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As the Sydney market experiences a plateau, a nearby coastal market is picking up the clientele who are seeking a sea change, according to McGrath.
McGrath Central Coast has reported an increase in sales throughout its offices as Sydneysiders move in seeking a lifestyle change or better-value homes.
McGrath Terrigal principal Mat Steinwede said that the area remains a compelling and affordable market for lifestyle and investment.
“The Central Coast is now more than ever viewed as an extension of Sydney, with new infrastructures such as the NorthConnex and many new high-quality residential developments, ensuring ongoing interest and investment from both local and out-of-area buyers,” the principal said.
Mr Steinwede added that the strongest demand was in its high-end prestige market which had instilled confidence in the local market.
“We are seeing more locals upsizing to larger properties or better locations, with the time it takes to sell shorter as the buyer pool becomes more diverse. This is particularly strong in the $2m–$3M price bracket,” Mr Steinwede said.
In the past three months, approximately 52 per cent of buyers who purchased a $1M–$1.5M property were from Sydney, Mr Steinwede said.
“These buyers recognise that they can buy a luxurious home at a significantly lower price point than they could with Sydney.
“And with properties continuing to increase in value and deliver solid rental yields, they feel that now is the time to invest in the Central Coast.”
There is also a greater influx of young couples and professionals moving to the Central Coast to test the waters, Mr Steinwede added.
“While Sydney first home buyers moving to the coast to get a foothold in the property market is not new, we are seeing more young couples and professionals testing the waters and renting on the coast before making the decision to buy.
“Gosford and its surrounds are particularly popular due to its access to public transport and the M1 motorway to Sydney. The local market for apartments, as a result, is very strong, with yields on average above 4 per cent,” the principal said.
Looking forward, Mr Steinwede believes that the Central Coast market will only grow stronger as people move in for lifestyle and affordability.
“I believe the Central Coast is well positioned for steady ongoing growth. Our enviable lifestyle, access to Sydney and relative affordability will continue to drive demand in the area.”
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