Sales Activity Exceeding $1 million dollars
1st Quarter 2007 : 1st Quarter 2008 : 1st Quarter 2009
| Post Code | Total No. of Sales | ||
|---|---|---|---|
| Jan - Jun 2007 | Jan - Jun 2008 | Jan - Jun 2009 | |
| 2261 | 21 | 6 | 10 |
| 2260 | 48 | 16 | 26 |
| 2257 | 15 | 12 | 14 |
| 2256 | 15 | 7 | 6 |
| 2251 | 28 | 18 | 11 |
Post Code 2251 - Avoca Beach, Copacabana, MacMasters Beach
Post Code 2256 - Pearl Beach
Post Code 2257 - Booker Bay, Daleys Point, Killcare
Post Code 2260 - Forresters Beach, North Avoca, Terrigal
Post Code 2261 - Blue Bay, Magenta, North Entrance, The Entrance, Toowoon Bay
Residential Sales Data - Gosford City & Wyong Shire
As part of our ongoing market analysis our company carries out a review of residential sales data for specific suburbs within the Wyong Shire and Gosford City local Government area over quarterly periods. The sales data for selected suburbs over the quarterly periods is then compared to the corresponding quarter from the previous year. The quarterly analysis is based upon total number of sales within a suburb, total value of sales within a suburb and median sale price for the suburb in that particular quarter. A tracking of these statistics analysed over the quarter for the previous year enables us to assess the change over a 12 month period. As new quarterly sales information becomes available for the relevant suburbs our residential sales data tables will be updated.
The residential sales data is based upon an analysis of residential sales only within the selected suburbs and specifically excludes inter-party/family transactions, strata unit sales, sales covering development sites and sales of rural/hobby farm properties.
Residential Sales Data - Gosford City 2010 (annual result)
| Suburb | Jan - Mar 2010 | April - June 2010 | July - Sept 2010 | Oct - Dec 2010 | ||||
|---|---|---|---|---|---|---|---|---|
| No. of Sales | Median Sale Price | No. of Sales | Median Sale Price | No. of Sales | Median Sale Price | No. of Sales | Median Sale Price | |
| Copacabana | 10 | $535,000 | $ | $ | $ | |||
| Kariong | 24 | $383,750 | $ | $ | $ | |||
| Kincumber | 24 | $355,000 | $ | $ | $ | |||
| Terrigal | 50 | $560,000 | $ | $ | $ | |||
| Umina Beach | 65 | $365,000 | $ | $ | $ | |||
| Wamberal | 25 | $587,000 | $ | $ | $ | |||
| Wyoming | 36 | $329,000 | $ | $ | $ | |||
Market Prediction for 2004
Central Coast property strengthened significantly in value throughout the year 2003 with value increases ranging generally from between 15% and 30%. During the same period house prices in Australia's largest cities also grew substantially, particularly in Sydney, Melbourne and Brisbane, however slowed towards the end of the year. Smaller cities such as Brisbane, Adelaide and Canberra have continued to strengthen in market value. It is our opinion that the Central Coast residential market remained strong throughout 2003, however demand did slow around mid October towards the end of the year. This coincided with considerable media talk surrounding interest rate increases.
As reported in the "Your Mortgage Magazine" housing affordability for first time home buyers fell to record low levels in 2003 despite a slow down in a number of properties sold at auction. At the end of the year 2003 first home buyers accounted for less than 14% of all new home loans. The sharp fall in home affordability is generally believed to be a result of increasing house prices combined with interest rate increases towards the end of the year 2003. Housing affordability is now lower than it was in 1989 when official interest rates were 17%.
It is common knowledge that demand from investors for property in the major capital cities had weakened significantly towards the end of 2003. This has resulted in many "off the plan" units and apartments in high rise buildings slowing significantly. It is even reported that prices are now heading backwards in some inner city areas of Sydney and Melbourne.
Most financial industry experts are tipping higher home loan rates in 2004. The majority of financial analysis's expect interest rates to climb throughout the year.
Early indications in 2004 indicate the Central Coast residential market remains strong, however increases in residential property prices are likely to level out with market movements more in keeping with inflation rates rather than the strong gains of the past year. It is our opinion that areas of the market likely to be hit hardest by downward market movements would be the unit markets within The Entrance and Gosford town centres.
We are of the opinion the residential real estate market on the Central Coast will remain high and more than likely will not retreat. Some unit prices in the expanding areas of The Entrance and the Gosford Central Business District may ease, however interest should remain steady. An over supply of units in both of these town centres may be an emerging issue in the year 2004.
For those people considering investing in the Central Coast real estate market, higher mortgage repayments should be expected as interest rate rises occur during the year and expectations are that house prices may slow but are not likely to go backwards.
Property is now a national Australian obsession and the Central Coast, being the dynamic market that it is, should remain strong throughout 2004.