NSW's real estate crown heads to Ocean Shores
AS THE property market climbs out of its trough, real estate experts have singled out Ocean Shores as one of the hottest property prospects in regional NSW.
In his 2013 Autumn Update, CEO of McGrath Estate Agents, John McGrath, put Ocean Shores in his top three regional NSW picks, second only to "outer-Sydney suburb" Bowral.
"Ocean Shores is a mixture of retirees enjoying the sun and lifestyle and young families looking for a great place to raise their kids. A fast-growing community, close to Byron Bay, it's definitely one to watch," he said.
Mr McGrath also noted, in areas such as Lake Macquarie, Bowral, Byron Bay and the Central Coast, there had been a number of sales above $1 million to investors and future retirees in recent months. In some markets, out-of-area buyer demand is now outpacing local demand - a reversal on 2011/12 trends.
City investors are increasingly looking to regional areas for affordability, said Mr McGrath.
Local real estate agent Will Sorrell, principal at Elders New Brighton, also observed a big resurgence in the 2483 postcode since November after "two years of nothingness".
"The market slowed over Christmas but picked right up again," Mr Sorrell said.
"Previously Ocean Shores has been seen as a retiree area, but there is no doubt it is attracting more young families," he said.
The suburb's proximity to employment, airports and beaches has lured families to the area, Mr Sorrell said.
"Whether it's at Tweed or the Gold Coast, the work is there," he added.
The agent noted that the bulk of the sales were not to first-home buyers. "We are seeing families move within the suburb," he said.
Mr Sorrell concurs with Mr McGrath's observations that buyers are now motivated to get in now for fear of missing out as the market recovers from bottoming out.
Regional NSW movers
- Ocean Shores
- Ellalong 48%
- Gillieston Heights 45%
- Lightning Ridge 45%
- Carey Bay 38%
- Berrigan 36%
Source: RP Data
About Ocean Shores
- Median house price: $436,000
- Median unit price: $375,000