Killarney Vale on the NSW Central Coast is attracting hordes of Sydney buyers every weekend to open for inspections, as are nearby Blue Bay and Toowoon Bay.
Raine & Horne Toowoon Bay/Killarney Vale Principal, Paul Denny said up to 50 groups had been attending open houses in the region on recent weekends, up from half a dozen a weekend last February.
The increased interest from prospective buyers has led to a boom in the entire 2261 postcode, which includes Bateau Bay, Long Jetty, The Entrance Toowoon Bay, Blue Bay and Tumbi Umbi, with 942 properties sold between July 1 and December 31 last year.
“Long Jetty and Killarney Vale were among the top growth suburbs on the Central Coast with values up by 15-16 per cent since February last year,” Mr Denny said.
According to Mr Denny, the COVID pandemic helped bring an influx of Sydneysiders to the region when they discovered they could work from home.
“Sydney buyers realised that with our region’s excellent NBN rollout that they could live and work on the Central Coast,” he said.
“Better still they could buy a decent family home close to excellent infrastructure rather than be stuck living in a pokey Sydney apartment.”
In Long Jetty, three-bedroom homes on large blocks range from $700,000 to $800,000, while $700,000 will buy a three-bedroom house in Killarney Vale.
Mr Denny said improved infrastructure such as the new North Connex and the West Connex links had also helped drive demand from Sydney buyers, who have been taking advantage of generous stamp duty benefits and home loan deposit schemes.
“But this region isn’t only attracting first-timers,” he said. “There are also upgraders leaving behind a $3 million property in Sydney suburbs such as Castle Hill and moving to Bateau Bay, Blue Bay or Toowoon Bay where they can pay $2 million for a lifestyle property with sweeping water views and still have some money in the bank.”
Raine & Horne Group Executive Chairman Angus Raine said the combination of improved internet connectivity, improved infrastructure and the working from home trend had helped make living in the 2261 postcode an attractive proposition.
“Much maligned, the NBN has made it much easier for Sydney-based employers to work from home at least a few days a week, while the North Connex that opened in October has reduced door-to-desk commutes to Sydney by as much as 20 minutes per trip.”