If I had to pick a suburb on the Central Coast that people most aspire to live in, it would probably be Wamberal. The stats that you will see in the rest of this post confirms this choice. However, there are signs that things may start to cool.
Wamberal’s median house price was just $670,000 in July 2014. Fast forward 4 years to July 2018 and the Median is $1,120,000. A massive gain of $450,000 over 4 years. To put that into perspective, that is a growth rate of $9,375 per month. As you can see from the table and chart below, the growth has been surprisingly constant.
Amazingly, Wamberal’s growth story is even better than these charts suggest. The table below shows you the % growth rate for the last 10 years. As you can see, the growth from 2013 to 2014 was a massive 21.27%. The charts above don’t show that the median house price in June 2013 was close to $550,000. That would make a 5-year median house price growth rate of just over 100%.
Logic would, however, tell you that prices can’t rise at this rate forever. Over the last 25 years that I have been in the home lending business, the first signs of a downturn usually show up in the form of reduced sales numbers. The table below shows that this pattern may have started.
The last time I observed this phenomenon was in 2003. The number of house sales in the Sydney market dropped by almost 20% from the prior year. The flow on effect was 8 years of flat house prices. Then 2012 happened and the market went ballistic.
If would like to buy in Wamberal, please feel free to give me a call. The real estate and finance industries are experiencing a lot of change at the moment and I represent you, not the bank and not the vendor. Michael 0414255530.