Central Coast homes have always been a valuable attraction for homeowners. But a new report reveals that the region now could be home to some of the best-value beach properties in all of Australia.
Central Coast homes offer great sea views, and excellent amenities and provide close access to major cities like Sydney, Newcastle and Wollongong with prices falling dramatically compared to similar-profiled suburbs nationwide.
The report from Realestate.com.au revealed that prices within the region fell by an average of 6% – one of the steepest drops anywhere in Australia.
Considering the area had some of the fastest rising house prices only as far back as 2020, it marks a remarkable opportunity for anyone wanting to invest in a beachside home. So what has happened to cause Central Coast homes to drop so far?
Understanding the national figures
In the report by Realestate.com.au, their yearly assessment of suburban prices revealed in January 2024 that house prices dropped tremendously in several surprising areas.
Noted for their strong performance during the pandemic eras, it was beachside suburbs that now were seeing rapid drops in property value. The highest concentration of these price drops came in three areas: the Central Coast in New South Wales, Sydney’s Northern Beaches and the Mornington Peninsula in Victoria.
Out of these areas, the Central Coast experienced many of the steepest drops. The biggest drop could be found in Forrester’s Beach where the average home value dropped by 11.4% to $1.46m – a staggering drop of $187,486.
Just to the south, the neighbouring suburb of Wamberal didn’t fare much better with house prices falling by 7.6% to an average of $1.65m – a decrease of $135,902.
These were just a snapshot of the scale that prices fell on Central Coast homes – with 5 of the 10 biggest price drops nationwide occurring in the region. This included other former property hotspots such as Avoca Beach, Copacabana and North Avoca.
Outside of the Central Coast, the biggest drops in prices could be found in Victoria – particularly around the Mornington Peninsula. Areas such as McCrae and Rosebud suffered significantly as homeowners flocked back towards Melbourne for cheaper house prices.
The report underlined that these significant prices fell due to rising interest rates forcing homeowners to consider suburbs with more affordable housing closer to the city.
Central Coast suburbs where prices have dropped
Forrester’s Beach
Best known as one of the best surf spots on the NSW Coast, Forrester’s Beach provides the perfect opportunity to live in a coastal paradise. The suburb is situated halfway between Sydney & Newcastle and is also close to other major towns such as Gosford.
While house prices have bounced back in 2024 to just over $1.5m, the suburb offers excellent value for money and is still a much cheaper alternative to similar areas that are closer to Sydney or the Illawarra coast.
Population: 2,900
Average House Price: $1.56m (May 2024)
Average Rental Price: $750 p/w (May 2024)
Wamberal
Based around the Wamberal Lagoon, the town itself has become a thriving spot in recent years. Much of the town’s property has developed around the lagoon itself giving homeowners stunning views overlooking the water.
Prices in the town have dropped significantly in the past few years making this one of the hottest property markets in the area. Since a peak of $1,9m in Jan 2023, prices have fallen by an average of 7% to a new average of $1.65m. There has been a remarkable drop in unit prices with prices dropping by a whopping 38.1% with an average price of $897,000. These huge drops mean there’s never been a better time to buy in such a valuable area.
Population: 6,300
Average House Price: $1.65m (May 2024)
Average Unit Price: $897,000 (May 2024)
Average Rental Price: $740 p/w (houses), $530 p/w (units)
Avoca Beach
One of the best surf spots in all of Australia, Avoca Beach attracts just as much in tourists as it does residents. But don’t think that makes this town a sleepy community with it being a thriving hub to own and live daily.
Whilst the average house price sits at $1.52m, families wanting to own a three-bed home will find property averaging at just $1.25m – significantly under the regional average. This is a remarkable turnaround as the region was averaging property prices above $1.7m only as far back as October 2022. Three-bedroom units have also dropped tremendously in price with them now sporting an average price of $1.3m – a considerable drop from their peak value of $1.53m in October 2022.
Population: 4,584
Average House Price: $1.52m (May 2024)
Average Unit Price: $1.3m (May 2024)
Average Rental Price: $850p/w (house), $660p/w (unit)
Copacabana
Named after the famous beach in Rio, the suburb of Copacabana also boasts one of the best beaches in all of New South Wales. The suburb is an offshoot from another popular beach area – McMasters Beach – and is situated on a small peninsula split by a small lagoon.
The area had been one of the most exclusive property spots in all of NSW with house prices easily exceeding past $2m in November 2022. However, the area has seen prices fall making these Central Coast homes much more affordable. The average house price in Copacabana is now sitting around $1.72m – a drop of over $20% from its peak. Even compared to house prices in 2023, the average house price has fallen by 10.2% making it a must-watch area for prospective buyers with a three-bedroom home costing an average of $1.45m
Population: 2,735
Average House Price: $1.7m (May 2024)
Average Rental Price: $750p/w (house)
The Entrance
Situated in the northern part of the Central Coast, few places have a look and feel like The Entrance. Bounded on three sides by the sea, the town crawls its way along a small peninsula giving stunning views no matter where you look.
And this small town boasts some of the most affordable Central Coast homes anywhere on the market. Once sporting an average price of $1.1m, the value of homes has dropped considerably with average prices sitting at $975,000. For those looking to purchase a unit in the area, these figures are even cheaper with the average unit price sitting at $660,000. With these prices significantly lower than other suburbs in the Central Coast area, The Entrance boasts the best place to own a property in this stunning and thriving part of New South Wales.
Population: 3,873
Average House Price: $975,000 (May 2024)
Average Unit Price: $660,000 (May 2024)
Average Rental Price: $550 p/w (house), $460 p/w (units)
Buying Central Coast homes today
Seeing how much prices have fallen across the Central Coast, it’s not surprising that the area has attracted attention from buyers nationwide. The excellent access to large cities, stunning seascapes and pristine beaches only adds to their charm.
It’s why choosing to buy Central Coast homes is a choice of many buyers today. To seek out the best options for purchasing a home, speak to a Wise Buy Home Lender for guidance today. Our Central Coast property experts can give you all the advice you need to work out the best way to get on the property ladder today. Visit our Central Coast team now to see how they can help you find a selection of Central Coast homes that sit amongst the best beaches in Australia.
With Wisebuy Home Loans, you can choose and select from great home loan deals tailored to your needs. Call them at 02 4961 4985 or email admin@wisebuygroup.com.au.
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