Property Prices Rising On Coast

First Home Buyers snubbing Sydney.

Property Prices Rising On Coast

First home buyers are driving much of the Central Coast's house price growth.

The latest Domain House Price Report out today shows the median home will set us back around $650,000. That's an increase of 1.6% since last year.

But Domain's Dr Nicola Powell says apartments saw the biggest jumps locally, they now typically cost $490,000.

"Units grew 1.6% over the last quarter and 4.7% over the year," Dr Powell says.

"When you compare it to all the other regions within the Greater Sydney catchment, the Coast is outperforming all of those regions: It's the most affordable area, and I think it's that activation of First Home Buyers, we are seeing them move and migrate up to the Central Coast."

Elsewhere Sydney House Prices have fallen 4.5% over the past year. While a house at Lake Macquarie will set you back an average of $522,000, an annual increase of 6%.

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