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Michael Daniels

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Mortgage Broker in Gosford , Wyoming & Narara

MARKET UPDATE - Gosford , Wyoming & Narara

01/04/2025

The median price for a 2-bedroom unit in #Gosford has reached $540,000, a figure that caught me by surprise. When I last checked in November 2024, the median was $530,000—identical to the value recorded in March 2022. However, a closer look at the data reveals a significant upward trend. In December 2023, the median price stood at $490,000. This indicates a growth rate of just over 10% in the seventeen months from December 2023 to July 2024 (assuming the $540,000 figure reflects recent data), highlighting a notable acceleration in property values.

Another compelling detail is the median rental yield, currently at 5.10%. For a $540,000 unit, this translates to an approximate weekly rent of $529, making it an interesting option for investors.

For first-home buyers, purchasing a $540,000 unit could come with significant financial incentives. If eligible, they might benefit from a stamp duty waiver, saving $18,829, and might also avoid lender's mortgage insurance, reducing costs by approximately $14,200. To secure such a property, a 5% deposit of $27,000 would be required, along with additional funds—around $3,000—to cover state government fees, inspection costs, and legal expenses. This brings the total upfront savings needed to roughly $30,000. With a 95% loan-to-value ratio, the mortgage would amount to approximately $513,000 (subject to credit criteria). These factors combined make a strong case for first-home buyers to consider entering the Gosford market.

27/08/2024

Median UNIT Price in Gosford www.realestate.com.au Gosford

 

27/08/2024

239 Properties for sale in Narara www.property.com.au Narara

27/08/2024

Median House Price for Narara www.realestate.com.au Narara

 

26/08/2024

Median House Price for Wyoming www.realestate.com.au - Wyoming

 

21/08/2024

One of the best sets of data for monitoring the health of a property market, especially on the Central Coast, is the Rental Vacancy Rate. Investors use this information to gauge the current supply and demand position and predict the future direction of rental yields. This terrific chart shows the history of the Central Coast Vacancy rate since 2005. 
 
The current rental property vacancy rate is around 1%, based on an estimated 37,500 rental properties. A low vacancy rate indicates that rents are more likely to increase as demand appears to exceed supply. 
 
As you can see, the current Central Coast vacancy rate is historically low. Is this scarcity driving up our rents? I will answer that question with more data tomorrow, but I can confirm that my current experience as a mortgage broker on the Central Coast is that we are seeing an increase in renters seeking to buy their own homes and investors looking to purchase cash-flow-positive properties. Both of these trends indicate that rents are on the rise.
 
Please give me a call on 0414255530 if you would like to talk through your property plans.
 

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