As Sydney’s population pushes past the once unthinkable 5-million mark and housing prices continue to soar, it should come as no surprise that Sydney’s new property buyers and avid property investors are looking to spread their wings in new, uncharted directions.
But this begs the question, if not Sydney – where?
A quick check of the map shows that if buyers in Sydney are looking to escape the hustle, price, and competition of the big smoke, they are presented with a very appealing proposition – the Central Coast of New South Wales.
Situated a little over one hour north of the Sydney CBD and an easy commute down the toll-free M1 motorway is the Central Coast – one of property’s best kept secrets and an area that has been commanding new interest and attention in a post-COVID hybrid-work loving world.
Home to some of Australia’s greatest beaches and an avid local community that insists that they would never live anywhere else, the Central Coast presents a new, value-packed opportunity for first home buyers, young families, retirees, and property investors that are looking for a change. In this article, we’ll take a look at some of the Central Coast real estate market, unpack the pricing trends, and provide some proven, industry-insider advice on what property buyers on the Central Coast should be looking for in 2023.
Why Buyers Are Choosing the Central Coast?
Well, for starters, greater work flexibility and a burgeoning Sydney population means that buyers that were once destined to join the Sydney property market rate race are looking for new, affordable options that offer increased lifestyle incentives without forgoing city access.
For those that have visited for an extended period or have simply enjoyed a day trip, there is no escaping the coastal charm of the Central Coast. The relaxed lifestyle, big city matching amenities, and access to unspoiled beaches and nature reserves makes the Central Coast an appealing proposition. Further, the average house and apartment price difference of 34% and 49% respectively (figures as of Q1. 2023) means that buyers can get a lot more bang for their buck.
For those looking to invest, the upsides are almost as appealing as those looking for buyer/occupier opportunities. Consistent growth in popular Central Coast hot spots like Gosford, The Entrance, and Morisset means that investors can enter at an equivalent point to where Sydney’s property market may have been some 10-15 years earlier.
Central Coast Critical Stats
Before we dive into the property market trends Central Coast residents can expect for 2023, let’s take a look at the heart of the area, the population demographics, and the prominent areas that make the Central Coast tick.
Population: 348,930
Population density: 207.5 persons per square km
Population Growth Rate: 0.59%
Median Age: 43
Number of private dwellings: 152,706
Median household size: 2.5
Median weekly household Income: $1,507
Median monthly mortgage repayments: $2,000
Prominent areas/suburbs: Gosford, Erina, Wamberal, Avoca Beach, Bateau Bay, Macmasters Beach, Terrigal, The Entrance, Morisset, Kincumber
Distance to Sydney: ~88km
Central Coast House Market Snapshot 2023
The median house price on the Central Coast saw a modest growth of 1.1% in 2022. With modest growth rates across housing and property supply remaining (comparatively) strong in the early stages of 2023, we expect those numbers to look very different in the coming 12 months.
Central Coast Apartment Market Snapshot 2023
The median apartment price saw a stark rise over the past 12 months, with prices spiking by a whopping 9.5% in 2022 in light of a new, younger buying market, and cashed up investors looking to make their market on what is still an undervalued market. As apartment supply has slowed to begin the 2023 calendar year, we expect strong growth rates to continue.
Predicted Growth Suburbs on the Central Coast for 2023
If you’re looking for a complete list of the best investment suburbs on the Central Coast for 2023, you can check out our list. Otherwise, here is an overview of the suburbs that we expect to grow over the next 12 months and how they have performed in the preceding 12 month period of 2022/23.
1. Terrigal, 2260
Median house price: $1.5 million (Real Estate, 2022-2023)
Median unit price: $1.2 million (Real Estate, 2022-2023)
Median weekly rent: $520 (ABS, 2021)
Median weekly household income: $2,056 (ABS, 2021)
Population: 12,730 (ABS, 2021)
Private dwellings: 5,743 (ABS, 2021)
2. Woy Woy, 2256
Median house price: $964,000 (Real Estate, 2022-2023)
Median unit price: $650,000 (Real Estate, 2022-2023)
Median weekly rent: $380 (ABS, 2021)
Median weekly household income: $1,151 (ABS, 2021)
Population: 11,072 (ABS, 2021)
Private dwellings: 5,350 (ABS, 2021)
3. East Gosford, 2250
Median house price: $1,010,000 (Real Estate, 2022-2023)
Median unit price: $750,000 (Real Estate, 2022-2023)
Median weekly rent: $380 (ABS, 2021)
Median weekly household income: $1,330 (ABS, 2021)
Population: 4,391(ABS, 2021)
Private dwellings: 2,215 (ABS, 2021)
4. Copacabana, 2251
Median house price: $1,930,000 (Real Estate, 2022-2023)
Median weekly rent: $520 (ABS, 2021)
Median weekly household income: $2,276 (ABS, 2021)
Population: 7,513 (ABS, 2021)
Private dwellings: 3,649 (ABS, 2021)
5. Avoca Beach, 2251
Median house price: $1.6 million (Real Estate, 2022-2023)
Median unit price: $1,125,000 (Real Estate, 2022-2023)
Median weekly rent: $530 (ABS, 2021)
Median weekly household income: $2,358 (ABS, 2021)
Population: 4,708 (ABS, 2021)
Private dwellings: 2,210 (ABS, 2021)
6. Killarney Vale, 2257
Median house price: $830,000 (Real Estate, 2022-2023)
Median weekly rent: $400 (ABS, 2021)
Median weekly household income: $1,524 (ABS, 2021)
Population: 7,491 (ABS, 2021)
Private dwellings: 2,979 (ABS, 2021)
7. Toukley, 2263
Median house price: $750,000 (Real Estate, 2022-2023)
Median unit price: $497,500 (Real Estate, 2022-2023)
Median weekly rent: $340 (ABS, 2021)
Median weekly household income: $1,044 (ABS, 2021)
Population: 4,557 (ABS, 2021)
Private dwellings: 2,358 (ABS, 2021)
8. Ettalong Beach, 2257
Median house price: $1,166,680 (Real Estate, 2022-2023)
Median unit price: $830,000 (Real Estate, 2022-2023)
Median weekly rent: $390 (ABS, 2021)
Median weekly household income: $1,077 (ABS, 2021)
Population: 5,161 (ABS, 2021)
Private dwellings: 3,038 (ABS, 2021)
9. Bateau Bay, 2261
Median house price: $1 million (Real Estate, 2022-2023)
Median unit price: $686,500 (Real Estate, 2022-2023)
Median weekly rent: $400 (ABS, 2021)
Median weekly household income: $11,475 (ABS, 2021)
Population: 12,516 (ABS, 2021)
Private dwellings: 5,204 (ABS, 2021)
10. Umina Beach, 2257
Median house price: $1,030,000 (Real Estate, 2022-2023)
Median unit price: $815,000 (Real Estate, 2022-2023)
Median weekly rent: $400 (ABS, 2021)
Median weekly household income: $1,421 (ABS, 2021)
Population: 17,372 (ABS, 2021)
Private dwellings: 7,861 (ABS, 2021)
The Central Coast Property Market Beyond 2023
As mortgage and home loan experts servicing the Central Coast, we’ve been privy to the fever pitch demand that has enveloped the Central Coast in a post-COVID world. As more workers enjoy remote and flexible working opportunities, we expect to see strong growth rates continue, which will be a catalyst behind increased demand and prices for buyers and investors on the Central Coast.
