Property news you need to know: The week ending 19 September
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The poster child of the COVID-19 city exodus, Gosford on the Central Coast, is now seeing an uptick in listings, but according to our property experts, it is set to remain one of the tightest markets in regards to inventory levels for the remainder of this year.
“Gosford is so white hot, that even an increase in listings volumes of 5 to 10 per cent is still not moving the dial,” one half of The Property Nerds, Kent Lardner, said on the pair’s most recent podcast.
Mr Lardner explained that while Gosford was already “hot” prior to COVID, activity climbed to new highs as the capital city exodus exploded mid last year.
But is this activity retainable?
“What I found in the data was the listings volume ticked up slightly, which is really interesting because one of our theories is that a lot of the markets haven’t really been tested, we need listings levels to come back up to truly see if this is entirely supply-driven or whether it’s a balance between supply and demand.
“What’s happened in Gosford is listings levels have crept up a bit, but inventory levels are still creeping down, so I’m forecasting it to be the tightest market in terms of inventory analysis for the balance of this year,” Mr Lardner said.
In June, Herron Todd White’s property valuer, Todd Beckman, pinpointed Gosford as the number one “hidden gem” of the Central Coast.
Perceived as the central business district of the Central Coast, the suburb features mostly residential unit-style living.
“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,” Mr Beckman said at the time.
The Property Nerds themselves flagged Gosford as the area “most likely” to see exponential growth this year in January.
For more insights from The Property Nerds, check out their latest podcast here.
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