The Australian property market continues to respond to the interest rate cutting cycle, with August showing sustained momentum. National house prices reached a median of $961,000, reflecting robust annual growth of 7.9%. Listing volumes across the country remain constrained, and that is creating a supply shortage, underpinning price growth. The month’s standout development is the government’s acceleration of the expanded 5% deposit scheme to 1 October. This initiative, removing previous income and location restrictions, represents the most significant first home buyer intervention in decades and is expected to intensify market conditions. The combination of government incentives, constrained supply, and demographic pressures from millennials entering peak home-buying years is creating a structural shift in how different price segments perform. The Central Coast is a beautiful place and a key driver for our area is affordability when compared to Sydney. Lower priced suburbs are definitely outperforming at the moment. Much of the demand is coming from first home buyers. The closer to heavy rail and major roads you are, the more attractive a property is for those with many years of a career that requires a commute ahead of them. Downsizers are less active, and there is still a significant amount of short-term rental accommodation on the market, limiting the supply of available beach and river-side homes. If you’re considering your options, be it buy or sell, nest or invest; get in touch with us for a chat about local market conditions. We look forward to helping you realise your property goals. Matthew Kidd Principal Ray White Bensville/ Empire Bay WHAT’S HAPPENING IN OUR MARKET?
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