Noraville has been singled out in the Herron Todd White June 2021 Month in Review for substantial growth in property prices in the first half of 2021.
Property Valuer, Todd Beckman, said the northern region was quickly becoming a prime hotspot for the sub-$1M property market, particularly in Noraville.
“Agents have indicated that demand for Noraville is skyrocketing and many properties are achieving well over the price guide due to multiple buyers putting in offers,” he said.
“The attraction is Noraville’s close proximity to the beach and convenience to local amenities.
“An example of the strong demand for property in the area is the sale at 3 Ocean Pde.
“This property is an older style, two-bedroom dwelling on a 696sqm parcel of land which sold this month for $720,000.
“It sold just over a year ago in March 2020 during the pandemic for $528,000, so the latest sale provided a whopping 36.36 percent increase in just a 14-month period.”
Beckman said as property prices continued to rise in the area, surrounding suburbs were becoming more desirable for their affordability.
Suburbs considered to have seen a strong increase in their entry level and median price point include San Remo, Buff Point, Halekulani, Budgewoi, Blue Haven and Charmhaven.
Likely buyers for property in these areas include first homebuyers, locals looking to upgrade and out-of-area buyers who are predominantly from Sydney.
“It has been unbelievable to see the rate at which property prices across the whole Central Coast have been rising during the first half of 2021,” Beckman said.
“The first quarter of 2021 showed the market bouncing back very strongly from any concerns we might have had in 2020, and the second quarter continued to grow.
“The driving force of the growth has been the hungry appetite of owner occupiers as opposed to investors,” Beckman said.
Other factors considered to have contributed is the rise of remote working, record low interest rates, as well as the restrictions on international travel increasing the appeal of a sea change or holiday home.
“Agents continue to report that demand is still outweighing supply, so it is difficult to know when the market will slow,” Beckman said.
“Agents are trying to entice homeowners who could be considering selling to bite the bullet, however, homeowners now find themselves in the difficult position of competing against droves of buyers to find a new home.
“At the same time, the rental market is stronger than ever and, in some instances, removes the option to rent if they cannot find a new home to purchase.
“Meanwhile, prices continue to rise.
“Prestige property throughout the Central Coast region has continued to be in strong demand with sale prices to reflect.
“Whether it is a waterfront mansion, rural residential lifestyle properties in the leafy valleys or even beachfront abodes, the sale prices recently achieved are setting new suburb benchmarks.
“It is widely publicised that the Central Coast region is seen to be an affordable location for Sydneysiders and until this sentiment changes, it is expected that property prices will continue to rise through the second half of the year, albeit at a forecast slower rate.