Business NSW Central Coast, in conjunction with Prometheus Planning and Milestone-Belanova has produced the Central Coast Residential Development Guide, a guideline for residential development with practical information relevant to development in areas like Gosford, Tuggerah, Wyong, Woy Woy, and the benefits of including affordable housing in new projects.
The Central Coast has a population of over 351,000 and growing, who enjoy a high quality of life between the greater metropolises of Sydney and Newcastle. This makes the Central Coast an attractive and secure long-term investment location for residential developers.
The housing crisis has created unprecedented demand for new homes on the Central Coast. It’s not just about growing businesses needing to accommodate new staff – frontline workers such as nurses, paramedics, police and hospitality employees are also in the market for affordable, well-located homes.
Over the last couple of years, the Central Coast recorded over $1.6 billion in residential development approvals, with an average of four new houses being approved every day. This growth is expected to be sustained over the coming decades.
Investments over $10 million in Gosford City Centre are assessed by the State Government under a design-led approach to planning controls.
There is an urgent need to accelerate housing development around the major transport hubs in Wyong, Tuggerah, Gosford, and Woy Woy. These areas have the potential to deliver much-needed affordable housing and greater diversity across medium to high density housing choices.
The Central Coast economy is set to almost double to an annual Gross Regional Product of $35B by 2040, driven by booming sectors like health, education, and advanced manufacturing.
With rental vacancy rates between 0.6 per cent and 1.5 per cent, and a 36 per cent rise in median housing prices, the demand for housing on the Central Coast is clear.
The Central Coast Regional Plan 2041 recognizes decisions about where and how to accommodate new housing influences people’s lifestyles, natural environment, carbon emissions, public infrastructure costs, public health costs and outcomes, social equity and economic competitiveness.
The regional plan focuses greater density of housing in and around Gosford City Centre, the regional growth corridors and local centres of The Entrance, Toukley, Long Jetty, Bateau Bay, Wyong, Tuggerah and Woy Woy.
Central Coast Housing Target: 9,400 new completed homes by 2029.
Central Coast Population Growth: 2024 – 351,000; 2041 – 404,000.
The Central Coast Residential Development Guide can be found at: https://www.rdacc.org.au/post/central-coast-residential-development-guide
Information from Central Coast Residential Development Guide, produced in partnership between Business NSW Central Coast, RDA Central Coast, Prometheus Planning and Milestone-Belanova.
