Coffs Harbour Property Factsheet 2nd Half of 2018
Coffs Harbour recorded a median house price of $586,000 and $385,000 for units in Q3 2018, which represented an annual (Q3 2017-Q3 2018) price change of 12.7% and 3.2% respectively. Compared to Coffs Harbour 1st half 2018 Research Factsheet, which reported an annual (Q1 2017 – Q1 2018) median price change of 8.0% (house) and 2.8% (units), the property market in Coffs Harbour have strengthened.
This is a contrast when compared to the Sydney Metro market, which experienced a slight cooling of -2.4% (house) and -1.4% (units) in early-mid 2018. With more affordable prices compared to Sydney Metro ($925,000 for house and $700,000 for units) this further confirms Coffs Harbour as an ideal location for investment.
Over the past 12 months (Q3 2017 – Q3 2018) average vendor discounting have widened for both houses and units, from -3.5% to -4.8% for houses and from -3.3% to -4.3%. This suggests that despite the market strengthening sellers are willing to negotiate on first list asking price. Now is the perfect time to transact in the market– sellers benefit from positive price growth trend whilst buyers capitalize on increased affordability.
Median rent in Coffs Harbour continue to serve investors well, with the median house weekly rental growing by 3.5% to $445 between Q3 2017 – Q3 2018. Median unit weekly rental price grew by 2.9% to $350 over the same period of time, confirming Coffs Harbour as an attractive place to invest.