Media release - 17th January, 2012

Central Coast house prices may experience an overnight jump

• Raine & Horne says the proposed airport located at Bushells Ridge would be a boost to the Central Coast economy and real estate market
• The airport is estimated to bring in $100-$200 million a year and provide new local jobs
• Local agents anticipate a 5-10% annual jump in capital values in the Wyong region if the airport is approved

Leading real estate group Raine & Horne says the proposed airport earmarked by the Wyong Shire Council is likely to underpin long-term property prices on the NSW Central Coast.

The Wyong Shire Council has proposed a 900ha parcel of bushland at Bushells Ridge, on the border of the Wyong Shire and Lake Macquarie, as the possible site for a new airport.

“The Central Coast has toyed with the idea for having an airport for more than a decade,” said Sean Green, Raine & Horne’s Operations Manager for NSW/QLD/ACT/WA.

“Should the project go ahead, residents on the Central Coast are likely to experience a positive reaction in the residential property market, off the back of more convenient access to the region.”

Considered to be a “type 3 regional airport,” proposed plans reveal that the Bushells Ridge airport will have a larger runway than the airports currently in service at Newcastle and the Gold Coast, and will be capable of supporting Boeing 737 flights to all domestic capitals, as well as international flights to New Zealand.

According to a spokesperson for the Wyong Shire Council, the proposed regional airport could be worth anywhere between $100 and $200 million a year to the local economy and would help create permanent jobs for large numbers of the Central Coast’s residents.

In addition, the new airport proposal comes in the wake of the Wyong Shire Council’s recent approval of a 15.7ha Chinese theme park, scheduled to begin construction in 2015, which is estimated to inject another $500 million into the local economy and generate a further 1,500 to 2,000 local jobs.

“The theme park is expected to become one of the largest tourist destinations in NSW, but in order for the Central Coast tourism industry to take full advantage of this opportunity, the region must have appropriate infrastructure,” said Andrew Sorensen, Principal of Raine & Horne Charmhaven.

“If the Central Coast receives an airport, we are likely to see an overnight jump in house prices across the region.

“For example, in Charmhaven, it’s possible to buy a three bedroom home for around $250,000, while we have enjoyed capital growth of between 3% and 5% growth every year since 2004. This could jump to between 5% and 10% annually if an airport is approved,” said Mr Sorensen.

Craig Fisher, Co-Principal of Raine & Horne Killarney Vale and Raine & Horne Toowoon Bay, which are both located in the Wyong Shire, says investors and first home buyers are likely to be the most affected by a new airport on the Central Coast.

“Properties around airports traditionally return strong rental yields because they are convenient for those workers who are on temporary contracts such as fly-in / fly-out workers,” said Mr Fisher.

“In addition, the median house price for a three bedroom home in Killarney Vale is around $330,000 and an airport in Wyong means first home buyers and families in Sydney could buy into an affordable beachside lifestyle with easy access to all of Australia’s major economic, employment and tourist hubs.”

Further details on the proposed Bushells Ridge Airport are currently on public display at the Wyong Shire Council’s Civic Centre and Libraries until 20 February 2013.

-ENDS-

For further media information contact:

Sean Green, Operations Manager Raine & Horne on 0418 638 037

Andrew Harrington, National Marketing & Communications Co-ordinator on (02) 9258 5400