Blue Bay will likely be more popular among Central Coast buyers after recording the strongest growth in the region, according to recent data from CoreLogic.
The small town posted a 39.3% increase in a 12-month period and 83.8% growth in three years. Despite the softening market, the suburb logged a 4.3% rise in the past three months.
Blue Bay has a median house price of $1.337 million, which is the fourth-highest on the coast following Matcham, Mangrove Mountain, and Somersby. The suburb hit the million-dollar mark in 2017, according to realestate.com.au.
Bruce McLachlan, an agent from McLachlan Partners Long Jetty, recently sold a beachfront home at 34A Werrina Pde, Blue Bay for more than $3 million, and he vouches for the consistently positive results coming from the suburb.
He said that Blue Bay had always been the highest price performer on the northern end of the Central Coast.
“While the price growth of surrounding streets has grown considerably, beachfront sales have been static for some time, and in fact we were selling knockdown fibro cottages for $3.25 million back in 2004. Some beachfront owners have now rebuilt and spent in order of $7-$9 million in replacement costs. The current suburb record price of $3.5 million is sitting well below replacement costs, and offers relative good buying value,” McLachlan said.
Blue Bay is also expected to track upwards still as property markets eventually correct and catch up to current replacement costs.
“Blue Bay beachfront values may well head upwards in any future correlation of pricing to replacement values,” McLachlan said.
The suburb record for Blue Bay is tied between two beachfront at 36 and 2 Werrina Pde, which were both purchased for $3.5 million.
