Why the Central Coast continues to be a popular market.
It has transformed from a run-down vacation spot into one of regional NSW’s crown jewels.
For a long time, the Central Coast was a beach paradise that was easy to access. Many deserted beaches and national parks, towns unseen and untouched mangrove scattered throughout the bays .
It’s only a short drive from Sydney, and it was more of a vacation spot than a working region for a long time.
There was a time when the number of holiday homes far outnumbered the number of actual residents, and as a result, many beautiful, sleepy coastal villages like Hardy’s Bay, Killcare, and Wagstaffe would be almost empty during the winter. As a result, these would turn into holiday-themed ghost towns. The Central Coast ranked 20th among Australia’s domestic vacation spots by the end of the 1990s. In 1998 1.4 million Australians spent their days off there. It continues to attract Australian vacationers. In 2015, Sydney was home to 62% of overnight visitors. In 2015, these overnight visitors spent more than $507 million, demonstrating the region’s economic draw.
Even though the region has always been very popular with vacationers, it hasn’t had any infrastructure or jobs for a long time. After taking in the sun and surf, visitors left. The Central Coast always had more unemployment than the rest of NSW. It was 17% at the end of the 1970s. Youth unemployment was 25% in 2009. The Central Coast was a beautiful, stagnant backwater for a long time.
All of that has altered over the past ten years for a variety of reasons.
First, the rise in the population. Inevitably, as Sydney reached its peak in the 2000s and real estate prices rose, more people began to move to nearby regional areas. Wollongong, Newcastle, and the Central Coast were among these. Numerous young couples and families who were unable to afford to enter the booming Sydney real estate market were further driven out. Going to and from Gosford by train or ferry suddenly seemed less difficult.
This is supported by the data. The Central Coast’s population is anticipated to reach 386,900 by 2031, as stated in the Central Coast Regional Strategy 2006-2031 of the NSW Department of Planning & Infrastructure. Between 2016 to 2021, 65% of the area’s populace development is supposed to be from individuals outside the district, with this ascending to 86% of new occupants by 2031-36.
One publication referred to these young families as “young sea changers” because of the significant difference in median house prices between the Central Coast and Sydney. These young families moved there for the lifestyle and affordability, and they were willing to make the long commute to work.
Growing local economy
Second, there is a thriving and expanding local economy on the Central Coast. According to the Australian Bureau of Statistics, the country’s GDP is $11.7 billion. This represents an increase of 2.6% from the previous year. Manufacturing is the main industry on the Central Coast; Tourism and vacation travel generate demand for IT, telecommunications, lodging, and food.
It is essential to keep in mind that the Central Coast’s success is not solely due to tourism and holiday spending. Similar to Newcastle, it has successfully established its own business- and private-sector-focused economy, making it more resistant to tourism’s shifting fortunes.
To attract businesses and boost the economy, the NSW Government has invested $5.6 million in project funding in 2014 and 2015. In the meantime, private investment has brought in an additional $108 million, indicating clear optimism regarding the economy.
Gosford itself has turned into a significant provincial city, supporting 200,000 positions in the city and home to many State Government offices. In 2015, the Australian Tax Office relocated 600 public servants from Canberra to Gosford, assisting the Federal Government.
Over $300 million has been spent on road improvements as a result of the state government’s confidence in the Central Coast. In addition, the government is planning a regional airport and investing $300 million in major renovations at Wyong Hospital and Gosford Hospital. A program for transport access will be funded with an additional $890 million at Woy Woy, Ourimbah, and Gosford.
Several significant retailers: Aldi, Bunnings, and Gosford’s massive Kibbleplex shopping center have all contributed to an increase in the economy and infrastructure of the city and surrounding area. Particularly, the massive $650 million Kibbiplex project exemplifies the process by which shabby, decaying areas of Gosford and the surrounding region are being transformed into sophisticated, global buildings that cater to the changing demographics.
The Central Coast’s growing momentum can be seen in the large sums of money invested in development and construction.
Rising property market
Lastly, the rising property market is the most significant aspect to consider. The Central Coast property market has been a quiet success story for many decades before bursting into life. There are never-ending good news stories, and beachfront properties almost anywhere in the region continue to command record prices. In point of fact, the Central Coast is not only breaking its own records but also surpassing some of the other traditional hot spots in NSW. The Central Coast has some of the best rental yields in the state of New South Wales. In November 2015, Wagstaffe and Killcare received respective house rental yields of 11.6 and 14.1 percent.
The Central Coast is also outperforming Sydney in terms of capital growth at the same time. Homes on the Coast saw a 13.6% increase in value from March 2015 to March 2016, while Sydney saw a 12% increase. It is likely that this incredible growth rate will continue. This is in contrast to the beginning of the 2000s, when the median house in Wyong sold for $390,000 in 2003 and rose to $465,000 in 2013, a mere increase over ten years.
Despite the fact that a significant portion of this can be attributed to Gosford following in Sydney’s footsteps and being an appealing, close neighbor; It is also essential to keep in mind that the Central Coast has reimagined itself as a bustling business hub. For many years to come, a lot of people will travel to its sun-kissed beaches, dense national parks, and charming fishing villages.