Coffs Harbour Property Market Update 2nd Half of 2019
In Q3 2019, Coffs Harbour recorded a median house price of $529,000, and a median unit price of $390,000. This represents annual (Q3 2018 – Q3 2019) median price softening of -1.1% for houses and price growth of 7.9% for units. At the same time total house sales for Q3 2019 were up by 1.8% to 287 sales, while total unit sales slowed by -2.9% to 102 sales. This suggests the current market continues to offer a positive environment to buy and sell property in.
Average vendor discount between Q3 2018 and Q3 2019 has widened to -5.3% for houses and has tightened to -4.1% for units. Market conditions in Coffs Harbour continue to favour buyers, where sellers are willing to negotiate below their initial listing price. Now is the time to enter the market.
Over the past 12 months house rental yields in Coffs Harbour remained steady, sitting at 4.1% in June 2019. Demand for rental properties in Coffs Harbour across the same time period was slightly down by -2.9%. This suggests that the house rental market is in a healthy position, with room for more rental properties to enter the market.
4+ bedroom houses have provided investors with +6.0% rental growth annually, achieving a median rent of $530 per week.
Coffs Harbour recorded a vacancy rate of 1.5% in June 2019, which is a very healthy position that is well below Sydney Metro’s 3.5% average. This further confirms a healthy rental demand exists for properties in Coffs Harbour.