House prices rise, but some still less than two years ago

Median house prices in Peninsula suburbs have increased by as much as 13.2 per cent (Umina) and unit prices by as much as 25.6 per cent (Ettalong) since the start of the year.

The median prices, published on realestate.com.au, come from property sales information provided by Property NSW.

The median house price in Umina in November was $750,000 compared to a median price last December of $662,500.

The current median unit price in Ettalong is $653,000 compared to $520,000 at the start of the year.

However, property prices at the start of the year were at a three-year low.

Compared to median prices for 2017 and 2018, current prices represent annual increases of less than two per cent.

In two cases, prices remain below those two or three years ago.

In Ettalong, the current median house price of $765,000 is 8.3 per cent less than 2018 median of $835,000.

In Woy Woy, the current median unit price of $515,000 is 7.2 per cent less than the 2017 median of $555,000.

Umina house prices have risen 1.4 per cent since 2017, from $740,000 to $750,000.

Woy Woy house prices have risen 2.5 per cent since 2017, from a median of $685,000 to $702,500.

Unit prices in Ettalong have risen 4.0 per cent from $628,750 in 2018 to $653,000.

Umina unit prices have risen 3.0 per cent since 2017, from $600,000 to $618,000.

Member for Gosford Ms Liesl Tesch commented: "Property prices, both to rent and to buy, are continuing to rise despite the pandemic, with many Sydneysiders making the move to the Central Coast.

"The Central Coast median house price, according to Domain, has risen by 3.8 per cent in the past quarter, with Ettalong Beach prices rising by 15.1 per cent.

"As a consequence affordable housing is becoming a foreign concept despite the job losses, overall economic downturn, and rising homeless crisis.

"The current affordable housing market is virtually non-existent with prices continuing to rise on the Peninsula."

"I hear too often the struggles locals are facing when it comes to paying their rent or entering into the property market and sadly many of these conversations are with women over the age of 50."

Ms Tesch said if affordable housing was not made more available, older women would be forced on to the streets.

"It is a fact that women over the age of 55 who are engaging in the private rental market have an increased risk of becoming homeless."

The rising property market has forced Sydneysiders to relocate to areas like the Central Coast while locals are being pushed further north.

SOURCE:

Media release, 1 Dec 2020

Liesl Tesch, Member for Gosford

Website, 12 Dec 2020

Median property prices, realestate.com.au