The housing market of Central Coast is expected to continue its strong performance this year, after recording a huge jump in building approvals at the end of 2018.
Figures from the Australian Bureau of Statistics show that there was a total of 2,195 approvals issued for new dwellings across the Central Coast last year, up 54% from 1,425 in 2017.
In contrast to the previous year, recent approval figures were dominated by multi-unit dwellings, which comprised 56% of the overall figures. In fact, multi-unit dwelling approvals almost doubled over the year.
There was also a 19% increase in approvals of detached dwellings.
Housing Industry Association (HIA) Hunter executive director Craig Jennion said approvals in the government area were 6% above the annual target set forth in the Central Coast Regional Plan 2036.
"Total dwelling approvals were the strongest in the south of the municipality, a clear indicator of homeowner preferences and that the Gosford revitalisation program is very much underway," he said.
With these results, Jennion said Central Coast can expect very healthy levels of activity for the residential construction sector in early 2019.
"The approvals also reinforce the affordability advantages that the Central Coast has over other locations in NSW, particularly Sydney where housing remains far from affordable for average households," he said.
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