NSW Central Coast still a good buy?

Central coast prices has risen significantly over the last two years. What used to be 550K two years ago is now easily 800K today. Is there still any potential for investment there or have I missed the boat.

Also in terms of suburbs, how are blue haven, san remo, noraville, wyoming, springfield? Are they good suburbs? Any I should avoid in general, I don't really know the central coast.

Also how was the area in terms of flooding a month ago, were they prone to flooding?

 

We were actively looking in one suburb not far from Gosford last year and the market was crazy back then. Only few listings and it went under offer after first open. Then they started going auction.
Looking at it now, there's heaps of listings (still same suburb) and staying longer on the market so its definitely changed.
Can't comment on the suburbs you mentioned so it might be a different story.

 

$800k, are you talking about an apartment? Land sells for $600k + for small blocks these days. $1m-1.m is the floor now unless lots of reno to do.

 

CC is a runaway train...too fast and too far IMHO.

 

No, I was referring to houses. The 800K was just an example of some that I saw rise, still quite good condition albeit it is on the older side. But you are right, if you want something newer, its more on the $1mil + mark.

But growth there has been huge! Its stablised somewhat now so not sure whether it is still worth investing there.

 

rental vacancy close if not zero in most pockets so what ever you rent out will be applied for. You set the price.

 

There's potential everywhere, if you know what to look for, and you keep your nose to the ground. But it takes work to find it sometimes. Many places are currently coming off the boil, but that doesn't mean that there's nothing good to be found.

If you don't know the area, and that's the area you've decided you'd like to invest in, don't ask strangers on a forum 'what's it like'. Instead, go there, drive the streets, learn why or why not an area may be good for you. After all, your criteria for a property might be miles apart from what someone else wants in a property.

 

I thought property always went up? Lol sounds like millennial just tell me what to do!

 

+1 ! We bought our IP early last year in the north side of CC nearly Noraville. Spent 3 months driving up every single Sat, checking out the streets and local shops; keeping ourselves abreast with the market trend, chasing listing agents for off market opportunities, maintaining relationship with local rental agents, making offers.

Looking back now, the comparable sales now sitting around +25%. Performance is OK given its our 1st IP. But we have learnt tons from the process

Back to OP's question, I do see listings are taking longer time to sell; but price is not gone down. Like Skater said, there is always opportunity, for me I would still keep an eye out for opportunities where i can purchase under its intrinsic value with value adding potential.

Hope that helps

 

Which is exactly what we did when buying on the Gold Coast. Flying up every weekend was not convenient, nor a cheap exercise, but it's what we needed to do.

 

Hi @giraffez - I bought a 4-bed house in late 2017 in Lake Munmorah for $480k and it is now worth $700k at least - I was also looking around Blue Haven at the time, which also had great value houses.

I feel as though we have probably moved past the ideal time to invest in the central coast, however given that interest rates have just risen (and will likely continue to rise in the foreseeable future), you might find prices decreasing in these areas in the coming months, so may be worth waiting it out.