Coffs harbour Property Factsheet 1st Half of 2018
The Coffs Harbour property market is a very attractive location for affordability and is well established for ongoing growth over 2018. In Q1 2018 median house prices were recorded at $529,000 and median unit price of $365,000, representing an astonishing 8.0% of annual median price growth (Q1 2017 – Q1 2018) whilst, units experienced a more moderate annual growth rate of 2.8%. Furthermore, Coffs Harbour show its strength against neighboring local government area of Clarence Valley, with annul price change of -1.3% and 1.7% (over the same period Q1 2017 – Q1 2018). Buyers are urged to secure a property now in the vibrant property market in Coffs Harbour.
Median rent in Coffs Harbour continue to serve investors well, with the median house weekly rental growing by 2.6% to $436 between Q1 2017 – Q1 2018. Median unit weekly rental price grew by 6.6% to $341 over the same period. Rental yield for units in Coffs Harbour is 5.2%, higher than Sydney’s 3.8% - yet with a more affordable entry price. This confirms Coffs Harbou as an attractive place to invest.
Coffs Harbour is set to see approx. $102.6M worth of new projects commence in the 1st half of 2018, with the majority (36.1%) dedicated to increasing residential stock. This residential stock will be well balanced with or $33.3M of (32.5%) commercial and $21.3M (20.8%) of infrastructure projects, which leads to sustainable economic growth in the area – providing positive benefits into property market growth. Sustainable growth is on the horizon for Coffs Harbour, buyers and investors are urged to act now.