The Central Coast median house price keeps climbing, with the most recent result in August rising to $844,165. August 2020 was only $676,235.
There are nine suburbs (with more than 800 houses) on the coast with a median of over $1,000,000 and two, Copacabana and North Avoca, with a median of over $1,500,000 (according to RP Data’s August release).
In terms of percentage growth, the top ten suburbs over the last year are as follows:
4. Avoca Beach
8. Ettalong Beach
10. San Remo
Just as importantly, for potential buyers, the ten slowest percentage growth suburbs over the last year are as follows:
1. Tumbi Umbi
4. Lake Munmorah
5. Lake Haven
6. East Gosford
7. Hamlyn Terrace
8. Mannering Park
9. Niagara Park
10. Narara & Point Clare
I should point out that even the slowest growth rate was 9% p.a., and that these are just the median house price results to August. There has been significant growth since that time.
In terms of the mortgage market, whilst fixed rates have been climbing, surprisingly, many variable rate products have been slightly decreasing.
There are also plenty of refinancing cash-back offers and discounts for lower “loan-to-valuation” ratios, which are common in markets with rising house valuations.
This might be a good time for a general review.
Please give us a call if you would like to discuss your options.
Michael Daniels & Phil Cooper