The Sydney suburbs first home buyers are looking to buy off the plan apartments

Despite an interest rate cut not materializing in 2024 as many had anticipated at the start of the year, first home buyers appear content to enter the Sydney off the plan apartment market, somewhat reassured that rates are unlikely to rise in the short to medium term.

Data collected by MatterFact showed that first home buyers made up over 60 percent of enquiries in 2024 across New South Wales on Urban.com.au, driven by more affordable stock coming to market outside the city, particularly in and around suburbs along the recently opened Metro line.

Speaking with first home buyers across Sydney in 2024, the main driver of their purchase is the ability to afford the deposit, having saved up while living at home. However, many feel they are not yet ready to take on a mortgage. They are looking to enter the property market but aren't prepared to begin repayments just yet, so they're opting to buy into new developments at the earliest possible stage, knowing that the construction period will likely be at least two years, by which time they will be better positioned to begin repayments.

In this article, we explore the most popular suburbs in Sydney for first home buyers in 2024, highlighting some of the most sought-after developments in these areas.

Castle Hill

Castle Hill has been one of the most popular suburbs for several years in the off the plan space.

Previously starved of new supply, the $1 billion Hills Showground precinct opening up to development sparked a frenzy of developers wanting to add to the new apartment pipeline.

The large developments that have come in recent years have catered for all markets, offering one-bedroom apartments, tailor-made for first home buyers and investors, through to larger apartments for downsizers.

Adding to the appeal for first home buyers is the newly opened Metro which connects to the centre of Sydney in around 30 minutes. That's now making Castle Hill a viable living option for those who need to work in the city, where prices for new apartments are considerably more expensive.

Tapping into first home buyer demand is Larool Crescent, one of the only developments to launch in Castle Hill in 2024 while others complete.

First home buyers have jumped at the opportunity to buy a one-bedroom apartment at $650,000, several of which have been snapped up. The two-beds currently come in at just over $900,000, which is generally a price of a one-bedroom apartment in the Sydney inner-ring.

The low-rise project is made up of five architecturally designed buildings around a central courtyard near Castle Towers, one of Sydney's largest shopping centres.

Larool Crescent is one of few developments in Castle Hill which is covered by Resilience Insurance's Latent Defects Insurance, a policy which protects buyers from any structural defects of the building for 10 years post-completion.

Larool Crescent is slated for completion in mid-2026. 

Crows Nest 

Another suburb to benefit from the metro boom is Crows Nest.

Previously relying on heading to the neighbouring St Leonards for a train, Crows Nest is now just minutes from the centre of Sydney on the metro, which is drawing first home buyers.

One of the most popular projects for the year, and it only launched a few months ago, is Elevate Hume Place, the apartment development being delivered literally above the Crows Nest Metro Station.

Third.i, and joint venture partner Phoenix Property Investors, have seen a great response to the 130 one, two and three-bedroom apartments that have been designed by Woods Bagot.

One-bedroom apartments, which are under $1 million, are being seen as a great investment given the rarity of a TOD (Transit Oriented Development) so close to the city, one which isn't easily repeatable.

Not just first home buyers, but any buyer at Elevate can buy an apartment with just a $10,000 deposit, rather than the standard 10 per cent.

St Leonards

St Leonards is another benefitting from the spill over from Crows Nest. 

Those projects that are in St Leonards, but bordering Crows Nest, are particularly attractive, like TWT Property Group's recently released first stage of The Collective.

One-bedrooms at $935,000 are the most attractive proposition for first home buyers. Belle Property, the agency in charge of the sales, has said most of the apartments sold so far have been grabbed by locals.

Merrylands

Builder-developer Coronation Property targeted Merrylands in Sydney's west, as an area where they could lift the supply of affordable housing

Rapidly gentrifying, Merrylands offers connectivity to Sydney and lifestyle at the doorstep, two factors high on a first home buyers wishlist.

Coronation's project, Mason & Main, is a rare new development with studios, an apartment configuration barely ever seen in the new market. They start at $520,000, meaning first home buyers are exempt from paying stamp duty.

The two-bedroom, two-bathroom apartments also aren't subject to stamp duty given they start from $760,000, under the $800,000 threshold.

Part of Mason & Main is an integrated 'Eat Street', which has proven an attractive addition for first home buyers who don't have to travel far to dine out.

Rockdale

Rockdale, in southern Sydney has emerged as a popular spot for first home buyers, one of the closest to the beach.

Near Brighton-Le-Sands but with the transport links and amenity of being in an inner-city suburb, Rockdale has garnered interest from those looking to live near the sand without the pricetag.

The newest development in the suburb is Marque Rockdale, a seven-level building with one-bedroom apartments designed for modern living.

Marque also offers the sought-after Latent Defects Insurance policy, which buyers are willing to pay a premium for when deciding to purchase a new apartment

Already topped out and advancing to a December 2025 completion date, one-bedroom apartments in Marque start at $650,000.