Rising market buoys coastal real estate

Ros and Todd Lyons are hoping to ride the wave of surging property prices on NSW’s Central Coast.

Ros and Todd Lyons with their French bulldog, Tux, at their home on the NSW central coast. Picture: Liam Driver

Ros and Todd Lyons hope to ride the wave of surging property prices on NSW’s central coast as Sydneysiders continue to be lured by a permanent sea change or the luxury of a weekender.

As Sydney property prices fell 10.1 per cent over the past year, the market in towns, hamlets and suburbs along the coast has remained buoyant, with trade in prestige homes taking off.

In the three months to August prices at the top end of the market have jumped 6.4 per cent, driven by buyer interest reminiscent of the peak of the property boom.

These top-end sales and interest from cashed-up buyers have prompted the Lyons to sell their ultra-modern beach-house in Blue Bay, near The Entrance.

In their mid-50s, the empty-nesters said the time was right to cash-in on their beloved four-bedroom, industrial-style home to fund a retirement that they hope will take them all over Australia and the world.

The couple believe their home is just what the weekend buyer is looking for. “We love where we are — the community, the beach, everything — but it is time to go,” Mr Lyons said. “I think we’ll get the cashflow-rich, high-end buyers from Sydney who will enjoy it as a weekender or the 60-year-old retirees with grandkids who can just cross the road down to the beach.”

They are about to hit the road in their caravan, with French bulldogs Tux and Indi in tow.

“If you’re listening to the ­experts, you wouldn’t want to sell now with prices going up,” said Mr Lyons. “But we want to go now. Australia and the world, here we come.”

CoreLogic’s head of research, Tim Lawless, said most lifestyle markets, particularly those close to capital cities, held well through the downturn and were benefiting from attractive lifestyle features.

“Considering the central coast is broadly a lifestyle market, we are starting to see that trend of a real pick-up in the sea change as retirees and lifestyle buyers become more active,” Mr Lawless said. “You can also buy into many of these marketplaces at what you might call discounted prices.”

Big-ticket sales this year include the former holiday home of millionaire businessman John Singleton at Killcare, which sold for more than $6.5 million off-market last month. In July, a luxury cliffside penthouse overlooking the ocean at Avoca Beach sold for $4.4m.

Luxury agent Cathy Baker set a waterfront record in January with the $5.8m sale of a home at Wagstaffe. Like a majority of her buyers at the moment, the new Sydney owners are turning the home into a high-end holiday ­escape. Ms Baker said she had seen a 30 per cent increase in ­inquiries for holiday homes.

Many buyers from Sydney were either looking for a holiday home to use as an investment or as their own private getaway.

The Lyons’ home is being marketed by Craig Fisher and Blake Gray of Raine and Horne — Toowoon Bay, with a price guide of $3.95m. Still drawn to the coast, the couple will buy an apartment as “their base” and use the rest of their money for travel.