Central Coast property market update with top suburbs for buyers and investors
Mixed messages are being spread when it comes to the current property market, begging questions such as “is it a good time to buy?” and “should we hold off for the market to drop?”
The last two years has seen a once-in-a-lifetime boom across the Central Coast leaving many asking how we are currently tracking as interest rates continue to rise.
Aus Property Professionals founder and managing director Lloyd Edge has described the Central Coast market as in decline and revealed standout suburbs for buyers and investors including Gorokan and Wyong.
“Currently, the Central Coast market is in a decline, as we’re coming to the end of a boom cycle,” Mr Edge told the Express.
“The market saw a 40 per cent growth overall during the pandemic, and now rising interest rates are causing property prices to drop. However, from mid-next year onwards, when the interest rate situation calms down, we should see another boom cycle begin for the Central Coast.”
However Belle Property Central Coast principal Cathy Baker disagrees that the market is in decline.
“We’re not seeing a decline in prices, it’s just a little bit slower and there are less buyers,” she said.
“It’s definitely a changing market, there’s been a lot of uncertainty due to interest rates, the election and media around the building industry.
“A lot of growth and the boom we had was around holiday homes. At this time of year people don’t tend to be as active in that area.
“The sales we are making are in line with property prices, within the 10 per cent range.”
Ms Baker said she hadn’t seen people doing fire sales or prices taking a “big hit”.
“We are still ahead of 2020 prices,” she said.
She said there would always be a bit of a correction after the last two year boom.
“Properties need to priced to the market. Agents need to be skilful to align the properties to reflect a realistic price range,” she said.
Ms Baker said waterfront sales remained strong despite less buyers.
“We are still looking at places for $10m plus. We still have a steady stream of investors qualified to buy,” she said.
“The coast is still being looked at favourably for investors looking for dual-living purpose to have a foothold here and in Sydney.
“It’s a good time to buy. There’s a good selection and you are able to do your due diligence around what value for money is. It’s just a case that it’s always changing, we just need to align with it.”