NSW Central Coast has plenty of property options under $500,000: HTW

NSW Central Coast has plenty of property options under $500,000: HTW
NSW Central Coast has plenty of property options under $500,000: HTW

The Central Coast region has plenty to offer for both owner-occupiers and investors looking to buy at around the $500,000 mark, say valuation firm Herron Todd White in their July 2016 residential market report, which examines properties under and around half-a-million dollars.

“The northern end of the region probably offers more value for money if a more modern style of home is needed. Think of Blue Haven, Hamlyn Terrace and even the odd property in Woongarrah,” says the HTW report.

These are all close to the M1 Freeway and $500,000 will secure a single level, three- or four-bedroom brick and tile home with double garage on an average size land parcel. 

Similarly close to the freeway is Mardi, in some ways the unsung hero of the region where a similar buy-in will secure a good 3- or 4- bedroom home close to the rail station and a regional level shopping centre. 

The days of cheap buys are almost behind us in the older areas of Budgewoi, Halekulani, Buff Point and San Remo, but $500,000 still buys a lot in these areas and the rental returns work well for the investor. 

Toward the middle section of the region but closer to the water are the suburbs of Bateau Bay, The entrance and Long Jetty. These locations all offer something different. Only the quick or those on a real estate agent’s database are likely to secure a $500,000 buy in Bateau Bay, but they do come up occasionally. It will probably entail an older dwelling with some work required, but Bateau is one for the astute to be aware of. When looking at The entrance, a spend of $500,000 gets a two- or three-bedroom unit with at least lake views and often an ocean view. Just be diligent with checking the repairs register though as some of the unit complexes here are at the age where repairs are needed and requests for sinking fund top ups can be hefty at times. Ouch! 

“Killarney Vale and Berkeley Vale are good, solid suburbs with equally good facilities and a good vibe for younger people and families. $500,000 buys are becoming limited, but are still around and it is our recommendation to look here. Expect an older dwelling with 3-bedrooms and room to improve. “

As we move down the coast toward the southern end, buys at around the $500,000 mark become harder. They are still available, but just harder to find and we are reminded of the importance of getting onto the buyer’s database of a few agents to receive information on these properties as early as possible. 

If the famous Terrigal is on the radar, then there will be a little disappointment here if $500,000 is the limit but there are still buys at around this amount - usually an older unit or small unit. Even the price of vacant land is nearing $500,000 in Terrigal, if you can find a vacant parcel that is. 

So to for the fabulous Peninsula locations of Umina Beach, Ettalong Beach, Woy Woy and Booker Bay. 

“In years gone by, almost everyone had old aunts, uncles or grandparents at Umina, but those days are nearly gone as the prices being achieved are getting beyond this and sadly, $500,000 buys are becoming rare.

“Our records show the odd buy at this level, but these are mostly for older villas or houses which are not to be ignored in terms of value, but the point being made here is that the market is limited at around $500,000.”

Best buys for around $500,000 on the southern end of the coast include Narara, Niagara Park and Wyoming. These are good locations which are close to services and schools. With the recent strong market, these areas have come into their own and we are seeing cashed up singles, young families, renovators etc moving in. Investors are also well advised to look carefully at these areas. 

“We don’t see much future infrastructure improvements likely in the immediate area, but the Gosford City Centre is very close by and notwithstanding we are in full federal election mode with a new promise made every day, there is action aplenty here in the short term with or without the election.”

Kariong has for some been the go to area for affordability. It is a gateway suburb which adjoins the freeway to Sydney. Prices in Kariong have jumped and it is becoming harder to secure a sub-$500,000 purchase, but they are still around for those quick enough and again, we recommend getting onto the database of the local real estate agent. Expect to find a reasonably good three-bedroom home or tidy villa for $500,000 which may suit the investor. 

As an example of a recently sold sub-$500,000 property, Property Observer found a four-bedroom house at 71 Kawana Avenue, Blue Haven, NSW 2262 which traded hands for $476,000.

 
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NSW Residential Market

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