As we are now halfway through 2023, we thought we would take a quick look at the key trends and developments that have shaped the Central Coast property market over the past six months. ICYMI: The Central Coast region, known for its stunning beaches, natural beauty and accessible location, has long been a popular choice for homebuyers and investors alike.
1. Tightening Of Listings
There has been a notable reduction in property listings in many suburbs on the Central Coast. Wamberal, Bateau Bay and Killcare in particular have all seen a decline of more than 30% in the number of online listings in the last three months. Buyers on the Central Coast can expect to face a competitive market as demand continues to outpace supply.
2. High Demand for Lifestyle Properties
One of the significant factors influencing the Central Coast property market is the growing preference for lifestyle properties, such as a beachfront in Avoca Beach, an acreage in Matcham or a deep waterfront in Point Frederick. The pandemic has prompted a re-evaluation of priorities, with many individuals seeking a balance between work and play. The Central Coast has emerged as a top choice for those seeking a serene lifestyle away from the bustling city. With its natural landscapes, pristine beaches, and tranquil surroundings, the Central Coast presents an irresistible haven for those seeking a picturesque escape.
3. Increasing Interest from Sydney Buyers
Proximity to Sydney has always been one of the Central Coast’s most appealing aspects and more than ever, Sydneysiders are recognising not only the convenience but also the advantages of living on the Central Coast. With improved transportation infrastructure such as the NorthConnex and a shift towards hybrid work models, the region has become an attractive option for individuals looking to escape the city while still maintaining convenient access to urban amenities.
4. Rise in First Homebuyer Activity
The Central Coast property market has also experienced a surge in first homebuyer activity throughout the first half of 2023, with the Central Coast ranking number five for first home buyers in NSW, according to a report published by InfoTrack. The report listed the suburbs of Gosford, Erina, Wyoming, Mount White and Peats Ridge in particular, and these were the only suburbs that were located outside of Sydney’s west and south-west. This increased demand has contributed to a competitive landscape, particularly in the more affordable segments of the Central Coast market.
5. Strong Rental Market
In addition to its robust property sales market, the Central Coast has experienced a strong rental market in the first half of 2023. Vacancy rates sit below 2% in countless suburbs such as Long Jetty, The Entrance, Erina and East Gosford. As the appeal of the region continues to grow, both investors and individuals looking for rental properties have found the Central Coast to offer attractive opportunities. Rental yields have remained healthy, making the area an appealing choice for those seeking an investment property.
Stay Ahead in the Central Coast Property Market
The first half of 2023 has demonstrated the Central Coast’s resilience and popularity as a sought-after property market. As mentioned above, a reduction in the number of listings, a rise in first homebuyer activity, increased interest from Sydney buyers, and a strong rental market have been the driving factors behind this robust performance. As we move into the second half of the year, it will be interesting to see if these trends continue and how the market adjusts to evolving circumstances. Whether you’re considering purchasing a home or investing in the Central Coast, staying informed about market conditions is essential for making informed decisions.
Want to know more? Connect with our team of passionate property experts today to explore the endless possibilities that await you in the Central Coast property market.
Please note the information contained in this report is correct as of the time of publishing (3 July 2023).
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