Central Coast Property Market Update 1st Half of 2020
In Q1 2020, Hamlyn Terrace recorded a median house price of $620,000, and a median unit price of $465,000. This is an annual (Q1 2019 – Q1 2020) median price growth of 5.1% for houses and a price softening of -2.1% for units. Between Q1 2019 – Q1 2020 total house sales slowed by -8.5% (to 377 sales), while unit sales increased by 1.2% (to 82 sales). Opportunities exists in both markets. With the median house price increasing despite less sales, now is the time to sell. Unit buyers can benefit from more affordable pricing.
The average days to sell a house in Hamlyn Terrace has declined sharply in the 12 months to Q1 2020, to just 61 days. This suggests buyer demand is on the rise as homes are selling more quickly. Units also saw a decline in average days to sell, down to 88 days. The unit market is also increasingly attractive to buyers.
Over the past 12 months, house rental yields in the Hamlyn Terrace tightened to sit at 3.5% in December 2019. This is on par with Central Coast LGA and much higher than Sydney Metro (2.7%). Combined with a 7.8% increase in house rental demand over the past 12 months to Q1 2020, this confirms a healthy rental market in Hamlyn Terrace.
2 bedroom houses have provided investors with +2.9% rental growth annually, achieving a median rent of $360 per week.
Hamlyn Terrace recorded a vacancy rate of 2.3% in December 2019. Although this is representative of an increasing trend over the past 12 months, it is a vacancy rate that is still marginally lower than Central Coast LGA (2.5%) and much lower than Sydney Metro (3.6%). This confirms there is a healthy rental demand in Hamlyn Terrace, and given the lower median entry price compared to Sydney Metro, it is an investment hotspot for those looking for affordable alternatives.