First home buyers are driving much of the Central Coast’s house price growth.
The latest Domain House Price Report out today shows the median home will set us back around $650,000. That’s an increase of 1.6% since last year.
But Domain’s Dr Nicola Powell says apartments saw the biggest jumps locally, they now typically cost $490,000.
“Units grew 1.6% over the last quarter and 4.7% over the year,” Dr Powell says.
“When you compare it to all the other regions within the Greater Sydney catchment, the Coast is outperforming all of those regions: It’s the most affordable area, and I think it’s that activation of First Home Buyers, we are seeing them move and migrate up to the Central Coast.”
Elsewhere Sydney House Prices have fallen 4.5% over the past year. While a house at Lake Macquarie will set you back an average of $522,000, an annual increase of 6%.