If you’re despairing over house prices and the likelihood of ever getting into your first home, you shouldn’t. For those first home buyers prepared to commute, the Central Coast is more and more becoming just an extension of Sydney, but where prices are much lower. In fact, according to CoreLogic RP Data, four out of the five cheapest suburbs in NSW are on the Central Coast.
Cheapest suburbs on the Central Coast
The Central Coast is certainly booming, but buyers are still able to secure property at reasonable prices if they are willing to look outside of Sydney and the surrounding suburbs. Suburbs in the Gosford and Wyong areas have been tipped as some of the cheapest in NSW with average prices sub $400,000.
Spencer (Gosford area) $342,372 average price
San Remo (Wyong area) $371,669 average price
Mannering Park (Wyong area) $390,821 average price*
The Central Coast will only become more attractive to buyers over the coming years with a boost in jobs and infrastructure – then add in the stunning coastline and lifestyle of being removed from Sydney. Many savvy buyers are snapping up properties on the Central Coast as a longer term investment.
Top 5 most affordable median value suburbs on the Central Coast
- San Remo
- Mannering Park
It’s not just first home buyers who can benefit from investing in Central Coast property; it still represents a sound investment opportunity for property investments.
Top 5 highest annual rent returns on the Central Coast
- Buxton 5.7%
- Berkeley Vale 5.6%
- Watanobbi 5.6%
- Blue Haven 5.5%
- San Remo 5.5%
*CoreLogic RP Data – only includes suburbs with at least 10 sales over the 12 months leading to January 2016.
Dual income properties
The Central Coast could also be known as the ‘Granny flat region’ as owners in this area have taken advantage of building granny flats without requiring extensive building applications, boosting the rental return of their property. This provides an opportunity for property investors to receive dual income from one investment property. However, keep in mind, the purchase price of these properties will be reflective of the dual income potential.
Gosford Developments Update
The ever controversial old Gosford Public School site on the Central Coast is earmarked to become the home of yet another government office building. This is part of continuing plans to relocate over 300 public service jobs to Gosford.
The development is also set to include al fresco dining and retail space and will be situated right next door to the contentious ATO building.
Dominic Perrottet, State Minister for Finance, Services and Property, “Predominantly we’re looking at Office of State Revenue and Finance within the Department of Finance and that really ties in really well with the ATO jobs up there so there’ll be 300 jobs from finance. There are already 600 extra jobs going in from the ATO so you’re looking at close to a thousand jobs in that precinct and the flow-on effects of that I think are substantial.”
But locals are yet to be convinced that it’s the best use of the key waterfront site is a second office building.
If you’re considering your next property purchase, using Mint Equity, a reputable Central Coast Mortgage Broker will provide you with the confidence that securing finance will be a stress free and straight forward process.