A commutable distance from both Sydney and Newcastle, the Central Coast continues to be one of Australia’s most in demand regional areas. The Covid era surge in migration to outside of the major cities has somewhat subsided however, which is evident in how many Central Coast suburbs saw negative growth in 2023.
While most of the capital city markets saw prices go up, defying expectation, rising interest rates seem to have been felt more acutely in regional areas like Central Coast, where growth was more subdued.
As Simon Pressley, Head of Research at Propertyology, points out though, the region remains inherently attractive.
“Home to nearly 400,000 people, [Central Coast] will always be popular for people with Sydney roots and preference for less congestion,” he told Savings.com.au.
“Between 2 and 5% growth [to property values] is expected for 2024.”
According to World Population Review, the population of the Central Coast looks set to keep steadily increasing in the coming years, with annual growth projected to exceed 1% by 2026.
Linda Johnson, Director of Spring Property Buyers Agency, says this is already contributing to the areas development.
“Migration is bringing business opportunities with new eateries, specialty shops, events and industry emerging,” she told Savings.com.au.
From consultation with Ms Johnson and other experts, we’ve put together our picks for Central Coast suburbs that could be set for big gains next year.
Data has been sourced from Realestate.com.au and is current to December 2023.
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Killarney Vale (2261)
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Median price: $820,500 for houses, not enough data for units
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Median rent: $550 pw for houses, $410 for units
Those familiar with the area will know Killarney Vale property values have suffered in the recent past, after the median property price peaked at near $1 million around the start of 2022.
In last year's edition of Central Coast suburbs to watch, founder and director of Sharp Property Buyers Matt Sharp said he believed prices in Killarney Vale suffered because of interest rate rises curbing borrowing power.
“[In 2021] typically you could buy something in Killarney Vale for a million dollars, [in 2022] it has come back to around $850k because people’s borrowing capacity has come down about 20%,” he told Savings.com.au last year.
In 2023, house prices continued to fall, dropping 5.7% over the year to November ‘23.
However, Mr Sharp said at the time Killarney Vale was still ripe for long term growth, an opinion shared by Lloyd Edge, Founder and Director of Aus Property Professionals, who is tipping the suburb to recover in 2024.
"Its increasing popularity and proximity to gentrified areas, combined with affordability, mark Killarney Vale as a suburb with significant growth potential," Mr Edge told Savings.com.au.
East Gosford (2250)
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Median price: $975,000 for houses, $700,000 for units
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Median rent: $590 pw for houses, $500 for units
A short drive from both Gosford train station and the M1, East Gosford is a prime candidate for those who want to commute to Sydney from the Central Coast.
"East Gosford's appeal to Sydney relocators and its blend of modern and traditional homes position it for continued growth and development," Mr Edge said.
If you’re moving to the Central Coast because you want to avoid being in Sydney, the metropolitan area of Gosford itself, the CBD for the Central Coast, is helpfully nearby.
Kincumber, Avoca Beach (2251)
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Median price (Kincumber): $1,009,000 for houses, $625,000 for units
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Median price (Avoca Beach): $1,437,500 for houses, $1,370,000 for units
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Median rent (Kincumber): $622 pw for houses, $460 for units
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Median rent (Avoca Beach): $775 for houses, $650 for units
For those who can afford it, Mr Edge says popular tourist spot Avoca Beach is also a candidate for strong returns in the coming years.
“The suburb's vibrant community, arts scene, and strong rental returns make it a sought-after location for long-term investments,” he said.
Also within the 2251 postcode is Kincumber, which Ms Johnson says is becoming a popular choice for people priced out of waterfront areas like Avoca Beach.
"Kincumber was formerly a destination for retirees with a demographic of mainly people above 70 years old. It is now transforming with many families, couples and investors moving in," she said.
Ettalong Beach (2257)
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Median price: $1,130,000, for houses, $885,000 for units
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Median rent: $495 pw for houses, $525 for units
Similar to Kincumber, Ettalong beach is another suburb attracting younger residents priced out of the prestigious beachside areas like Avoca and Terrigal.
"Conveniently located between beaches, National Parks, Brisbane Water and the train station, it still holds its coastal charm derived from old fishing cottages and shopping village," Ms Johnson told Savings.com.au.
"There are still relatively affordable housing options attainable under $1 million, becoming a magnet for first-time homebuyers, families and investors."
Ettalong Beach also made its way onto the REA Hot 100 suburb list, despite house prices dropping nearly 10% in 2023.
Long Jetty (2261)
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Median price: $1,102,750 for houses, $755,000 for units
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Median rent: $532 pw for houses, $460 for units
Long Jetty, a suburb on the peninsula between Tuggerah Lake and the Pacific Ocean, is another suburb where Ms Johnson says demand is starting to heat up.
"This suburb is gaining attention for not only its natural beauty, but its transformation into a trendy hub of cafes, bars, fashion, homewares and other specialty stores, making it a sought after location for those looking for a peaceful yet well-connected lifestyle," she said.
Header picture by Bethany Stephens on Unsplash
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