The Central Coast was one of the hardest hit areas during the GFC.  With high end properties being mostly discretionary purchases, the prestige market suffered as city executives particularly from Sydney pulled in their spending on lifestyle and weekender properties with stunning views or beach access. When this buyer demographic had their bonuses cut, the upper end investment market fell dramatically.

However conditions have steadied over the past two years and are showing real signs of growth. We are now experiencing strong buyer enquiry for prestige listings which has been very encouraging for the local market.   It’s a positive sign when the upper end is performing well as this generally means there is confidence in the economic markets. The majority of our buyers are from out of area, predominately Sydney and a portion from overseas, and are very astute and mindful of economic conditions when making major purchasing decisions.

An emerging trend here on the Central Coast is the Asian buyer market.  For the last few years we have observed the ever increasing demand of the Asian buyer in Sydney and Melbourne, with little impact here until now. This is changing with Asian buyers paying close attention to the Central Coast and its beautiful lifestyle offerings.  Now, approximately 25% of enquiries for prestige listings are from Asian buyers. I believe this is because they are now recognising the value for money available here on the Coast.  I am excited about this emerging trend in our marketplace  as I believe it will drive competition and price growth.

Overall, the Central Coast market is the best I've seen in 20 years.