Clever moves that ended couple’s two year home search

Lidcombe is set to have one of the biggest surges in new homes across the city, ending a couples year and a half long search.

The western Sydney suburb is anticipating an influx of 1,363 new ready to sell units that are commencing construction this year, according to new figures from PRD real estate.

Meanwhile, other Sydney suburbs are stunted with no new homes and are crippled by NSW’s continual housing shortage.

Only 476 units sold in Lidcombe between January 2023 and March 2024, suggesting the 1,300 new units could push the suburb into over supply.

However, locals are jumping at the opportunity to secure a new home and welcoming the new stock with open arms.

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Registered nurse, Inki Yun and his partner Soyeon Jeon, purchased a two-bedroom, two-bathroom apartment off-the-plan at Lidcombe Central.

Before securing the apartment, Mr Yun said the search had been “difficult.”

“I’d been looking for a year and a half before I purchased the property,” he said.

He paid $850,000 for the new apartment which is due to be completed in 18 months.

Looking forward to the “work-life balance,” Mr Yun was drawn to the new shopping centre that would be at the bottom of the apartment complex, as well as the proximity to his workplace at Concord Hospital.

“I like the fact that it’s central and with my Korean background there’s a lot of Korean grocery stores and restaurants around this area.”

Mr Yun said one of the biggest factors before buying was the price with current interest rates as well as researching the construction company.

“With construction material prices increases, the biggest was is this construction company trustworthy,” he said.

“Globally there are a lot of companies that are changing over their materials to cut costs, it was a big consideration.”

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Lidcombe Central is set to have 318 apartments, in which the first 67 apartments sold out within the first few weeks according to project developer and CEO of Pheonix Construction Chris Xistouris.

“It’s the location, right in front of the train station and the lack of a shopping centre in the area, this will include a 5,000 metre shopping mall with associated office and a level of visitor parking for the shopping centre too,” he said.

“It’s also the price point, $800,000 range for a two-bedder, it’s the centre point of Sydney and it’s still affordable. It’s not as far out as Penrith but if you go further in to Zetland it’s too expensive, so it’s that perfect middle range.”

Mr Xistouris said he didn’t see Sydney’s housing crisis slowing down in the next five years due to the huge lack of supply.

“We wouldn’t be selling like we are if that wasn’t the case. I was going to hold stage two but we’ve had so much demand I’ve opened it up early.”

This comes as reports show Sydney is falling short of meeting the NSW governments commitment to delivering 377,000 “new well-located homes” by 2029.

NSW recorded the largest decline in new building approvals across the country, dipping over 20 per cent in the three months to May 2024, according to the Housing Industry Association.

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