Will the good times last for the Central Coast?

Will the good times last for the Central Coast?
Will the good times last for the Central Coast?

The Central Coast property market heated up during 2016, but opinions differ on what lies ahead for the region, according to HTW's February 2017 update.

The valuation firm says it thought the Christmas break might provide the time to take a breath and regroup, but not so.

Instead, the market just took up where it left off and it’s just as busy.

“For a while now, we have been talking of the end of another cycle in property when we can again see the market slow, prices come back a little before stabilising and picking up again,” the report says.

“That’s how it has always been, but not so or not yet anyway.

“Local real estate agents are divided on where we are heading with some seeing a continuation of the hot market, others cannot see it lasting much longer and a few (a lot actually) are saying that the only thing they are certain about is that they don’t know!

“For our part, the market just seems to keep rolling with each new reporting period throwing us a few surprises as to what’s moving and by how much.

HTW says the signs are that the market will continue to grow while buyers looking to expand their portfolios are being squeezed out of the Sydney market and are finding that property prices on the Central Coast remain reasonable.

Older houses under the stewardship of new owners are being renovated, modified and extended.

These areas include the peninsula suburbs of Narara, Niagara Park and Wyoming.

In previous years Umina Beach, Woy Woy and Ettalong Beach have been the focus of attention and continue to be so, but a little less overall such is the pricing now within these suburbs.

“We think of popularity and activity radiating out from a central point and this could well be the year for areas at the northern end of the region,” HTW says.

“As suburbs go through their cycles and buyers look to get in early on the next big thing, we are thinking (once again) that Budgewoi, Buff Point, Lake Munmorah, Gwandalan and Summerland Point may become popular.

Always sure to draw an opinion is the Gosford City Centre.

The developers are back in town with numerous projects completed during 2016 and more under construction."

For $445,000 a house such as the one at 206 Scenic Drive, Budgewoi (above) is available for $429,000.

Sales rates are proving the unit market is popular once again.

“Commencements seem to be well managed meaning that the potential for a glut of units on the market simultaneously should be avoided.

Even more encouraging is the quality of the new projects under way with higher standards the norm.”

Central Coast Htw

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