Stable Growth in Coffs Harbour Continues at Steady Rate
Consistent interest rates assist home loan affordability levels and propel consumer confidence Coffs Harbour, NSW (14 October 2014) – A population increase and a strong development pipeline in the Coffs Harbour City Council estimated at $600 million have led to continued growth in residential real estate sales and rentals in Coffs Harbour, NSW, says a new research report by PRD.
The recently released Property Watch® Report looked at the 4th Quarter 2014 and noted that the well-established coastal city is a good market for a stable investment property.
“Over the 12 months to June 2014, the residential property market has witnessed a strong interest, due to general improvement in market conditions, low interest rates and a flow on effect from growth in Sydney,” said PRD Research Analyst Harrison Hall.
He went on to explain that the area showed a median house price recorded at 9.7 per cent growth over the same period, currently at $410,000.
“House transaction volumes are up at by a respectable 15.4 per cent, over the past 12 months, which suggests the significantly improved market activity,” said Hall.
For PRD Coffs Harbour Principal Damien Campbell the area is second to none. “Coffs Harbour continues to be a very attractive location due to the two main factors of lifestyle and property prices,” he said.
“With the ongoing completion of the duplication of the Pacific Highway, both north and south of the town between Sydney and Brisbane, it is becoming both quicker and safer to travel to Brisbane by road. Coffs Harbour is the perfect location and destination for baby boomers and grey nomads witnessed by the increase in caravans on the highway.”
Forecast for the entire region is positive, as stable growth has occurred throughout the past 10 years. The 10-year annual growth rate for houses sits at 3.3%.
Campbell cited an auction night featuring nine properties he and his staff hosted last week as further proof of the growing interest in Coffs Harbour property. Fifty people turned out for a review of the Coffs Harbour market before bidding got underway on the available properties. Three properties were sold before the auction, three on the night of the auction and the remaining three are currently under negotiation.
In the unit market, median prices have risen 5.6 per cent while transactions have increased by a strong 33.7 per cent. The current median price is $281,000 with a median rent of $295/week. “Overall, the unit market appears to be the more attractive investment option with higher yields, quicker selling time, less vendor discounts and a low entry price,” explained Hall.
For the annual period to June 2014:
Median house price: $410,000
Median house weekly rent: $375
Median unit price: $281,000
Median unit weekly rent: $295