The property market at Old Bar is attracting the attention of young families, retirees and investors.
Paul Saundercock, principal at L J Hooper Old Bar, said land values in Old Bar have increased over recent years to more accurately reflect the supply and demand balance.
The 300 lot Ocean Blue Estate was completed and sold late last year and now land is available at Riverside Estate, with 50 blocks more to come, and Ridge Estate is sold out with another stage to come.
Paul said potential buyers from the Central Coast and Sydney are showing strong interest in Old Bar, as are young families moving to the coast to enjoy Old Bar’s lifestyle.
He said there is plenty of demand from a variety of buyer types, such as retirees, young families and lots of investors looking for land to develop in the future, “which we haven’t had before”.
Residential land values increased strongly across the Mid Coast local government area between 2017 and 2018, according to the latest report published by the Acting NSW Valuer General Michael Parker. The land values reflect the property market at July 1, 2018.
Old Bar land values as at July 1, 2018 (compared with July 1, 2017)
- Clerke Street, Old Bar – 628.5 square metre block – $190,000 to $210,000 – 10.5 per cent increase
- Cordwood Street, Old Bar – 778.9 square metre block – $190,000 to $210,000 – 10.5 per cent increase
- Harrogate Lane, Old Bar – 2.878 hectares – $510,000 to $568,000 – 11.4 per cent increase
- Lewis Street, Old Bar – 923.2 square metre block – $400,000 to $420,000 – 5 per cent increase
- South Heron Road, Old Bar – 5003 square metres – $260,000 to $285,000 – 9.6 per cent increase