Four of the most affordable suburbs on the Central Coast
It’s no secret that Sydney’s median sale price of over $1,000,000 has pushed many buyers out of that market. Despite some reports drumming up hysteria about buyers being forced to mass migrate to other states, investors looking for an affordable property close to Sydney need not let go of the dream of buying in a waterfront suburb.
After analysing data about the last year’s sales, The Property Market has identified four of the most affordable suburbs on the Central Coast, and the good news is they’re all lakeside areas.
Chain Valley Bay: With a median house sale price of $480,000 and a median unit sale price of $439,000, Chain Valley Bay is situated on the southern end of Lake Macquarie and represents excellent value for buyers. With few units leased in the suburb, the median rental price of houses is $380 per week.
For sale: 52 Trevally Avenue, Chain Valley Bay
Lake Munmorah: Immediately south of Chain Valley Bay and nestled along the shoreline of Lake Munmorah and west of Munmorah State Conservation Area, the suburb of Lake Munmorah has a median house sale price of $491,000 and unit sale price of $300,000. With median rentals of $400 and $310 respectively, we can see why Lake Munmorah may be an interesting prospect for investors on the Coast.
Just sold: 4 Lauren Avenue, Lake Munmorah
Gorokan: Always a popular suburb for The Property Market’s clients – owner/occupiers, investors and tenants alike – Gorokan’s median house price is $500,000 and unit price is $385,000. With median rental prices for houses at $365 and units at $305, Gorokan is an affordable location for tenants, and its location, fronting onto both Budgewoi Lake and Tuggerah Lake, means that demand for rentals is high.
Canton Beach: Located between Toukley and Norah Head, and the home of a popular holiday park, Canton Beach sits on the north-eastern shore of Tuggerah Lake. Canton Beach offers a median house sale price of $530,000 with median rental of $370, and a median unit sale price of $222,500 with median rental of $310.