One of the NSW Central Coast’s best kept real estate secrets Killarney Vale is attracting hordes of Sydney buyers every weekend to open for inspections, as are nearby Blue Bay and Toowoon Bay.
“Last February, we were lucky if we attracted six groups to a weekend inspection. Now we see up to 50 groups with many travelling to our region from Sydney’s north and north-west,” said Paul Denny, Principal of Raine & Horne Toowoon Bay/Killarney Vale.
As a result, the entire 2261 postcode including Bateau Bay, Long Jetty, The Entrance Toowoon Bay, Blue Bay and Tumbi Umbi is firing on all cylinders with 942 properties sold between 1 July – 31 December.
“Moreover, Long Jetty and Killarney Vale were among the top growth suburbs on the Central Coast with values up by 15-16% since February last year,” said Mr Denny.
COVID kicked off the exodus when cash-strapped Sydneysiders discovered they could work from home, according to Mr Denny.
“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.”
Real estate affordability supports rush to 2261
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 continued, “Improved infrastructure such as the new North Connex and the West Connex is also central to demand from Sydney first time buyers who are taking advantage of generous stamp duty benefits and home loan deposit schemes.
“But this region isn’t only attracting first-timers. 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.”
The 2261 postcode’s strength is illustrated by the rapid sale of a neat three-bedroom house at 11 Pendant Parade Killarney Vale. The property attracted 50 groups at the first open house 6 February and 400 online enquiries. The property sold within a week of hitting the market for a price well above expectations.
“The trouble is that listings are scarce. So, listing a Long Jetty or Killarney Vale home between now and Easter will likely produce a decent result for a vendor.”
Benefiting from proximity to popular neighbouring suburbs
Killarney Vale, Blue Bay and Toowoon Bay are benefiting from their proximity to popular Long Jetty, Bateau Bay and The Entrance, Mr Denny noted.
“For over a century, The Entrance has been a favourite vacation destination for Sydney residents along with Long Jetty.
“Now Sydney buyers are discovering Long Jetty’s burgeoning bohemian restaurant café precinct on The Entrance Road that has remarkable similarities with Inner-city Newtown in the 1980s and 1990s.
“We also have great golf clubs such as Shelly Beach Golf Club, Kooindah Waters Golf Club and Magenta Shores plus fabulous beaches that are the traditional attractions of this region.”
“This unexpected café culture appears to be resonating and is helping to attract Sydney buyers to nearby Killarney Vale, Blue Bay and Toowoon Bay.”
Angus Raine, Executive Chairman, Raine & Horne Group said the combination of improved internet connectivity, improved infrastructure and the working from home trend that fast-tracked by COVID last year is driving buyers to the 2261 postcode.
“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.
“With listings at a premium in postcode 2261, there’s no doubt that 2021 will be a great year for vendors to sell a well-located property in suburbs such as Killarney Vale, Blue Bay and Toowoon Bay.”
For all your sales and property management needs in the 2261 postcode, call Raine & Horne Toowoon Bay/Killarney Vale on 02 4332 6800.