Sydney's property market

The ugly proof Australia’s property market is out of control

PHOTO: Property developer Lendlease is charging $2,000 refundable fees to prospective buyers just to view blocks of land at Wilton, more than 80km from the centre of Sydney, and another project at Werrington near Penrith. 

  • Demand for house and land packages is strong even 80km from Sydney CBD
  • Lendlease is charging $2,000 fee refundable fee to inspect land block at Wilton
  • Prices for new houses on Sydney’s outskirts starting at still dear $800,000

Sydney’s property market is so overheated prospective buyers are paying $2,000 fees just to view blocks of land that are 84km from the city centre.

Developers Lendlease and Mirvac are both selling house and land packages, from $800,000, on the city’s south-western outskirts.

And competition is fierce

While expensive, basic houses in new, master-planned suburbs are marginally more affordable than Sydney’s record $1.147million median house price, which increased by 11.2 per cent during the first four months of 2021, CoreLogic data showed.

But many of these outer Sydney house and land packages are pricier than Melbourne’s mid-point house price of $869,676.

Sydney's property market is so overheated prospective buyers are paying $2,000 fees just to view blocks of land more than 80km from the city centre. Pictured is Lendlease's Bingara Gorge development

Sydney’s property market is so overheated prospective buyers are paying $2,000 fees just to view blocks of land more than 80km from the city centre. Pictured is Lendlease’s Bingara Gorge development

Lendlease is selling new houses at Wilton, 84km south-west of the city, for between $790,000 and $1.2million, in an area that until 2013 was being seriously considered as the site of Sydney’s second airport.

Like many master-planned districts, the new suburb of Bingara Gorge comes with a fake lake.

Lendlease’s Kings Central development at Werrington near Penrith, 50km west of Sydney, received 2,000 enquiries before the first weekend opening in March, with house and land packages available for $720,000 to $950,000.

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