Well this is a late response.

However I suggest you read and watch the following;

An independentresponse to the development proposed for the waterfront by the Urban Development Institute of Australia:
http://www.udia-nsw.com.au/resource/UDIA%20NSW%20Gosford%20City%20Centre%20Plan%20Submission.pdf

Business insider interview giving a small insight to the pro’s of the development
http://www.businessinsider.net.au/stories/property/the-landing–meet-the-project-leaders

I have purchased a 3 bedroom house which I am currently living in at North Gosford – however this is for a long term investment. It was under well under $300.000 and you can still buy houses at this price.

I would suggest not buying a unit or townhouse (unless maybe you can get a good deal off plan) – reason for this is that there are A LOT of townhouses going up and with the developments will be a lot of units also. So there will be a huge supply and a delayed demand – until gosford is in full swing. If you buy a cheap older apartment now I think it will stay in the lower rental bracket for a long time even once the city is built.

Houses on the other hand I bet will increase- If I rented my house now (within 6 months of buying and minor modernisation -under$3500) it will pay for the mortgage entirely. at $360 pw.(vs $290 estimate on purchase) Once developments take place we have a house in an area where units and townhouses are in abundance and decent houses are in less supply.

(15mins walk to CBD)

Gosford has a long history of being unsustainable with Joblessness and being a dead city. There is a fear that they will build all this waterfront and it will still not attract business. Major reason being Tuggerahs large modern and affordable business parks. just a short drive north.

There would be a huge reliance on Government to move it’s departments to Gosford CBD – at the moment they expect that a QUARTER? of the office space that will be built will be government departments. – I personally think a lot rests on State gov departments moving to Gosford.

Research yourself. I am only mid 20s so am not savvy or experienced but did my research and am confident that it will pay off. our goal was to have a house we could pay off in less than 5 years and keep for 20 and have the rent contribute to our next investment or home.