We all know the last 12 months has seen an increase in property values, but who would have thought that we would see some properties more double in price in the last 2 years?
According to data from REA Group, there are five suburbs which have more than doubled their median house price between March 2020 and February 2022.
Copacabana has achieved the biggest increase for the Central Coast region over the last 2 years, with median values more than doubling to $1,905,000. The Central Coast has always been a popular location for investors and buyers looking for lifestyle properties. The region has proven popular during the Covid lockdowns as travel restrictions meant residents could only travel within 5km of their home. And when you can only travel within 5km from your home, you might as well choose to be close to spectacular beaches with amazing walking tracks and great cafes.
18 North Avoca Parade, North Avoca
Closely following Copacabana is the gorgeous North Avoca. Another amazing suburb on the Central Coast with a laid back lifestyle and cool surf vibe. In fairness, the median house prices for these suburbs were under rated back in 2020 and 2021, but when property prices in Sydney’s Northern Beaches became unattainable for many buyers, Copacabana and North Avoca became a more viable option for those who love the Avalon and Palm Beach lifestyle.
When it comes to dream properties in North Avoca, it really doesn’t get any better than 18 North Avoca Parade, North Avoca. This amazing property is for sale with Cathy Baker at Belle Property.
Covid restrictions drive lifestyle locations
As the push to work-from-home became a more permanent option for many, buyers started looking towards their dream locations rather than properties suitable for commuting to the office each day. The demand for lifestyle properties with larger blocks of land grew significantly during the lockdowns.
With many businesses opting to continue the work-from-home arrangement, lifestyle properties have continued to grow in popularity. This is why three of the top five suburbs are beach side suburbs, with the remaining two suburbs receiving massive change in median house prices because of their relatively low starting price points.
Urban sprawl driving median house prices
Both Wyee and Austral are surrounding suburbs whereby we see the urban crawl start to push up housing prices. Many home buyers and investors often look at the suburbs that surround well established suburbs. For example, Austral borders Hoxton Park and if we look back to January 2020, the median house price for Hoxton Park was $680,000 whereas Austral’s median house price was $396,000 – a big difference in pricing for suburbs that are next door to one another.
A common investor strategy is to look at lower median priced suburbs that border high median priced suburbs in the hope that urban crawl provides an uplift in prices in the future.
If you’re looking for an experienced Central Coast Mortgage Broker, get in touch with the team at Mint Equity.