The prices for houses sold in December 2019 have been released and we have updated the 46 Central Coast suburbs that produce the chart below.
As you can see, Central Coast Median House Price is starting to lift (slightly)
The September median was $640,178 and the December result is $643,883.
We are now only 5.17% below the peak of $679,010 in October 2018.
The following details were observed from these new numbers:
- The median house price increased for 19 suburbs, decreased in 16 suburbs and remained the same in 11 suburbs (Nov to Dec).
- 23 of the 46 suburbs have a median house price that is lower than the $650,000 amount where first home buyers don’t pay stamp duty. This result has dropped by 2 suburbs since September 19.
- Three suburbs, Avoca Beach and Wamberal have a median house price over $1,000,000. North Avoca recently dropped just below $1,000,000.
- 11 of the 46 suburbs have a median house price under $500,000. This has dropped from 14 in September 2019.
- The 5 biggest housing suburbs, Umina Beach, Bateau Bay, Terrigal, Woy Woy and Gorokan have either stabilised or grown their median house price.
- Only 6 of the 46 suburbs have a median house price above $800,000 (Avoca Beach $1,030,000 > North Avoca > Wamberal > Forresters Beach > Copacabana > Terrigal $906,250).
On the mortgage front, amazingly, all but one of the 32 lenders on our panel have passed on the full 0.25% rate cut to their variable mortgage products. This has pushed the more competitive lenders down to the 2.65% p.a. to 2.75% p.a. level on their Principal and Interest repayment Home Loans (owner-occupied).
As we potentially head into an economic downturn, now is the time to get your finances in order with a competitive mortgage.
Please give me a call or send me an email if you have any questions at all.