Professionals Gosford 3 Reasons why the Central Coast property market will remain resilient – 2020 and beyond
- The new ‘work from home’ workforce
31% of people said that Coronavirus (COVID-19) was the trigger to begin allowing remote work at their company and 91% of teams in Asia Pacific have implemented ‘work from home’ arrangements since the outbreak.
People who previously had to commute to the city are now able to work remotely. This means buyers and tenants are more likely to seek a dwelling that accommodates to these changes, for example, a home with a study or sea/tree change.
- Affordability
It is not news that the Central Coast is significantly more affordable than Sydney. Sydney’s average house price is over 1.1 m compared to the Central Coast’s average of $772,000. We have noticed a consistent trend of families and investors alike looking to the Central Coast real estate market to buy for this very reason.
- Northconnex tunnel
This is nearly completed and makes Sydney even more commutable from the Central Coast.
“NorthConnex will save Central Coast motorists up to 15 minutes in journey times as they bypass 21 sets of traffic lights along Pennant Hills Road.” “This means daily users will save the equivalent of five days travel each year and shows the NSW Government’s investment in roads so drivers can spend
more time with their families.” States Parliamentary Secretary for the Central Coast – Scott MacDonald.
Market climate: Is now a good time to buy and sell?
It is worth noting that during the past few months, realestate.com.au has continued to record all-time high audience metrics, with 11.9 million people visiting the site in May. This provides an unparalleled view of consumer behaviour and demand for Australian property.
Realestate.com’s Chief Economist Nerida Conisbee said, “During the GFC, prices were ‘forecast’ to fall by 30 per cent, but in many locations, they held their ground and even strengthened over the months and years afterwards.”
Property Investment Professionals of Australia chairman Peter Koulizos said most property markets were experiencing strong conditions prior to the pandemic, which would help to insulate them over coming months.
“Compared to other economic downturns, existing low interest rates and inflation will protect property markets” he said.
So, in this climate – what should you look out for?
An important driving question when purchasing property in any market should be: How long will this property serve me? COVID or not, think long term when purchasing property. Consider if a property will ‘perform’ well over the years.
There are consistent factors that ensure the real estate market remains active and well despite economic climate. They can be summed up in death, divorce, dept, change of circumstance and buyers taking advantage of shifting market trends.
No matter the market, it can be difficult to find a good property because there will always be competition for a great home in a great location.
Sources: (realestate.com.au) (domain.com.au) (https://www.riverbed.com/blogs/15-surprising-stats-on-remote-work-due-to-covid-19.html) (https://northconnex.com.au/docs/default-source/news-and-media/170804-media-release-benefits-for-northconnex-for-central-coast.pdf?sfvrsn=6) (https://business.nab.com.au/australian-housing-market-update-june-2020-40632/)