SYDNEY-based property buyers are descending in huge numbers on the Central Coast
SYDNEY-based property buyers are descending in huge numbers on the Central Coast, indicating that not all families are happy to head west for affordable houses on decent-sized blocks.
Regions such as Wyong and Gosford where houses are available for less than $300,000 are receiving major attention from home-seekers,
Meanwhile, investors are also looking north for rental yields of up to 7.6 per cent, as competition forces prices up in western Sydney hotspots like Mt Druitt.
While it is no secret that Sydney families have been relocating north for decades, ABS figures show that, as of the 2011 Census, 28.5 per cent of the Central Coasts total population had moved to the area within the past five years.
That number was up from 21.9 per cent in 2006.
For those considering making the move, RP Datas latest Pain and Gain report revealed now to be the perfect time after Central Coast markets recorded the largest proportion of loss-making re-sales in the greater Sydney region during the first quarter of 2013.
Buying opportunities are much more affordable for those in the market for a holiday home or looking for a sea change, said RP Data research director Tim Lawless.
Raine Horne Wyong principal said buyer inquiries had tripled in the past year, with Sydney residents at the forefront.
Sydney buyers are increasingly recognising that properties in the Wyong area offer excellent value in terms of price and lifestyle, he said. And the hot-ticket item is modern residential homes below $500,000.
Price is what first enticed Alex Norton and her partner Matthew to consider buying their first home on the Central Coast. Although the couple still work in Sydney, their new house in Point Clare is close to the railway station and the F3 for commuting, and is surrounded by the natural beauty of Brisbane Water and the nearby national park.
Sydney has become overcrowded and too expensive to live in, Ms Norton said.
Once we started to do the research we found what you pay for a mortgage on the Central Coast is approximately what you would pay to rent a small unit in Sydney.
Its further to travel for work but well worth it to come home to a place that is your own, and everything you can want from a home.
Because of work commitments, Andrew Mitchell and his family moved to the Central Coast from northwest Sydney suburb of Putney last month.
The Mitchells settled in the quiet beachside village of North Avoca.
They said the area offered the perfect space to have family and friends visit from Sydney, including their two older sons.
Back in Sydney we were living on a busy main road but here were just a five-minute walk to the beach and our home is surrounded by lovely rainforest-like gardens, Mr Mitchell said. It has all the benefits of Sydney but with much more peaceful surrounds.
Source: The Daily Telegraph