Coffs Harbour Property Factsheet 1st Half of 2019
Coffs Harbour recorded a median house price of $567,500 in Q1 2019, representing annual (Q1 2018 – Q1 2019) price growth of 6.6%. Compared to the Coffs Harbour Research Factsheet 2nd half 2018, which reported an annual (Q3 2017 – Q3 2018) median house price change of 12.7%, houses in Coffs Harbour have become more affordable. However when compared to Sydney Metro house prices, which are higher ($925,000) yet with a declining annual growth of approximately -5.6%, Coffs Harbour is a more affordable and profitable investment opportunity.
Median unit price in Coffs Harbour in Q1 2019 was $330,550, which represented an annual (Q1 2018 – Q1 2019) price growth of -11.9%. Units in Coffs Harbour are now more affordable, which is great news for first home buyers wanting to enter the market. The number of unit sales have declined dramatically over the past 12 months to Q1 2019, by -31.0%. This suggests that developers need to offer unique products to ensure their sale in a slowing market.
The Coffs Harbour rental market has significantly strengthened. Median rental price increased by 5.7% (house) and 4.5% (units) between Q1 2018 – Q1 2019, despite a 59.6% (house) and 22.7% (units) increase in number of properties rented. This suggests a real increase in rental returns, and room for more investment properties. Rental yield in Coffs Harbour was recorded at 4.3% (house) and 5.3% (units) in December 2018, significantly higher than Sydney Metro’s 2.9% (house) and 3.8% (units).
Coffs Harbour is set to invest approx. $203.7M in the 1st half of 2019, majority dedicated to infrastructure (59.0%). This development strategy is beneficial for Coffs Harbour as infrastructure projects will improve business connectivity and liveability of residents, whilst commercial projects stimulate local economic growth.