r/centralcoastnsw • u/19mils • 16d ago
Central coast house prices still strong
https://www.realestate.com.au/news/record-price-nonoceanfront-home-at-copacabana-of-53m/Contrary to media reports which are all doom and gloom, I note that property prices on southern end of the Central coast have held up very well. What do you think?
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u/AbbyTheFoxx 16d ago
Personally, I can at least confirm that rent is stronger than ever š
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u/Cinnamonb__ 13d ago
How much do you pay for rent? :(
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u/AbbyTheFoxx 13d ago
585/wk for a 3 bed/1 bath which is damn lucky on the coast. That's after it went up roughly 9% from 535 in July
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u/UncyReddit 10d ago
rent increases were always on the cards with this policy. It is going to stifle supply as developers and land owners will landbank, hoping for a policy reset. Or they'll downscale projects due to reduced demand. Long term the rental supply will tighten.
I always thought affordability needed to be addressed by fixing supply and this policy does nothing to do this, in fact it does the opposite.
very grateful to not be renting.
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u/Fuzzybricker 16d ago
As prices continue to fall it will eventually become cheaper to buy than to rent. Good luck, you'll get there soon.
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u/RAAFStupot 16d ago
Lol all the agents I know at that end of the coast are spewing because nothing's selling...
Prices might not be falling, but that's because they're not selling.
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u/SqareBear 16d ago
Its far from Sydney. If houses in Sydney fall then CC will fall, as Sydney is more affordable & preferred by most.
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u/Critical_Wallaby9285 15d ago
I think I was sick of paying shitty real estates and greedy landlords over $650 rent for shitholes on the southern end of the Coast from the 70's and 80's that are falling apart and they refuse to fix so I moved further up and I'm paying the same money for a modern home and better service from my RE and we can finally afford to start saving for a home.
Fuck Central Coast RE's with the fire of a thousand suns for overrating dumps like Copa to drive up prices and also fuck Central Coast RE's in general.
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u/CuriousLands 11d ago
I feel you haha. Same in Sydney too. I jokingly call ours the house-goblin sometimes.
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u/monochromeorc 16d ago
doesnt explain the uptick in desperate pamphlets i keep finding from agents desperate for more listings
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u/Blammo32 15d ago
The article is obviously a hit piece aimed at Albaneseā¦ āhey, property prices are crashing but not for the PMā, etc.
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u/barseico 15d ago
All about yields now - with investors removed from the 'buy side' the 'sell side' has to adjust if they want to sell to owner occupier buyers.
With Apra 3% buffer lending rules and 6x DTI the price of property returns back to productivity and incomes of the local people, not speculation with cheap money that forced local people out in the first place.
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u/Jorge-Tremendous 11d ago
A lot of doom and gloom from the capital cities but in regional centres its no different under $1.5m
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u/Cute-Cardiologist-35 15d ago
Ignore the media beat up! Overpriced dumps asking over a million near a beach are not selling, reasonably priced homes under a million get snapped up. Iām selling elsewhere and buying here, itās all relative, the market is leveling out
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u/AtmospherePatient 13d ago
If you're paying $5 million for a house in Copacabana then you've got too much money, you're an idiot, or both.
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u/Mr_Tiggywinkle 16d ago
Isn't that just an article about a single 5m dollar house?
Oh good. That's really relatable to me and representative of the regular home buyer.