24 May, 2011

Orbital road decision a blow for Central Coast property market

Leading real estate firm Raine & Horne says the future growth of Central Coast property could be compromised following the Federal Government’s recent decision to withdraw $150 million in funding for the F3 to M2 orbital road project.

In the recent budget, the Federal Government’s contribution to a feasibility study for the project was removed from the forward estimates.

According to Raine & Horne Terrigal – Avoca Beach principal Brett Hunter, the decision could affect Central Coast homeowners and Sydney commuters looking for a home in the region.

Mr Hunter, who is also a director of the Real Estate Institute of NSW, said the decision could affect the growth potential of Central Coast property, and hamper competition for buyers from the Sydney market.

According to an industry report, the link would have replaced Pennant Hills Road - a part of the national highway network not upgraded when the M7 was completed.

“This decision is a blow to Central Coast residents who use Pennant Hills Road regularly. It also ends any hopes of improving commute times between Sydney and the Central Coast,” Mr Hunter said.

Central Coast holidaymakers are also set to be affected by the lack of a Sydney bypass.

“Sydney is a barrier to holidaying families travelling north from the South Coast and Southern Highlands.

“It would be great to have a ring road allowing you to travel 80km or 100km an hour through Sydney, but unfortunately Pennant Hills Road and the Pacific Highway are major impediments at the moment.”

But despite the potential impact of the decision on holidaymakers and homebuyers, Mr Hunter believes the fundamentals of Central Coast property are still strong.

“Central Coast median property prices measure up well against Sydney’s Northern Beaches, and people looking for a price-competitive home option should still consider our region,” he said.

“Add to that the fact that the F3 is a great road to travel on, with scenic aspects over the Hawkesbury River, Brooklyn and Mooney Mooney.

"We are hopeful that the well-tracked migration route from Sydney to the Central Coast will stay strong.”

For all your property needs contact Raine & Horne Terrigal – Avoca Beach on (02) 4385 1000.

Raine & Horne is an iconic Australian property firm, with more than 360 offices worldwide. Also an established Superbrand along with the likes of Qantas, Vegemite, Woolworths and Myer, the company has four distinct property service brands including Raine & Horne Residential, Raine & Horne Commercial, Raine & Horne Financial Services and Raine & Horne Rural.

-ENDS-

For further media information contact:

Brett Hunter, Principal Raine & Horne Terrigal – Avoca Beach, 02 4385 1000 or 0410 630 222

Anna Truman, National Marketing & Communications Co-ordinator, 02 9258 5448

Raine & Horne Terrigal – Avoca Beach