Sales activity on the east coast of Australia is flourishing as an extraordinary influx of people migrate to the Central Coast from Sydney and surrounding areas.
A real estate agency has touted the incredible growth of NSW’s Central Coast on the back of the COVID-instigated trend of working from home and the completion of the NorthConnex tunnel, which has significantly reduced travel time.
According to The Agency, homes on the Central Coast are being snapped up at incredibly high rates. In fact, in January alone, The Agency offloaded a total of 20 properties totalling over $21 million.
CoreLogic’s latest auctions data revealed a 94.4 per cent clearance rate across the Central Coast in the week ended 7 February, as the national preliminary rate held above 80 per cent in a sign that auction markets are back and possibly stronger than ever.
“We are continuing to see an extraordinary influx of people migrating to the Central Coast from Sydney and other areas. At least 78 per cent of all sales are to people who live out of the area, and we have witnessed about a 10 per cent increase in prices,” said The Agency’s Central Coast specialist, Brian Whiteman.
“The trend towards working from home has definitely played a role in this market shift, and the NorthConnex has changed people’s perceptions of the drive – people can move between Sydney and the Central Coast without congestion and in just over an hour.”
Overall, The Agency’s CEO explained that in his 30-year career, he has not seen this level of activity in a January property market.
“We are seeing unprecedented stock levels and buyer activity due to a number of factors. There is considerable pent-up buyer and vendor activity from 2020, as many people placed their property goals on hold,” Matt Lahood said.
“Additionally, with no overseas travel and interstate travel restricted, many people have remained home and focused on their lifestyle choices.”
“I have honestly never seen anything like it, we are averaging about 70 people at each open home, there are queues down the street. This market activity is great for sellers,” inner-city agent Brad Gillespie said.
According to the latest CoreLogic Property Market Indicator Summary, 1,287 homes were taken to auction across the combined capital cities last week, which resulted in a preliminary auction clearance rate of 83.8 per cent. This means that over four in five homes, country-wide, sold last week, after the Reserve Bank reaffirmed the record-low 0.1 per cent interest rate and hinted that it could stick around until at least 2024.