Searching for an ideal property within your budget in Sydney can be a soul destroying experience. There are only so many budget corners you can cut, and so many times you can reset your search filters, before you realise you’re officially not looking in ‘Sydney’ anymore. Well, don’t despair because buying property on the central coast of NSW is your ticket out of home-hunting struggle street.
Many wishful Sydney homebuyers have been priced out of the market in recent years and finding something within a reasonable budget, that can accommodate the needs of a growing family, has become almost impossible. Additionally, those already in property are struggling to keep on top of mortgage payments and the everyday costs of living that come with city life.
On the one hand, looking further out had become a necessity rather than a choice for many. However a new perk for first home buyers introduced by the NSW government last year has shed fresh light on the idea for those worn down by impossible Sydney prices. Last year the NSW government announced that as of 1st July 2017, the stamp duty on properties under $650,000 would be waived and a partial exemption given to properties up to $800,000. If you’re a home buyer looking for anything more than a small apartment, then this strikes Sydney off the list for you. However up on the Central Coast, which was declared part of Sydney by Domain last year, this was news to rejoice over with house prices averaging less than $650,000 across the board. Suddenly moving to the Central Coast seems like a perfectly wonderful idea.
The Central Coast region has always been a popular getaway location for Sydneysiders, with its beautiful natural environment, from the lush bushlands of its national parks, to its tranquil lakes and gorgeous beaches. However many home buyers are now looking to it for more than holiday inspiration and embracing the benefits of it as a place to live rather than just visit. Most towns within the central coast region are just 2 hours from Sydney and the lifestyle that the region can offer a young family simply cannot be matched when compared to Sydney property prices. One of the most popular destinations is Gosford, which is just a one hour commute to Sydney and offers much better opportunities for more spacious properties, close to the water. Average apartment prices are under $500,000 and median house prices, conveniently, sit around $635,000.
Just another 30 minutes or so up the M1 and a virtual paradise awaits, with similar prices available, amidst the stunning natural environment of the Tuggerah Lakes Estuary. Buyers are finding great properties below the threshold, in the chain of towns that surround Lake Budgewoi, including Charmhaven, San Remo, Halekulani, Budgewoi, Canton Beach and Gorokan. These suburbs as well as Mannering Park and Chain Valley Bay still further north, and Gosford, collectively represent the 9 most affordable suburbs in Sydney, even though they sit well outside of the Sydney metropolitan area.
The introduction of the stamp duty offer has had more than 6 months in the market and so far the response has been positive. Demand in the areas above has increased, particularly in Gosford. A new major hospital in the area has also contributed to the increased buyer demand, but so far steady growth has been the result and new infrastructure planning is in the works to accommodate for the growing population. Interestingly, the consensus seems to be that buyers are not only getting a bigger property and more value for their money, but also a better quality property. Away from the frenetic pace of city construction a greater attention to detail can be paid and reduced operating costs mean a better quality end result for everyone involved.
So, if you’re tired of scrimping and saving and can see the benefits of spending less for an infinitely better investment, then you might find buying property on the central coast of NSW is about to be your next greatest adventure.