There’s no doubt the property market is hot at the moment and the Australian housing market has produced some extraordinary results over the last six months.
Regional property markets like the Central Coast have seen a massive upswing in terms of demand and property values. For many of those working in the CBD, the opportunity or requirement to work from home has become a key driver in finding a new home that provides more space and lower living costs. The Central Coast region has become a desirable region for many Sydney-siders looking for a home that provides a work and life balance.
Property driving household wealth
Consumer confidence has increased over the last 12 months and Australia’s economic recovery has helped drive the house value increases.
National dwelling market values have increased 10.6% since in the 12 months to May 2021, hitting a record high in January 2021 and continuing to break that record each month since.
The increased value of housing has further cemented this asset class as a pillar of household wealth and security, making up 53% of household wealth through the fourth quarter of 2020. Property continues to be Australia’s favourite asset class.
According to CoreLogic, of the 486,233 sales in the year to March, 16.6% of them were valued at over $1 million. The highest frequency of sales above $1 million were in Sydney, with around 40% of sales in the million dollar market. The high median price in Sydney is a major barrier to entry for many buyers, particularly first home buyers which is why regional areas like the Central Coast have proven popular.
However, the increased demand on the Central Coast has elevated some suburbs into million dollar market category.
14 Central Coast suburbs join the million dollar median house price list
The Central Coast has always had a good mix of prestige and affordable suburbs, but the demand for more space and lifestyle locations has seen a spike in housing prices resulting in suburb median prices increasing significantly.
In particular, the south end of the Central Coast has experienced significant growth in median values over the last 12 months, with 14 Central Coast suburbs hitting the $1m median value mark for the first time.
Newcomers to the million dollar market
Suburb Median Value 2021 Median Value 2020
North Avoca $1,466,658 $991,507
Copacabana $1,437,549 $938,695
Bensville $1,374,493 $953,765
Wamberal $1,343,872 $978,414
St Huberts Island $1,300,437 $977,741
Forresters Beach $1,287,821 $973,841
Terrigal $1,281,552 $939,870
Erina $1,133,379 $815,208
Empire Bay $1,124,865 $853,084
Saratoga $1,082,090 $773,002
Green Point $1,059,843 $794,316
Shelly Beach $1,043,038 $797,774
Avoca Beach (units) $1,041,278 $890,107
Davistown $1,037,559 $696,770
Buying on the Central Coast
There’s no doubt the property market has gone a little crazy over the last six months, and the Central Coast property market is booming. In a hot market where demand is higher than supply, it’s important that you have your home loan preapproval before you go shopping for your new home or investment property. Working with experienced Central Coast mortgage broker, Mint Equity, will ensure you have access to over 40 lenders, and secure the best home loan interest rate.
Home loan application assessment turnaround times can vary from bank to bank so working with your local Central Coast mortgage broker will ensure you know which bank will give you the fastest home loan approval, so you don’t miss out on the property you want.