Move over Palm Beach, the Central Coast is stealing your top-end buyers

Posted by | May 26, 2019 | Community, Industry News, Lifestyle

CC 26 05 19

A handful of Sydney’s who’s who have snapped up high-end holiday homes on the Central Coast in the first months of this year, fuelling local agents hopes that their luxury home market is finally closing the gap on traditional high-end getaway destinations like Palm Beach and Whale Beach.

Upping the Central Coast’s competitive advantage is that the cost of high-end luxury houses comes at a fraction of the price in Palm Beach, where beachfront houses have sold this year for $10.35 million and $18 million last year for surfside homes.
“We are definitely getting more well-known executives and high-profile corporate types from Sydney who want the weekend escape but appreciate that you can buy beachfront here for half what you would pay in Palm Beach,” said McGrath Terrigal’s Mat Steinwede.

Sydney Olympic Football Club president and Forum Group executive chairman Bill Papas and his Forum Group co-director Vince Tesoriero set a Wagstaffe record in January when they paid $5.8 million for a contemporary waterfront home in the San Toy Estate.

“The Central Coast is fast becoming the Palm Beach alternative,” said Belle Property’s Cathy Baker, who sold the Wagstaffe property.

SQM Research analyst Louis Christopher said: “The Central Coast also offers more supply and variation on quality of property.”

But the Central Coast’s success is in large part on the back of Palm Beach, says LJ Hooker Palm Beach’s Peter Robinson, pointing to the hourly ferry service at peak hours between Palm Beach and Ettalong and Wagstaffe, as well as the success of the Boathouse Hotel Patonga run by northern beaches locals Pip and Andrew Goldsmith.

“There’s also a lot more crossover between Palm Beach and Avalon and the Central Coast now in terms of workers commuting and kids going to school here, all who rely on that ferry service,” Mr Robinson said.

Liquor industry veteran Peter Toohey and his wife Phillipa swapped their Newport waterfront home they sold a year ago for $5.42 million to join the likes of billionaire Scott Farquhar, financial analyst Paul Clitheroe and coal baron Peter Freyberg on the North Avoca beachfront in February. They bought for $2.82 million.

Medlab Clinical research facility chairman Michael Hall and his wife Elizabeth Jones, owner of Arida clothing boutique, had no sooner pocketed $12 million from their Point Piper neighbour Mike Cannon-Brookes for their long-held family home than they bought a beachfront cottage at Macmasters Beach in March for $3.55 million.

It was sold by George Brand’s Kyle Brand, who has since sold the contemporary beachfront house next door for $4.5 million on behalf of investment banker Paul Binsted.

Paul Hennessy, who heads up the Australian arm of one of the world’s largest asset managers Capital Group, earlier this year took possession of a clifftop house on Macmasters Beach for $3.5 million.

In Toowoon Bay a company owned by Nitzan Ronen, of the Dolina fashion house family, bought a beachfront house for $4.3 million that has DA approvals to be knocked down and rebuilt at a cost of $2.6 million.

It is next door to a beachfront house the Ronen family have owned since 2011 for $1.5 million, fuelling local speculation the two houses are set for amalgamation.

The high-end sales results come as Domain data shows the Central Coast median house price fell 7.2 per cent to $605,000 in the 12 months to the March quarter.

“At the top end of the market — over $6 million — we haven’t seen much of a downturn, although we haven’t seen much activity either,” Mr Christopher said.

“People who don’t require financing have not been hit by the restrictions on lending so much as the rest of the market.”

 

 

https://www.domain.com.au/news/move-over-palm-beach-the-central-coast-is-stealing-your-buyers-837749/

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