Rent prices on the Central Coast are in the second highest bracket of all regional areas in NSW but according to a new property data report, rentals on the Coast have risen the least compared to other areas in that bracket.
The CoreLogic Regional Market Update released this week is the latest quarterly regional report analysing Australia’s largest significant urban areas (SUAs) other than capital cities.
It examines performance across dwelling values and rentals for the quarterly period up to January 2024.
Central Coast’s median rental value of $620 hovers in the second-highest rental bracket in NSW (the $600s), with the highest rents in the state being Ballina $731, Bowral-Mittagong $710, Byron Bay $1,121 and Sydney $759.
The Central Coast is in company on the $600s scale with Coffs Harbour ($631), Newcastle-Maitland ($611) and Wollongong ($669) and other regional areas range in the $500s and $400s for median rental value.
Although Central Coast is in the second-highest rent bracket, it has recorded the least annual change in rent of only 2.6 per cent, compared to surrounding regions such as Newcastle-Maitland (3.8 per cent rent rise), Wollongong (3.1 per cent) and Sydney (a whopping 10.1 per cent annual rise in rents).
Quarterly change in rental on the Central Coast was 2.2 per cent and the current gross rental yield is 3.4 per cent.
Buyers looking for a home are finding that dwelling values all across Australia are now rising faster in regional markets than in the capitals, with regional values up 1.2 per cent and capitals up 1 per cent over the three months to January.
Regional markets continue to see weaker sales counts than capital city sales over the 12 months to November 2023, and 42 of the 50 largest regional significant urban areas recorded a decline in annual sales compared to the previous year.
On the Central Coast the number of sales to November 2023 was 6,676, representing a 12-month change in sales volume (to November 2023) of 1.8 per cent.
The median property value was $919,461 – a quarterly change of 0.9 per cent and an annual change of 8.6 per cent.
Properties on the Coast, on average, remain among the highest priced in NSW with only Nelson Bay, Ulladulla, Byron Bay, Bowral-Mittagong and Sydney being more expensive, according to the CoreLogic report – and they are being snapped up quickly with a median 33 days on the market.
Sue Murray