While there are talks of a cooling housing market, the recent launch of Central Coast Quarter in Gosford paints a very different picture with over 50 per cent sold in opening week and the penthouse fetching $3.2M.
Data from the ABS shows that during 2020 more people than ever before left our capital cities for regional areas.
This internal migration meant property price growth in regional areas outstripped capital cities during 2020. And the regions are still leading price growth in 2021, according to CoreLogic data.
NSW regional dwelling values rose 2.1 per cent during October and 27.9 per cent during the past 12 months.
At the same time, regional rental vacancy rates have plummeted, while rents have increased.
The NSW Central Coast is one of the regions to benefit from the boom in internal migration.
Foxwood Property is the exclusive agent for the recently launched, Central Coast Quarter developed by St Hilliers, the project has recorded more than 53 per cent sold by the end of the first week on market.
The first stage, The Waterfront, includes 136 apartments accompanied by 621sqm of ground floor retail space. The development, which is just footsteps from the water, is tipped to change the face of Gosford.
“It’s precinct amenity and location set Central Coast Quarter apart,” Willoughby said.
“More than 85 per cent of apartments have uninterrupted water views, giving buyers enormous confidence about the investment they’re making.
“Foxwood was involved early in the concept and worked with the development team and architect to design the ideal apartment mix and floor plans to suit the target buyer groups. Our focus was to create a quality product with market leading design, while also considering factors such as working from home. This has been a key factor in the extraordinary popularity and uptake of the project in the first week.”
Willoughby said that, on launch, there was immediate interest from downsizers, who quickly snapped up the larger apartments.
Sydney investors keen to get a foot in the Central Coast market purchased many of the two-bedroom plus media room apartments that offered similar returns to a three-bedroom apartment.
Meanwhile, local owner-occupiers and Sydneysiders wanting to relocate tended to be the groups who bought up the development’s two-bedroom, two-bathroom waterfronts.
Long favoured by retirees for its relaxed, coastal lifestyle, the Central Coast is about an hour’s drive or train ride from Sydney.
NSW government data shows the area’s population increased from 290,000 in 2001 to 336,600 in 2016 and, even before the pandemic, forecast to grow to 431,850 by 2041.
“These population forecasts seem a little conservative now, as they were made well before Covid caused people to consider a sea or tree change while remaining within striking distance of a major city,” Foxwood Property’s Clint Willoughby said.
With this strong population growth projected, state, federal and local governments have been investing heavily in infrastructure upgrades, including faster road links such as NorthConnex, health infrastructure redevelopment such as Wyong and Gosford hospitals, and town centre revitalisation projects.
Last year, the Central Coast Council also adopted new draft local environment and development control plans, and released an economic development strategy to 2040 aimed at attracting and retaining business to create investment and job opportunities.
Willoughby said this combination of factors was encouraging developers to look to the Central Coast for their next projects.
“We’ve seen a wave of new residential developments hit the regions over the last few years, but the Central Coast is set to see more as buyer demand increases,” Willoughby said.
The Urban Developer is proud to partner with Foxwood Property to deliver this article to you. In doing so, we can continue to publish our daily news, information, insights and opinion to you, our valued readers.
