Central Coast real estate: Next suburbs set to boom

The current real estate boom is showing no signs of easing with predictions that house prices in some waterfront suburbs could soon exceed $10m.

When it comes to Central Coast real estate, there appears to be no limits or end game to the boom.

When you hear about a record $8.1m sale for an old beach shack in North Avoca, it’s a sign that the market is by no means settling down.

Belle Property Central Coast principal Cathy Baker says it won’t be long until we’re seeing double figures in suburbs such as North Avoca, Pearl Beach and Killcare

Mrs Baker said beachfront properties were easily fetching $5-6m, with suburbs such as North Avoca and Pearl Beach in high demand.

This North Avoca beach shack sold for $8.1m.

“We had an off the market offer for $10m on a North Avoca beachfront property,” she told the Express.

“There are a lot of high end deals happening. There is so much demand for beachfront and even beachfront knockdowns you are looking at $3.5m-6m in those areas.”

There are also suburbs that, while prices have increased, have not yet hit their maximum potential in the current market.

Mrs Baker said Ettalong Beach was becoming the “jewel in the crown” due to its proximity to local walks, the water and local amenities. Neighbouring suburb Booker Bay is also soaring.

“I sold three apartments in Booker Bay, the first one went for $2.4m and I sold the last one for $3.5m,” she said.

Cathy Baker, Belle Property Central Coast.

Growth areas of Woy Woy along with Bensville, Empire Bay, Tascott and even through to Gorokan and Budgewoi were also becoming evident.

“The northern areas are where the first home buyers are finding a bit more value,” she said.

Meanwhile “forgotten suburbs” such as Green Point and Kincumber were also seeing rapid growth and solid prices.

“Some properties are hitting the $2m mark in Kincumber, while Copacabana has gone through the roof for a suburb that was one seen as the poor relation,” Mrs Baker said.

“Forresters Beach has set a benchmark with beachfronts over $5m.”

65 Forresters Beach Road, Forresters Beach sold for $5.2m.

Mrs Baker said things were far from slowing down in the sales side of the market.

“It’s a matter of having the stock, the buyers are definitely there,” she said.

She said with people unable to travel, holiday homes were being snapped up with those wanting to take advantage of flexible working arrangements and a new way of life.

The buyer of the North Avoca timber beach shack, which sold for $5.3m more than the owners paid in 2017, was bought by Mosman-based buyer who was after a weekender by the beach.