By: Seo Mavens

Situated within commutable distance of Sydney and Newcastle, the Central Coast remains one of Australia’s sought-after regional areas.

While the Covid-era surge in migration from significant cities has decreased, many Central Coast suburbs experienced negative growth in 2023, which means 2024 could be the time to pounce.

Key Points:

• Several Central Coast suburbs are anticipated to grow in 2024 despite the decline seen this year.
• Individuals priced out of high-end beachside suburbs are increasingly considering Kincumber and Ettalong Beach.
• The Central Coast provides a relaxed coastal lifestyle while being close enough to Sydney and Newcastle for commuters.

Although capital city markets saw unexpected price increases, the impact of rising interest rates was felt more in regional areas like the Central Coast, leading to more subdued growth​ (soho.com.au)​​ (Savings.com.au)​.

Simon Pressley, Head of Research at Propertyology, highlighted the region’s enduring appeal.

Linda Johnson, Director of Spring Property Buyers Agency, notes that this growth is already contributing to the area’s development.

“Migration is bringing business opportunities with new eateries, specialty shops, events, and industry emerging,” she told Savings.com.au.

Recent Central Coast Property Market Trends

• Price Trends: The median house price in Avoca Beach is currently $1,437,500, having decreased by 14.2% from January to December 2023. Similarly, Ettalong Beach saw a median house price of $1,075,000, down 13.1% over the same period​ (Aus Property Professionals)​.
• Rental Market: Rental values have also seen changes. In Avoca Beach, the median weekly house rent increased by 4.0% to $780, while unit rents decreased by 9.8% to $650. Ettalong Beach experienced a 3.1% rise in median weekly house rent to $495, although unit rents slightly decreased by 1.4% to $522​ (Aus Property Professionals)​.
• Investment Opportunities: Suburbs like Kincumber, Long Jetty, and Bateau Bay are highlighted for their investment potential. Kincumber’s median house price is $1,010,000, down 5.6% over the past year, indicating possible entry points for investors. Long Jetty saw a slight decrease in median house prices but an increase in unit prices, reflecting diverse opportunities depending on property type​ (OpenAgent)​.

Based on consultations with Ms. Johnson and other experts, we’ve compiled our recommendations for Central Coast suburbs that could see significant gains next year.

With the ongoing development projects and infrastructure improvements planned, the Central Coast is expected to remain a highly desirable location for both homebuyers and investors​ (soho.com.au (Savings.com.au)​​ (OpenAgent)​.

Use A Local Professional When Purchasing or Investing on the Central Coast

When purchasing or investing in property on the Central Coast in 2024, it is essential to consider hiring a building and pest inspector local to the Central Coast.

Local inspectors possess an in-depth understanding of the unique environmental conditions and potential issues specific to the region. They can identify common local problems such as termite activity, moisture-related damage, and structural issues that may not be immediately apparent.

This expertise ensures that you are fully informed about the property’s condition, helping to avoid costly surprises and making a well-informed investment decision.

Moreover, local inspectors are familiar with regional building regulations and standards, providing peace of mind that your property complies with all necessary requirements.

Why Purchase A Property on the Central Coast?

People consider purchasing or investing in property on the Central Coast for several compelling reasons. The region offers more affordable property prices compared to Sydney, making it an attractive option for first-time buyers and investors looking for better value for their money. This affordability, coupled with the appeal of a relaxed coastal lifestyle featuring beautiful beaches, outdoor activities, and a slower pace of life, makes the Central Coast highly desirable for families and retirees.

The Central Coast is also conveniently located within commuting distance to both Sydney and Newcastle, which makes it an ideal location for those who work in the city but prefer living in a less congested, more scenic area. The steady population growth driven by migration from major cities is enhancing the region’s attractiveness with new business opportunities, infrastructure developments, and community amenities.

Investment potential in the Central Coast is strong, with several suburbs identified as growth hotspots. Areas like Kincumber, Long Jetty, and Bateau Bay offer significant potential for property appreciation and rental income, attracting investors. The shift to remote and hybrid work models has further increased demand for properties in regions like the Central Coast, where people can enjoy a balanced lifestyle without compromising on career opportunities.

These factors combined make the Central Coast an appealing destination for both homebuyers and property investors looking for growth potential, a desirable lifestyle, and proximity to urban centers.

Disclaimer: Data has been sourced from Realestate.com.au and is current as of December 2023.

Published by: Nelly Chavez