The $9 million property barrier may soon be broken on the Central Coast, real estate agent Stuart Gan says.
Mr Gan, of Coast Realty, holds the current record for the region with an $8.6 million sale in June of a beachfront property at 18a Coral Crescent, Pearl Beach.
"I would be surprised if we are not selling property above $9 million or $10 million very soon. We expect to list properties above $10 million in the near future," Mr Gan said.
Mr Gan said the Pearl Beach record-setter was "a 20-year-old beach house".
Coral Crescent had held "the highest price on the Central Coast, and actually on the east coast outside of Sydney, a number of times".
"I was the first to get $1 million there back in the 1990s. Pearl Beach in general has the hottest prices on the Central Coast, closely followed by certain properties at Terrigal and Avoca."
He said Pearl Beach "tends to be very top shelf, very much Sydney buyers".
He said the pandemic and NorthConnex tunnel were factors in the Coast boom, due to people "decentralising" and improved travel times from parts of Sydney and the Coast.
Some Central Coast suburbs had properties that attracted 50 per cent gains in the past 12 months.
"There's a large amount of profit-taking, but there's also great scarcity with some people holding their property and valuing it much more strongly," Mr Gan said.
He said there was "a large number of cashed-up buyers during lockdown".
"We saw people paying almost anything to get a slice of paradise.
"As long as the demand remains, prices will stay high. Unless interest rates rise substantially."
