Lake Munmorah bucking property growth trend on the Central Coast
New CoreLogic data has revealed that the northern suburb of Lake Munmorah is bucking the trend when it comes to property value growth on the Central Coast.
With a median house price of $525,000, the lakeside town has only seen positive growth over a 12 month period, with a healthy 7.1 per cent increase and 117 properties sold.
Agent Luke Thompson from Ray White Thompson Partners said that the performance could be put down to a number of key factors.
“There is a lot of positivity around new development and facilities in the area — if you look at the Council Masterplan for future development, there is a lot going on up here around the highway — both industrial and residential,” he said.
MORE: Why Sydney buyers should look further north
Sale cracks million dollar mark in western Noraville
“Lake Munmorah now has a public primary and high school, plus Catholic schools. There’s a new Woolies too, so lots going on.
“The location is great, with easy access to the highway, Newcastle and the National Park, Fraser and Birdie Beach. There are camping grounds too — it’s a really pretty spot.”
Mr Thompson’s office recently sold a little three-bedroom entry-level house on Chisholm Ave to local first homebuyer, Brittany Smith, for just $342,000.
After looking to buy for two years and having saved enough for a deposit, Miss Smith, a 20-year-old real estate agent from Capital One Gorokan said that she liked how the house was close to the lake and shops and she believed that the area will go up in value.
Miss Smith’s father, Darren Smith, Principal of Capital One, encouraged his daughter to hold off on buying until now.
“Now is the perfect time for a young first homebuyer with the market picking back up and interest rates falling,” he said.
“It’s also a good time because a rising market means rising equity, whereas buying in a falling market sometimes means that the buyer can end up owing more than the property is worth.”
Mr Smith noted that listings were picking up for his offices located in Wyong, Kanwal, Gorokan and Toukley.
The southern end of the coast has also seen some suburbs bucking the decline trend, particularly in some quiet, up-market beach ‘burbs with median house prices above a million dollars.
Macmasters Beach was a top performer, with a healthy 10.1 per cent growth over a 12 month period and a median house price of $1.17 million.
Agent Baraka Leporte from Belle Property Killcare said that the suburb was tightly-held and was an area that house hunters wanted to get into, regardless of the market.
SIGN UP FOR THE NSW REAL ESTATE NEWSLETTER HERE
“People like the fact that Macmasters is underdeveloped, that is the beauty of the suburb, it feels quite isolated and natural,” he said.
“I’ve found that keen buyers always have a connection to the area and have been wanting to get in for a long time.”
Mr Leporte recently sold two strata-titled duplexes 495A and 495B The Scenic Rd, Macmasters Beach for a combined sale price of $1.05 million to an investor and first homebuyer.
Pretty Beach and Avoca Beach also showed positive growth.