House prices decline

Median house prices on the Peninsula have fallen by up to $10,000 since December, according to Australian Property Monitors.

Woy Woy, Umina Beach, Blackwall, Booker Bay and Ettalong Beach are just a handful of suburbs on the Central Coast to have experienced a decline in value over the last six months.

Last December, the average house selling price in Woy Woy was $338,000 compared to $328,000 in June.

In contrast to Woy Woy, the average price of housing on the Central Coast has not changed, according to APM.

In Umina, the average price of housing declined from $354,000 to $347,000 over the last six months.

Blackwall encountered a greater regression than most Peninsula suburbs with a 26 per cent decline in value since December last year.

However, Woy Woy and Blackwall have experienced a decline in the average number of days a house is on the market.

Empire Bay underwent a 15 per cent increase in house value from $370,000 to $425,000.

However, over the last 10 years, median house prices on the Peninsula have increased by more than 10 per cent.

Woy Woy experienced a 10.5 per cent increase in median price, Booker Bay a 11.3 per cent increase and Blackwall a 12.2 per cent increase.

Ray White sales officer Ms Jan Murray said there was still a good demand for buying and selling property in the area.

"[These figures] should not be seen as a decline in market value," Ms Murray said.

"But rather property sales may have been lower value properties and therefore set a trend for lower median priced houses.

Figures can be seen at www.homepriceguide.com.au.

Claire Graham, 20 Jul 2007