popular because it is centrally located at the heart of the fast-growing estate.
"The estate as a whole is also known for its tree-lined streets, which are the result of a tree plan strategy implemented by our landscaping and horticulture team," he said.
"Selecting trees not only to suit the landscape and look good, but also to help foster the region's natural ecosystems."
Catherine Park Estate features kilometres of pathways and cycleways, with sports fields, a modern off-leash dog park, a pedestrian boulevard, and many parks complemented by natural bushland.
Originally published as Buyers camp out for two days to secure a home