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He said the interest heavily skewed to Newcastle, the Central Coast and Sydney’s inner west and northern beaches, who were a mix of tree changers, downsizers or retirees.
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“It’s surprising how many northern beaches people come up here looking for a tree change,” Ferris said. “It’s a lovely place to live.”
Ferris said people looked for a tree change or a weekend escape when they thought about buying a larger lifestyle property in Gloucester. He said there were many great opportunities that not everyone could afford to buy despite a typical house in the town costing only about $530,000.
“What I’m alluding to is that those properties are more readily available to people who don’t need to rely on the bank,” he said.
The median house price in the MidCoast council area is $660,000 according to Domain data, but that region includes the larger town of Taree.
Ray White Rural Lifestyle Sydney’s Olivia Harris said most buyers were coming from more expensive markets where the sale of their home funded their Gloucester purchase mortgage-free.
“Most [cash sales] was because they had sold another property and the funds were coming from the sale of another property,” Harris said.
“We’ve had a few young families that have either sold in Sydney or the Central Coast and have some money left over.”
She said most young families were attracted to the lifestyle for their children more than anything else.
“They’re wanting to bring the kids up in a rural community. There isn’t a huge amount of work on offer in our area. Not a huge amount of people move here to start working here. It’s more for the lifestyle,” Harris said.
Meanwhile, the other cohort of wealthy buyers were retirees or those who are planning to make the move to Gloucester in the next five years, according to Denise Haynes of R&R Property.
“We also get a lot of people purchasing a retreat. They might have a five-year plan,” Haynes said. “They’re going to continue living and working in the city then they use that home for weekends. They have that five-year plan to move up here permanently.”
She said the town remained affordable and attractive for most out of area buyers, too.
“We do have a lot of people who purchase for rental investment as well. It’s quite affordable even though it’s gone up a lot because they can get in and get a good return,” she said.
“We can’t get enough rental properties here. There’s a high demand. The biggest regret that people have is that they didn’t do it sooner.”
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