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A property valuer believes the Central Coast has re-emerged as a hotspot for property investors, with growth set to continue until at least the end of this financial year.
More than 12 months since the onset of COVID-19, the Central Coast has found itself in the middle of a property resurgence, according to Herron Todd White’s property valuer, Todd Beckman.
Mr Beckman pointed to an increasing demand for property across the region, with more people seeking to take advantage of record-low interest rates, which have fueled buyer demand and accelerated the market into “unchartered waters”.
“Essentially, this has led us to where we are today,” Mr Beckman said.
“Many property owners have secured their short or long-term futures by locking in a home loan interest rate on their own properties that may never be offered again. All the while, others are actively obtaining finance to purchase property.”
Mr Beckman believes that the currently hot conditions on the Central Coast may only decelerate if property prices become unaffordable.
“What price is considered unaffordable? I’ll let the market dictate that, but it’s a moment in time that is yet to be reached on the Central Coast,” he said.
Where to invest?
With demand increasing across the Central Coast, particularly from buyers who reside in Sydney, Mr Beckman revealed the “hidden gems” of the region:
Perceived as the central business district of the Central Coast, the suburb features mostly residential unit-style living, although demand for freestanding dwellings have also been increasing, according to Mr Beckman.
“Gosford has always been a part of the conversation when talking about future potential growth prospects on the Central Coast.
“[It] is a resilient suburb, and proposed landmark developments continue to be explored,” he noted.
As supply becomes scarce in Gosford, many buyers are looking to nearby suburbs, including Wyoming, which has seen “signs of transformation into a family-oriented neighbourhood”.
“There’s easy accessibility to local parks, shopping, schooling and only a short drive from Gosford and access to the M1 Motorway.
“The suburb is seen as an affordable alternative to some of its neighbours,” the valuer highlighted.
Highlighting the Central Coast’s vast array of beaches – one of the region’s most attractive characteristics – the once-sleepy beachside suburb of Copacabana now finds itself in the spotlight as it boasts abundant opportunities for holiday homemakers and short-term rental property owners, Mr Beckman said.
For buyers, Copacabana also offers more affordable options compared with its more well-known neighbour Avoca Beach.
“Although entry level into the market is widely considered to be above $1 million for a freestanding dwelling, for some savvy buyers, there’ve been cases where properties have been snapped up in the sub-$1 million market segment, if you look hard enough.
“If investing or living in a beachside property is at the forefront of your mind and you want to avoid the typical price tag attached, then Copacabana is one worth keeping an eye on,” the valuer concluded.
Overall, Mr Beckman encouraged investors to look to the Central Coast for great investment opportunities – but not without careful research and risk assessment.