In the ever-evolving real estate landscape, the Central Coast has been a microcosm of the wider Sydney market. From beachfront properties to suburban homes, the past year has been a rollercoaster ride of fluctuations and opportunities.
Central Coast's median house price currently sits at $1.05mil compared to February 2023 where we saw a median house price of $1.11mil, a small correction of 5% over the past 12 months. Units saw a similar downward trend, with the median price currently sitting at $590k, down from $650k in February 2023, an increase of around 9% over the past 12 months.
This downward trend has been softening over recent months though, where median prices have remained quite flat over the past 3 months - this could be an indicator that prices will begin to rise again, especially if the RBA cuts the cash rate and inflation gets under control.
Another positive sign is that out of the 85 suburbs within the Central Coast market, we've already seen the median house price increase in 29 suburbs and the median unit price increase in 10 suburbs in 2024.
Top 5 best performing suburbs in the last 12 months (houses - median price):
Yattalunga +3.72%
Mannering Park +3.51%
Wyoming +3.01%
Point Frederick +0.90%
Kariong +0.18%
Top 5 best performing suburbs in the last 12 months (units - median price):
Umina Beach +2.29%
Toukley +1.76%
Long Jetty +0.98%
The Entrance North +0.83%
West Gosford +0.69%
Top 5 worst performing suburbs in the last 12 months (houses - median price):
Saratoga -11.99%
Chittaway Point -10.92%
The Entrance -10.91%
Tascott -10.62%
Toukley -10.39%
Top 5 worst performing suburbs in the last 12 months (units - median price):
Gosford -9.83%
Avoca Beach -7.12%
Terrigal -4.36%
North Gosford -4.22%
The Entrance -3.21%
There's also some good news for investors with rental returns still climbing over the past 12 months. The median house rent is now sitting at $560 per week (+2.94% in the last 12 months) and units at $476 per week (+3.70% in the last 12 months) - this is the highest median rent prices historically in the Central Coast.
With property prices softening but rental returns increasing, this is providing investors with higher yields than they've seen in previous years. The gross rental yield is sitting at 2.75% for houses and 4.19% for houses.
Not such good news if you're looking to rent in the Central Coast though, as competition is still fierce for rentals, given the low vacancy rates (1.24% on average across all suburbs).
The Central Coast property market has shown resilience in the face of economic challenges. While some suburbs have experienced a downturn, others have seen steady growth, making it a fascinating area to watch for both buyers and sellers.
Beyond the numbers and statistics, the Central Coast offers a lifestyle that is unparalleled. From pristine beaches to lush hinterlands, this region is a hidden gem waiting to be discovered.
For the majority of property owners across the Central Coast, they should still feel confident that they've made a sound financial decision buying in this market, as the average annual growth rate is currently sitting at 11.7% for houses and 8.4% for units based on a 10-year hold, with the average hold period of 7.16 years across the region.
Disclosure: The information contained in this blog is our personal opinion only and is not to be taken as financial advice, as we do not know your financial situation. Please speak with your accountant or any other licensed professional for specific advice based on your own personal circumstances. We will not be held liable for any losses.