The pandemic property boom has led to steep price increases in luxury homes on the Central Coast, with premium properties breaching the $10 million mark in 2022.
This includes Agave, at 6 Bulkara Street Wagstaffe, which Cathy Baker, principal of Belle Property Central Coast, has confirmed to have sold above expectations. Although the buyer and sale price have not been disclosed, the property has been confirmed to fetch more than $13.5 million, making it the most expensive home on the Central Coast.
The Coast’s luxury market has seen dramatic growth, with more Sydneysiders opting to invest in the region. Pricing in the area is now on par with Northern Beaches suburbs, including Palm Beach, Whale Beach, Avalon, and Bilgola Beach.
Over the coming weeks, Baker will launch several premium properties which are expected to sell in excess of $10 million, including one in 18 North Avoca Parade, North Avoca and another in 5 Bulkara Street, Wagstaffe.
“It is an extraordinary time for the prestige property market on the Central Coast,” Baker said. “Between the improved access of the NorthConnex and the flexible work arrangements off the back of the pandemic, the Coast has become a sought-after sea change for many Sydneysiders. Investors and lifestyle buyers alike are seeing the benefits of investing in high-end homes. They can enjoy the lucrative holiday home returns on offer and the impressive capital growth, as well as the chance to spend time out of the city while flexible work arrangements allow a lifestyle change.”
Baker said that despite increasing talk of a shift in the property market in the future, the luxury market is still experiencing unprecedented market conditions due to the pandemic, with premium properties performing at an all-time high. She expects, however, that these unique conditions won’t last with international borders opening and potential interest rate changes looming.
