The rebounding Gosford residential property market has started 2015 in fine fettle, according to principal of Raine and Horne Gosford Mr Geoff Tilden.
“Quality stock is being snapped up fast thanks to a very strong level of buyer enquires,” said Mr Tilden.
“Buyer enquiries are about 50% above the historic average and we just don’t have enough homes for sale to meet this level of demand.
” The Gosford agent attributes the spike in local real estate activity to booming Sydney prices. ” S y d n e y – b a s e d investors, who have been priced out of the market in the City are now looking for value and decent yields in Gosford,” said Mr Tilden. ‘
“Around 60% of our investors are from Sydney, with 20% based overseas from countries such as Hong Kong and South Africa. “The remaining 20% of investors are Central Coast locals.
“In 2015, we expect demand for existing and off-the-plan entry level apartments in Gosford, North Gosford and East Gosford will be very strong.
For instance, since Christmas, Raine and Horne Gosford has sold 29 of a possible 31 apartments in a brand new residential complex at 10-12 Batley St, Gosford.
The vast majority of the apartments have been sold to investors, according to Mr Tilden. “The apartments have sold in the low $400,000s and are expected to generate weekly rents between $400 and $450.
“It would almost be impossible to fi nd this sort of value in Sydney,” said Mr Tilden. While potential investment returns are catching the eye of savvy out-of-town investors, changing perceptions of Gosford in Sydney are underpinning owneroccupier demand.
“Gosford is becoming increasingly accepted as a good place to live, and a clear alternative to Western Sydney,” said Mr Tilden.
“The Central Coast offers an affordable lifestyle alternative to Western Sydney and more Sydneysiders are starting to realise that it’s not 300 miles away.
“The commute from Gosford is on par with public transport alternatives like Liverpool in Sydney’s west,” Mr Tilden said.
Media release,
20 Feb 2015
Anthony O’Brien,
Corpwrite Australia