The most popular regions: Where houses are snapped up fastest

Home buyers are snapping up properties fastest in more affordable Greater Western Sydney neighbourhoods, as well as sought-after inner west pockets.

While houses across Greater Sydney are taking longer to sell compared with this time last year, experts predict the gap will narrow as old stock starts to transact and the spring selling season kicks off.

“People are feeling better about the economy and want to purchase now before the cash rate gets even lower,” she said. “More buyers will push up prices, so they want to get in now.” PRD Real Estate chief economist Dr Diaswati Mardiasmo attributed lower days on market in Greater Western Sydney suburbs to low stock and improved buyer sentiment following two rate cuts.

Houses in St Marys spend the least amount of time on the market at 33 days as of May, in line with a year ago, according to Domain data, as buyers seek affordability in areas further out. The figures are similar in Campbelltown (39 days) and Mount Druitt (42). Houses in the Marrickville, Sydenham and Petersham region are also among the fastest to sell, spending about 36 days on the market at the end of May, compared with 44 days at the same time a year ago.

Steven and Nikki Bradley have listed their three-bedroom house in Petersham for $2.64 million, in a suburb where houses spend about 36 days on the market. Petersham is tightly held, so much so that Steven and Nikki are considered newcomers despite having lived there for 24 years.

“There’s not a high turnover. Some of our neighbours have lived in their homes for 56 years plus, so at 24 years, we would be considered some of the newer people,” said Nikki, a social media executive. At the time of publication, there were only eight other homes in Petersham publicly listed for sale.

Their agent, Shad Hassen of The Agency, said Petersham was not a large suburb, that it had a low volume of houses and hadn’t been in the limelight compared with other inner-west suburbs. “It’s a bit of a sleeping giant, but with houses selling on average for $2.3 million, it’s slightly more affordable,” he said.

- Sydney Morning Herald by Kristy Johnson