Charlestown vs Phegans Bay
Property investment comparison - Charlestown, NSW 2290 vs Phegans Bay, NSW 2256
Head-to-head across core investment metrics: Charlestown wins 3, Phegans Bay wins 2. The better choice depends on whether you're optimising for cash flow, growth, affordability, or liquidity, the table below highlights the winner on each metric.
| Metric | Charlestown | Phegans Bay |
|---|---|---|
| Median house price | $1.1M | $1.1M |
| Median unit price | $730K | $690K |
| Gross rental yield (houses) | 3.50% | - |
| Gross rental yield (units) | 4.46% | 4.27% |
| 1-year house growth | +14.9% | +9.5% |
| 3-year house growth | +24.0% | - |
| Vacancy rate | 1.9% | 2.5% |
| Population | 13,601 | 406 |
Charlestown vs Phegans Bay: what the numbers say
The median house price is $1.1M in Charlestown and $1.1M in Phegans Bay, so Phegans Bay is the cheaper entry point.
For units, Charlestown sits at a median of $730K against $690K in Phegans Bay, which makes Phegans Bay the more affordable unit market and Charlestown the pricier one.
Over the past year house prices moved +14.9% in Charlestown and +9.5% in Phegans Bay, so recent momentum favours Charlestown, although both suburbs recorded growth.
Rental vacancy is 1.9% in Charlestown and 2.5% in Phegans Bay, so landlords in Charlestown face less competition for tenants. Anything under 2% is generally read as a tight market where tenants compete for homes.
Charlestown is the bigger suburb, with a population of 13,601 against 406, roughly 34 times the size of Phegans Bay; a larger suburb usually means a deeper pool of buyers and tenants.
In short: Phegans Bay for a lower purchase price, Charlestown for recent price momentum, Charlestown for the tighter rental market. Which matters more depends on whether the investor is buying for cash flow, capital growth or affordability.
Keep exploring
- National investment guide - top suburbs across every metric
- Take the suburb finder quiz - 5 questions to match your goals
- How our investment score works
- Property investment glossary - every term defined
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