Gwandalan and Summerland Property Market Update 1st Half of 2022
In Q1 2022, Central Coast (which in this report represents sales and rental data in postcode 2259) recorded a median house price of $835,000, and a median unit price of $585,000. This represents annual (Q1 2021 – Q1 2022) median price growth of 28.1% for houses and 36.8% for units. Total sales decreased between Q1 2021 – Q1 2022, by -16.5% (to 350 sales) for houses and by -12.5% (to 2 sales) for units. The property market is undersupplied, as median price growth is alongside lower sales figures. Now is an opportune time for owners to sell and for developers to enter the Central Coast market.
Average vendor discounts between Q1 2021 and Q1 2022 have rapidly shifted for both property types, to discounts of -0.9% for houses and -0.9% for units. Market conditions in Central Coast have uniquely shifted to favour buyers in Q1 2022, as sellers are willing to offer below the initial listing price. However previous quarters suggest the opposite, thus current discount may be temporary.
House rental yields in Central Coast (which in this report represents postcode 2259) was recorded at 3.2% in March 2022, above Sydney Metro (2.3%). This was paired with a 18.9% increase in median house rental price (to $580 per week) in the 12 months to Q1 2022, and a 29.4% increase (to 326 rentals) in the number of houses rented. Average days on the market remained at a low 17 days, which all combined suggest a highly demanded rental market.
4+ bedroom houses have provided investors with +17.3% rental growth annually, achieving a median rent of $610 per week.
Central Coast recorded a vacancy rate of 0.7% in March 2022, which is slightly above Central Coast LGA (0.6%) but well below Sydney Metro’s 1.6% average. Vacancy rates in Central Coast have held steady within the 1.0% band over the past 18 months, indicating stability in high rental demand. These key indicators create a conducive and sustainable environment for investors, despite the increase in median sale prices of property over the past 12 months.
