- Four developments across the NSW Central Coast
- Located approximately 1.5 hours north of Sydney
- Combined worth of $72.2M
Over the past few months, affordable and social housing has been in the spotlight.
Rising rents have priced many essential workers out of the market, The Property Tribune reported that an early career nurse or childcare worker could only afford 11% of rental properties in the Greater Sydney region.
One of the most concerning figures is where only two councils in Greater Sydney had a median house price affordable to key workers on moderate incomes, both were some 150km from the Sydney CBD.
In another report, The Property Tribune found the heated market meant no rentals or share houses were considered affordable for a person on Youth Allowance, and only three rentals or share houses were affordable for those on JobSeeker.
Following the end of rental moratoria across Australia, among other factors, the Salvation Army has also seen a worrying jump in help requested.
The charity saw a leap in people seeking assistance, up sixfold.
Central Coast housing
Centuria Capital Group (ASX: CNI) today announced that it has completed the construction of 190 affordable homes.
Spread across four Central Coast projects in New South Wales, the properties have a combined worth of $72.2 million.
Currently, asking rents for all houses on the Central Coast are above $550 per week.
Central Coast asking rent per week
Sydney asking rent per week
This is considerably less than Sydney which sits above $660 per week, according to SQM research.
Asking prices for houses, on the other hand, are much more affordable.
A three bedroom house fetches just under $800,000 on the Central Coast, whereas Sydney is slightly under $1.4 million.
Central Coast house asking price
Sydney house asking price
Commuting from the central coast to Sydney CBD is not particularly convenient, a train journey can be within the vicinity of 1.5 hours each way, not factoring in any changes due to trackwork or closures.
If a commuter reaches the travel cap for public transport of $50 per week, across the year, a worker commuting to Sydney will potentially spend up to $2600 per year (if reaching the cap every week of the year).
Foresight
Andre Bali, Centuria Head of Development, said the project was in response to issues recognised many years ago.
“In 2018/9, Centuria recognised the significant and growing shortfall in social and affordable housing stock and the need to partner with Community Housing Providers to bring purpose-built dwellings to the market.”
Andre Bali, Centuria Head of Development
“The developments are part the NSW Social and Affordable Housing Fund (SAHF). Centuria has delivered the projects in partnership with Australia’s largest non-government social housing provider, Compass Housing Services”
Mars Building constructed the Mayfield, Cardiff, and North Gosford projects, North Constructions completed the West Gosford development.
