“Affordable” Coast gaining popularity among first home buyers

The Central Coast is proving to be a top choice for first home buyers with suburbs in two postcode areas – 2259 and 2250 – making the list of top 10 locations for property sales in NSW.

InfoTrack has released its Property Market Update Q3 2024, naming the suburbs with the highest volume of sales to first home buyers from July 1 to September 30 this year.

The postcode 2259, which covers 42 Central Coast suburbs including Wyong, Tuggerah, Warnervale, Cedar Brush Creek, Dooralong and Gwandalan/Summerland Point, made it on the top 10 list for the first time, debuting in eighth position.

It joins nearby postcode 2250, covering another 34 Central Coast suburbs, including Erina, Gosford, and Kariong, which has appeared in the top 10 four times over 2023 and 2024; most recently in eighth position in Q1 this year.

InfoTrack’s Head of Property, Australia, Lee Bailie, said the region had seen a boost in popularity.

“The Central Coast is a lifestyle destination, with an array of attractive beaches, surfing hot spots, and national parks, but still offers every amenity for modern living, and is commutable to Sydney,” he said.

“Its relative affordability makes it a great option for first home buyers.”

The remaining eight postcode locations on the top 10 list were in Greater Western Sydney.

Number one for first home buyer house sales for Q3 was postcode 2170, encompassing the Western Sydney suburbs of Casula, Chipping Norton, Liverpool, Mount Prestons, and Moorebank, which was up from second place in Q2 2024.

In second position was postcode 2560, which covers 19 Western Sydney suburbs including Airds, Campbelltown, Glen Alpine, Leumeah, St Helens Park, and Woodbine.

Postcode 2145, encompassing Girraween, Greystanes, and surrounds rounded out the top three.

“New entrants for this quarter compared to last quarter include postcodes 2148 covering Blacktown, 2747 covering Shanes Park, 2259 covering Wyong, and 2250 covering Gosford,” Bailie said.

The InfoTrack report also found an increasing number of first home buyers were opting for strata properties, with more than 54 per cent last quarter buying a unit rather than a house.

“House transactions have had an almost five per cent drop among this buying cohort this year, decreasing from 47.14 per cent in Q1 to 43.1 per cent in Q2, now only maintaining 42.91 per cent share in Q3,” Bailie said.

“This is due in part to an increase in medium to high density housing developments which are being purchased off the plan, and the greater affordability that apartments and units offer.”