Central Coast Real Estate Market Update 2024

Central Coast Real Estate Market Update 2024: 

Can you believe how fast 2024 is flying by? 

It feels like we just rang in the New Year, and now we’re already counting down to Christmas! But amidst the whirlwind, the Central Coast real estate market has been making impressive strides. 

At Sharp Property Buyers, we pride ourselves on being the local Central Coast market experts and we’re excited to share our insights on the past six months and what’s ahead as we round out the year.

The First Six Months: 

1. Steady Growth

The Central Coast property market has demonstrated consistent growth and resilience over the past six months. 

According to CoreLogic’s June 2024 report, house prices in the region have increased by an average of 3.5%. This steady rise reflects the strong demand and the inherent value of properties in our beautiful coastal region. 

On the ground, we’ve seen this firsthand as more buyers are attracted to the lifestyle and affordability of the Central Coast. 

2. High Buyer Demand

Our team has observed consistently strong buyer demand, particularly from those looking to relocate from Sydney. 

The Central Coast’s appeal lies in its affordability compared to Sydney’s real estate market, the location, and its stunning coastal lifestyle. 

Domain’s recent analysis confirms that Central Coast properties have been selling rapidly, with an average time on market of just 28 days. 

3. Strong Rental Market

The rental market on the Central Coast has also been thriving. Vacancy rates have remained low, around 1.5%, while rental prices have increased by 4%, according to SQM Research. This trend provides investors with excellent returns and underscores the region’s attractiveness for rental property investments. This trend aligns with rental markets across Australia, where vacancy rates are at historic lows, and rents have reached record highs.

We agree with these findings as our clients have enjoyed consistent rental income with minimal vacancy periods, making the Central Coast a reliable market for long-term rental investments.

4. Investor Activity

Investor activity has been notably strong over the past six months. 

According to a recent report by the Real Estate Institute of NSW, the number of investment properties purchased in the region increased by 8% compared to the same period last year. 

5. Infrastructure Enhancements

Significant infrastructure projects have continued to enhance the Central Coast’s attractiveness. 

The completion of the NorthConnex tunnel has reduced travel time to Sydney, making the Central Coast a more viable option for commuters. Additionally, upgrades to the Pacific Highway and ongoing improvements to local amenities have made the region even more appealing for both residents and investors. 

We’ve seen the positive impact of these developments, as clients frequently mention improved connectivity and enhanced local amenities as key factors in their decision to invest or relocate here.

Forecast For July to December 2024:

1. Continued Price Growth

We predict that the Central Coast real estate market will continue to experience price growth. 

According to ANZ’s housing market forecast, house prices could potentially increase by 2-3% by the end of the year. Further, a report by Domain predicts that house prices across Australia will continue to rise in FY25, although at a slower pace than in previous years, driven by constrained supply and increasing demand. 

This positive trend we are seeing on the ground is largely driven by sustained buyer interest from Sydney and the enduring attractiveness of our region. Many Sydney-based buyers are drawn to the Central Coast for its more affordable housing options without compromising on lifestyle. The ability to work remotely has further fuelled this trend, as professionals seek a better work-life balance. 

Beyond affordability, the Central Coast offers a unique blend of coastal and rural living, excellent schools and expanding local amenities. This combination has made the area appealing to both families and retirees, increasing demand and supporting price growth. We see this trend in our daily interactions, with clients consistently expressing enthusiasm about the quality of life and value for money the Central Coast provides, in comparison to Sydney. 

2. Market Confidence

Consumer confidence in the Central Coast market remains high. 

A recent survey by the Property Council of Australia indicated that 75% of respondents believe the Central Coast is a good place to invest. This confidence is bolstered by the region’s strong economic fundamentals and positive market outlook. 

A report by Domain echoes this sentiment, noting that despite challenges like rising interest rates, the overall outlook for property markets remains positive, particularly in regions like the Central Coast where demand continues to outstrip supply.

We share this optimism, having seen firsthand the positive experiences and returns our clients have achieved.

3. Stable and Lucrative Rental Market

The rental market is expected to remain stable, with low vacancy rates ensuring consistent rental yields. This reflects the broader trend across Australia, where renters are under pressure from record-high rents and tight vacancy rates.

According to the latest data from SQM Research, the Central Coast’s vacancy rate has consistently been around 1.5%, one of the lowest in New South Wales. This low vacancy rate is a strong indicator of high demand for rental properties, ensuring that landlords can expect minimal downtime between tenants and stable rental income. 

It’s Time to Make Your Move! 

As we rapidly approach the end of the year, with Christmas lights and decorations just around the corner, the Central Coast real estate market continues to shine brightly. 

With steady price growth and strong buyer demand, now is an opportune time to make your move. 

At Sharp Property Buyers, we’re here to help you navigate this dynamic market and achieve your real estate dreams. Our deep understanding and experience of the Central Coast market positions us as the experts you can trust. Our team’s local knowledge and expertise enable us to navigate the market’s nuances and provide you with strategic advice tailored to your needs.

For more information or personalised advice, contact us for a Discovery Call today. Our expertise is your advantage in the Central Coast property market.

References:

CoreLogic. (2024). Housing Market Update – June 2024.

Domain. (2024). 2024 and 2025 Property Market Predictions. 

SQM Research. (2024). Vacancy Rates Report – June 2024.

Real Estate Institute of NSW. (2024). Investment Property Report.

Property Council of Australia. (2024). Consumer Confidence Survey.

ANZ. (2024). Housing Market Forecast 2024.