Overall, the Central Coast local government area experienced a moderate decrease in land values between July 2022 and July 2023.
The NSW Valuer’s latest report, recently released, compares values as at July 2023 with values one year prior.
The downward trend was experienced by the residential market, which showed a moderate decrease, and the rural market which showed a slight decrease.
The residential market saw a 6.6 per cent decrease, from $79.22B to $74B.
The rural market saw a 4.1 per cent decrease, from$2.59B to $2.49B.
Commercial land values showed a slight increase overall, with a 3.2 per cent upward swing, from $2.75B to $2.85B.
The industrial market continued a longer-term trend of increasing land values, showing a 7.5 per cent increase for 2022-2023, from $2.37B to $3.55B.
Demand from purchasers migrating from Sydney to regional locations such as the Central Coast has softened, an attributing factor being the value for money relativity between the Sydney and the Central Coast markets.
The downward trend in land values was driven by a reduction in demand, resulting in decreased sales transactions, coinciding with an increase in supply levels returning to long-term averages.
Areas where values remained steady included the rural/residential lifestyle properties around Yarramalong, Central Mangrove and Mangrove Mountain.
These smaller rural properties have remained popular given their relative affordability and added amenity of larger than residential allotments within the Central Coast.
Demand for these properties has come from both local residents upgrading and some migration from Sydney.
A wide range of other locations for standard residential allotments also held steady as a trend.
These included Gwandalan and Crangan Bay, Wadalba and parts of Wyong, Kanwal and Wyongah, Mardi, Ourimbah, Forresters Beach, Empire Bay, St Huberts Island, Umina Beach, the western portion of North Avoca, larger residential lots within Narara, Lake Haven, Charmhaven, Warnervale, Watanobbi, waterfront properties within Booker Bay, Ettalong Beach and Umina.
Areas around the Wamberal Lagoon within Wamberal and Terrigal also remained steady.
Areas which experienced a slight increase included Lisarow, North Gosford, Wyoming, Gosford, West Gosford, waterfront properties adjoining the southern foreshore of Tuggerah Lake, Phegans Bay, Horsfield Bay, Woy Woy Bay, Blackwall, Booker Bay, Green Point, Saratoga and Yattalunga, Avoca Beach lagoon area and The Entrance North.
The strongest performing suburbs showing a strong increase included Macmasters Beach, parts of Forresters Beach, Erina and Kincumber.
These increases are due to the local amenity of the beach side suburbs of Macmasters Beach and Forresters Beach and the relative affordability and convenience of the residential estates within Erina and Kincumber.
Mixed use properties in Gosford City Centre showed steady to slight increase in land values.
The location has a number of large scale projects currently under construction with a considerable pipeline of residential apartments to be completed over the next few years.
The majority of these developments are multi-storey and high rise developments.
Residential development land for subdivision generally remained steady or showed a moderate increase depending upon the location and zone.