CCBR Business Review

19 R E S I D E N T I A L P R O P E R T Y R E P O R T THE CENTRAL COAST property market has forged ahead this month, as Sydneysiders carry on abandoning the city in search of a home in regional locations. CoreLogic recently released a year to date report showing a 5.8 per cent increase in property value for the Central Coast, compared to a much lower 1.5 per cent for Greater Sydney. The coast is likely to continue to thrive into the New Year, as many employers are expected to keep allowing their employees to work from home, even post pandemic. Wiseberry Peninsula agent Josh Canellis said he has seen Sydneysiders coming in droves. “From what I can tell, it is the whole of the Central Coast, not just the Peninsula,”he said. “I have been selling property non-stop. The coast has always been on track to boom like this, especially with the edition of the NorthConnex tunnel, but COVID has fast tracked a trend that I think was inevitable.” Mr Canellis is currently marketing a unique 1670sqm property at 8 Homan Cl, Umina Beach with a guide of $1.2-$1.3 million. With 15 interested buyers through at the first open home, most parties were from Sydney, some even first homebuyers. “The value for money compared to the Northern Beaches is phenomenal. I’d say overall about 70-80 per cent of buyers for all my properties are from Sydney, depend- ing on the property,” Mr Canellis said. Kyle Brand of George Brand Avoca Beach recently achieved a Copacabana residential record with the sale of an enormous 48 acre property at 350 Cullens Rd. Sold for $5.3 million to a Woollahra buyer, the property is set in a private position just minutes from the beach. Mr Brand said that he had never seen such a large parcel of land so close to the ocean. “The only comparable property we had was Seafarm at 230 Cullens Rd, but it was on a much smaller 15 acres,” he said. A stunning acreage known for its celebrity visitors, Seafarm was sold by Cathy Baker of Belle Property earlier this year for $3.95 million. One of the most prestigious waterfront homes on the coast in Booker Bay was recently sold for $3.75 million in a joint list- ing from Paul Climpson of Gittoes and Rob Khoury from Domain Property Group. The property at 166 Booker Bay Rd was only on the market 11 days when it was snapped up by a Sydney buyer, to be used as a weekender investment. With five or six offers all above $3.4 million, all other offers came from the weekender market. “I’ve never seen this type of activity before, if I had more listings like this they would sell almost immediately,”Mr Climpson said. “Sydney people are buying holiday hous- es as a second option because they don’t have to travel like they used to. One of the most exciting things about the current mar- ket is that we can’t really see it changing in a negative way for a very long time.” Another exceptional property is about to hit the market in Booker Bay, a waterfront apartment to be listed by Cathy Baker of Belle Property. The incredible property at 1/372 Booker Bay Rd has a price guide of $2.6-$2.7 million and is likely to set an apartment record for the whole of the Central Coast. Back in September, Ms Baker set a record with the apartment next door at 2/372 Booker Bay Rd, which sold for $2.45 mil- lion. Set on a private sandy beachfront with water views framed by iconic Norfolk Pines, the striking apartments were only completed this year, designed by renowned architect Darren Tye. Meanwhile, you can still buy a waterfront on the coast for under a million. A stun- ning three-bedroom renovated home at 31 The Corso, Gorokan was recently sold by Darin Butcher of Wiseberry Charmhaven for $942,500. A tidy two-bedroom cottage on the water at 55 McDonagh Rd, Wyong was sold by Wiseberry’s Sean Pratt for $915,000. Further south in Terrigal, a popular fam- ily home on a huge 2576sqm parcel sold under the hammer for $1.85 million, a whopping $550,000 above reserve. Sold by Matthew Farrugia of LJ Hooker Terrigal, the property at 21 Anchorage Cres was a unique older style home in need of a renovation. Six buyers were registered to bid at auction, with the Dural buyer intend- ing to create her dream home. Dire rental situation could be tip of social crisis With the Central Coast rental market cur- rently experiencing a severe under supply of homes, is the region on the verge of a social crisis? Ray White Terrigal agent Rod Amos says seems to think that this could be the case. “Despite some bad news generally occur- ring in high density inner city regions due to no foreign students renting and hospitality workers under income stress, rentals are gener- ally balanced across most of Australia,”he said. “This is not so the Central Coast. A healthy vacancy rate is around 5 per cent, but across the coast right now it’s under 0.5 per cent. This means less than 1 in every 200 rental properties is available for rent. This presents a dire situation, a potential homelessness scenario.” Brand Property, who manage a large portfolio of rental properties from the north to the south end of the Central Coast saw an increase of 196 per cent in tenant applications between May and August, compared to the same three month period last year. This was right in the middle of the COVID-19 pandemic, and since then, busi- ness has not slowed down. “I’ve never seen the vacancy rate as low as it is right now, and I’ve been an agent since 2001,” Principal Andre Kubecka said. Mr Amos said that there was not even the option for those seeking accommoda- tion to take ‘short-term’ holiday lettings, as due to travel restrictions, 98 per cent of holiday properties were booked well into next year. He said that even caravan parks were booked up. “This really is the tip of a social crisis,”he said. By Jess Verrender Top five disclosed sales on for Nov (to 25th) 350 Cullens Road, Copacabana $5.3m 166 Booker Bay Road, Booker Bay $3.75m 4-6 Cape Three Points Road, Avoca Beach $3.2m 72 Ocean View Road, Wamberal $3.1m 8 Lea Avenue, Wamberal $2.82m Property market still booming as Sydneysiders continue to migrate CENTRAL COAST BUSINESS REVIEW DECEMBER 2020