2261 Market Report JANUARY–DECEMBER 2024 Courtesy of Ray White Long Jetty | The Entrance
Here we are again, farewelling another year and welcoming 2025 with a sense of renewed optimism. Reflecting on the local real estate market in 2024, the year could best be summarised as one of improvement. While much of the talk was focused on the cost of living crisis, we didn’t witness a decline in our sales volumes or the influx of forced sales that many had predicted. Below is a snapshot of our office sales stats for 2024: • Our sales volumes increased just shy of 10% • Our total sales dollar value increased by approximately 28% • Quarters 1 & 2 had similar sales volumes, quarter 3 almost doubled 1 & 2 and quarter 4 came in slightly under quarter 3 • 74% of our buyers were owner-occupiers, 26% investors • 28% of our buyers resided in the 2261 postcode, 24% on the Central Coast but outside the 2261 postcode, 46% NSW based outside the Central Coast, and 2% interstate. For most of the year, the market performed steadily. Some properties sold in less than seven days of hitting the market, while others attracted multiple buyers competing to purchase the property. Results like this indicate it has been a good market for sellers. Towards the latter stage of 2024, we saw a shift in market conditions driven by an influx of properties coming to market in August and September. This led to some price reductions and longer days on the market to sell, but it also offered more choices to buyers. Whilst this caused a lull in the market during October and November, buyer enquiry levels remained steady through December. With growing speculation about a potential rate cut towards mid-year, we anticipate a buoyant market at the start of 2025, continuing until a possible softening around April-May, coinciding with the upcoming federal election. Back in the office, we also reopened our in-house Auction Room, giving sellers the flexibility to choose between in-room or on-site auctions. Two standout results from our in-room auctions are worth highlighting, with sale prices exceeding sellers’ expectations by $171,000 and $210,000 above reserve! Once again, we congratulated Michael Melville, from our sales team, on achieving Elite Performer status in the Ray White network and being recognised as a top-six Regional Salesperson in Ray White NSW - for the 3rd year in a row! Reflecting on our involvement with the local community in 2024, we were pleased to have continued our weekly support of the Bateau Bay Public School. The school also benefited from a substantial funding contribution from our A MESSAGE FROM OUR DIRECTORS
business, complemented by additional support from Rob Grose of our sales team, to assist with various activities. Rob has also become a key sponsor of the Bateau Bay Bowling Club, where he enjoys Barefoot Bowls and the welcoming atmosphere with his family. Michael Melville has also continued his longstanding support of the Killarney Vale Public School. Other organisations and charities that we continued to support in 2024 include: • Central Coast Kids In Need – Christmas wishing tree and support throughout the year. • Westpac Rescue Helicopter Service - organising and hosting their Melbourne Cup Luncheon fundraiser, and as a sponsor of their annual golf fundraising day. • Sponsorship of the Central Coast Melanoma March in support of the Melanoma Institute Australia • Josh Rose Football Academy – player’s jersey sponsor. • The Golden Hind Women’s Bowling Club at The Entrance Leagues Club Some of you may have noticed a big change in Long Jetty - the famous “Welcome To Long Jetty” mural has received a stunning facelift! In collaboration with the original artist, Brent Smith - “Biffybrentano” - we are proud to have commissioned the revitalised artwork. Bruce, our office dog, is one of the star attractions on the mural. He’s always happy to welcome office visitors and will eagerly wag his way into a ‘pawtograph’ with you! Finally, some BIG news in 2025. Our business has expanded to incorporate Ray White The Entrance as part of our agency. We are now known as Ray White Long Jetty | The Entrance. And if you’re outside this area, we will continue to help with all your real estate needs. This expansion reflects our commitment to growing and supporting our community. We look forward to continuing to assist you with all your property goals in 2025 and beyond. Thank you again to all our clients, tradespeople, and professionals who have been part of our journey in 2024. Your support is much appreciated and we look forward to continuing our partnerships in the year ahead. Peter & Janelle Moran Ray White Long Jetty | The Entrance
YOUR LOCAL AREA EXPERTS Peter Moran Director | Licensed Real Estate Agent 0409 102 320 peter.moran@raywhite.com Janelle Moran Principal 0438 343 750 janelle.moran@raywhite.com Michael Melville Licensed Real Estate Agent 0418 499 813 michael.melville@raywhite.com Trent Vegter Licensed Real Estate Agent 0411 819 530 trent.vegter@raywhite.com Rob Grose Sales Associate 0466 869 141 rob.grose@raywhite.com Linda Hall Sales Associate 0418 207 032 linda.hall@raywhite.com Scott Falzon Licensed Real Estate Agent 0404 482 252 scott.falzon@raywhite.com Jonathan McCaig Senior Property Manager | LREA 02 4360 4360 jonathan.mccaig@raywhite.com
Lily Morris Property Manager | LREA 02 4360 4360 lily.morris@raywhite.com Ashleigh Donaldson Property Associate 02 4360 4360 ashleigh.donaldson@raywhite.com Amanda Irwin Sales Administration 02 4360 4360 amanda.irwin@rawhite.com Katie Trevelyan Sales Administration 02 4360 4360 katie.trevelyan@raywhite.com Mia Church Sales Administration & Reception 02 4360 4360 mia.church@raywhite.com Bruce Director of Goodwill Ray White Long Jetty | The Entrance 1/393 The Entrance Road, Long Jetty, NSW 2261 02 4360 4360 raywhitelongjetty.com.au
Compared to five years ago, the median house sales price in Bateau Bay has increased 62.9% which equates to a compound annual growth rate of 10.3%. Source: CoreLogic RP Data 1 January - 17 December 2024 FAST FACTS BATEAU BAY 4. SALES HOUSES MEDIAN $1,100,000 HIGHEST $2,810,000 LOWEST $412,500 UNITS MEDIAN $737,500 HIGHEST $865,000 LOWEST $500,000 1. $700K $900K $1.1M $500K 10 YEARS 3. HOUSES AVERAGE DAYS ON MARKET 40 BATEAU BAY 180 HOUSES SOLD UNITS SOLD 20 2. 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Compared to five years ago, the median house sales price in Berkeley Vale has increased 60.0% which equates to a compound annual growth rate of 9.9%. Source: CoreLogic RP Data 1 January - 17 December 2024 FAST FACTS BERKELEY VALE 143 HOUSES SOLD UNITS SOLD 24 2. 4. SALES HOUSES MEDIAN $880,000 HIGHEST $2,685,000 LOWEST $215,000 UNITS MEDIAN $342,500 HIGHEST $950,000 LOWEST $300,000 1. $500K $700K $900K $300K 10 YEARS 3. HOUSES AVERAGE DAYS ON MARKET 31 BERKELEY VALE 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Compared to five years ago, the median house sales price in Blue Bay has increased 52.9% which equates to a compound annual growth rate of 8.9%. Source: CoreLogic RP Data 1 January - 17 December 2024 FAST FACTS BLUE BAY 1. $1M $1.5M $2M $500K 10 YEARS 3. HOUSES AVERAGE DAYS ON MARKET 54 BLUE BAY 13 HOUSES SOLD UNITS SOLD 16 2. 4. SALES HOUSES MEDIAN $1,430,000 HIGHEST $6,400,000 LOWEST $515,000 UNITS MEDIAN $987,500 HIGHEST $2,200,000 LOWEST $585,000 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Compared to five years ago, the median house sales price in Chittaway Bay has increased 54.4% which equates to a compound annual growth rate of 9.1%. Source: CoreLogic RP Data 1 January - 17 December 2024 1. $500K $700K $900K $300K 10 YEARS 3. HOUSES AVERAGE DAYS ON MARKET 40 CHITTAWAY BAY FAST FACTS CHITTAWAY BAY 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 47 HOUSES SOLD UNITS SOLD 1 2. 4. SALES HOUSES MEDIAN $880,000 HIGHEST $1,600,000 LOWEST $600,000 UNITS MEDIAN $685,000 HIGHEST $685,000 LOWEST $685,000
Compared to five years ago, the median house sales price in Chittaway Point has increased 43.6% which equates to a compound annual growth rate of 7.5%. Source: CoreLogic RP Data 1 January - 17 December 2024 FAST FACTS CHITTAWAY POINT 1. $800K $1.0M $1.2M $600K 10 YEARS 3. HOUSES AVERAGE DAYS ON MARKET 73 CHITTAWAY POINT 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 31 HOUSES SOLD UNITS SOLD - 2. 4. SALES HOUSES MEDIAN $960,000 HIGHEST $1,963,000 LOWEST $429,000 UNITS MEDIAN $ NO DATA HIGHEST $ NO DATA LOWEST $ NO DATA
Compared to five years ago, the median house sales price in Glenning Valley has increased 29.6% which equates to a compound annual growth rate of 5.3%. Source: CoreLogic RP Data 1 January - 15 December 2023 FAST FACTS GLENNING VALLEY 47 HOUSES SOLD UNITS SOLD 1 2. 4. SALES HOUSES MEDIAN $875,000 HIGHEST $2,332,500 LOWEST $395,000 UNITS MEDIAN $455,000 HIGHEST $455,000 LOWEST $455,000 1. $700K $900K $1.1M $500K 10 YEARS 3. HOUSES AVERAGE DAYS ON MARKET 34 GLENNING VALLEY 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
RECENT SALES IN THE AREA SOLD $1,925,000 SOLD $2,332,500 SOLD $1,355,000 SOLD $1,410,000 SOLD $1,229,100 SOLD $1,400,000 SOLD $1,455,000 SOLD $1,550,000 2 2 3 4 7 7 2 1 4 2 2 4 2 1 3 2 2 4 2 2 4 2 1 4 79 Bateau Bay Road, Bateau Bay 67 Corona Lane, Glenning Valley 93 Lakedge Avenue, Berkeley Vale 12 Watkins Street, Long Jetty 39 Keats Avenue, Bateau Bay 10 Viscount Close, Shelly Beach 23 Surf Street, Long Jetty 8 Grandview Street, Shelly Beach
SOLD $2,100,000 SOLD $1,780,000 SOLD $1,155,000 SOLD $1,950,000 SOLD $1,700,000 SOLD $1,525,000 SOLD $3,000,000 SOLD $1,400,000 2 2 4 3 4 5 2 2 4 3 2 4 3 2 5 2 4 4 2 7 4 1 2 4 41 Bloomfield Street, Long Jetty 61 Boondilla Road, Blue Bay 4 Bonnieview Street, Long Jetty 41 Corona Lane, Glenning Valley 68 Rickard Street, Bateau Bay 22 Neale Street, Long Jetty 114 Glenning Road, Glenning Valley 56 Toowoon Bay Road, Long Jetty
Compared to five years ago, the median house sales price in Killarney Vale has increased 64.1% which equates to a compound annual growth rate of 10.4%. Source: CoreLogic RP Data 1 January - 17 December 2024 FAST FACTS KILLARNEY VALE 1. $500K $700K $900K $300K 10 YEARS 3. HOUSES AVERAGE DAYS ON MARKET 53 KILLARNEY VALE 112 HOUSES SOLD UNITS SOLD 6 2. 4. SALES HOUSES MEDIAN $902,500 HIGHEST $1,655,000 LOWEST $430,000 UNITS MEDIAN $765,000 HIGHEST $872,500 LOWEST $635,000 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Compared to five years ago, the median house sales price in Long Jetty has increased 101% which equates to a compound annual growth rate of 14.7%. Source: CoreLogic RP Data 1 January - 17 December 2024 1. $800K $1.1M $1.4M $500K 10 YEARS 3. HOUSES AVERAGE DAYS ON MARKET 63 LONG JETTY FAST FACTS LONG JETTY 74 HOUSES SOLD UNITS SOLD 62 2. 4. SALES HOUSES MEDIAN $1,320,000 HIGHEST $2,670,000 LOWEST $460,000 UNITS MEDIAN $696,500 HIGHEST $1,540,000 LOWEST $250,000 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Compared to five years ago, the median house sales price in Magenta has increased 65.6% which equates to a compound annual growth rate of 10.6%. Source: CoreLogic RP Data 1 January - 17 December 2024 FAST FACTS MAGENTA 1. $1.1M $1.4M $1.7M $800K 10 YEARS 3. HOUSES AVERAGE DAYS ON MARKET MAGENTA 5 HOUSES SOLD UNITS SOLD 9 2. 4. SALES HOUSES MEDIAN $1,800,000 HIGHEST $2,290,000 LOWEST $1,450,000 UNITS MEDIAN $850,000 HIGHEST $1,110,000 LOWEST $735,000 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 88
Compared to five years ago, the median house sales price in Shelly Beach has increased 87.0% which equates to a compound annual growth rate of 13.3%. Source: CoreLogic RP Data 1 January - 17 December 2024 1. $800K $1.2M $1.6M $400K 10 YEARS 3. HOUSES AVERAGE DAYS ON MARKET 43 SHELLY BEACH FAST FACTS SHELLY BEACH 31 HOUSES SOLD UNITS SOLD 3 2. 4. SALES HOUSES MEDIAN $1,530,000 HIGHEST $2,900,000 LOWEST $1,225,000 UNITS MEDIAN $940,000 HIGHEST $1,206,500 LOWEST $825,000 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Compared to five years ago, the median house sales price in The Entrance has increased 66.7% which equates to a compound annual growth rate of 10.8%. Source: CoreLogic RP Data 1 January - 17 December 2024 FAST FACTS THE ENTRANCE 1. $600K $900K $1.2M $300K 10 YEARS 3. HOUSES AVERAGE DAYS ON MARKET 71 THE ENTRANCE 33 HOUSES SOLD UNITS SOLD 139 2. 4. SALES HOUSES MEDIAN $1,000,000 HIGHEST $1,800,000 LOWEST $235,000 UNITS MEDIAN $640,000 HIGHEST $2,250,000 LOWEST $181,250 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Compared to five years ago, the median house sales price in The Entrance North has increased 77.1% which equates to a compound annual growth rate of 12.1%. Source: CoreLogic RP Data 1 January - 17 December 2024 1. $900K $1.2M $1.5M $600K 10 YEARS 3. HOUSES AVERAGE DAYS ON MARKET 72 THE ENTRANCE NORTH FAST FACTS THE ENTRANCE NORTH 25 HOUSES SOLD UNITS SOLD 16 2. 4. SALES HOUSES MEDIAN $1,275,000 HIGHEST $2,760,000 LOWEST $525,000 UNITS MEDIAN $575,750 HIGHEST $1,600,000 LOWEST $419,000 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Compared to five years ago, the median house sales price in Toowoon Bay has increased 66.2% which equates to a compound annual growth rate of 10.7%. Source: CoreLogic RP Data 1 January - 17 December 2024 FAST FACTS TOOWOON BAY 1. $1.0M $1.5M $2.0M $500K 10 YEARS 3. HOUSES AVERAGE DAYS ON MARKET TOOWOON BAY 7 HOUSES SOLD UNITS SOLD 13 2. 4. SALES HOUSES MEDIAN $1,750,000 HIGHEST $3,500,000 LOWEST $990,000 UNITS MEDIAN $964,000 HIGHEST $1,750,000 LOWEST $655,000 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 70
Compared to five years ago, the median house sales price in Tumbi Umbi has increased 45.4% which equates to a compound annual growth rate of 7.8%. Source: CoreLogic RP Data 1 January - 17 December 2024 1. $600K $800K $1M $400K 10 YEARS 3. HOUSES AVERAGE DAYS ON MARKET 29 TUMBI UMBI FAST FACTS TUMBI UMBI 57 HOUSES SOLD UNITS SOLD 3 2. 4. SALES HOUSES MEDIAN $945,000 HIGHEST $3,370,000 LOWEST $550,000 UNITS MEDIAN $540,000 HIGHEST $553,000 LOWEST $170,000 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
While market conditions have evolved recently, the acreage market remains a standout performer, driven by continued demand for space, privacy, and work-from-home flexibility. Looking ahead to 2025, the market in NSW is poised for steady growth, with regional and lifestyle properties maintaining strong appeal. Factors such as limited supply, population growth, and a desire for a balanced lifestyle are expected to support property values, particularly in sought-after areas. The unique appeal of acreage properties - seclusion, expansive land, and proximity to essential amenities, beaches, and the M1 - continues to attract solid interest. Forecasts indicate that demand for properties in this segment will remain robust, particularly among families and professionals seeking lifestyle upgrades. Our exclusive database is stocked with motivated, finance-ready buyers, prepared to invest between $1,500,000 and $3,500,000, with flexible settlement terms to suit sellers’ needs. If you’ve been considering a move, now is an excellent time to capitalise on these conditions and secure a premium outcome for your property. Michael Melville Licensed Real Estate Agent & Acreage Specialist ACREAGE SUMMARY Over the last 12 months, landlords rode a rollercoaster of high interest rates, fear of continual increases, and hope that there may have been a rate cut. In the end, the RBA kept the cash rate at 4.35% for the whole of 2024. While there has been no shortage of opinions, ideas and so-called “experts” that will tell you how to hack the rental market, a good lesson to take out of 2024 is that we shouldn’t make decisions based on ‘what ifs’ and ‘maybes’ that won’t necessarily come true. Generally speaking, being invested and remaining invested in the market is the key to long-term investment success. You may have heard this said as “It is time in the market, more than timing the market”. What trends appeared in the rental market in 2024? CoreLogic’s Property Pulse from September showed evidence of flatlining rents since mid-year despite all the media talk about a rental crisis. These figures are based on statistics from the Sydney rental market, so do not reflect exactly the local nuances of the 2261 area. However, one of the main factors behind the slowdown nationally is affordability which is also evident in our suburbs. According to CoreLogic’s latest rental affordability metrics, “a household on the median income would be dedicating 32.2% of their gross annual income to pay the median rent, marking a record high in the past 20 years.” Understanding how affordability will play out will be key as landlords assess their investment strategies and goals. With this in mind, our Property Management team is always available to provide up-to-date feedback on emerging rental trends and prices based on our daily experiences with leasing properties and monitoring enquiry levels. 2025 is shaping up to be a year full of opportunities and changes to navigate, with significant updates to the Tenancy Act being rolled out, including ending no-grounds terminations for renters, limiting rent increases to once a year, and simplifying the process for allowing pets in rental properties. These updates are designed to create greater clarity and fairness for all parties in the rental market. Rest assured, whatever changes the year brings, our Property Management team will be here to provide support to our clients every step of the way. Jonathan McCaig – Senior Property Manager Lily Morris – Property Manager PROPERTY MANAGEMENT OVERVIEW
FAST FACTS LEASING Suburb Median weekly house rent (4 bedroom) Median weekly unit rent (2 bedroom) Bateau Bay $840 $520 Berkeley Vale $780 $475 Blue Bay $1,140 $465 Chittaway Bay $700 $400 Chittaway Point $770 $450 Glenning Valley $825 n/a Killarney Vale $815 $485 Long Jetty $700 $460 Magenta $750 n/a Shelly Beach $885 n/a The Entrance $770 $478 The Entrance North $1000 $550 Toowoon Bay n/a $450 Tumbi Umbi $790 $560 Source: CoreLogic RP Data 17 September - 17 December 2024
Long Jetty Mural Commissioned by Janelle & Peter Moran, owners of Ray White Long Jetty | The Entrance Artwork by Brent Smith @biffybrentano 2024 | Photography by Lisa Lent Photography
RkJQdWJsaXNoZXIy MTI3ODI1