PRD Coffs Harbour Property Market Update 1st Half of 2020
In Q1 2020, Coffs Harbour recorded a median house price of $555,000, and a median unit price of $368,000. This represents annual (Q1 2019 – Q1 2020) median price growth of 0.9% for houses and of 13.2% for units. Total sales for houses slowed between Q1 2019 – Q1 2020, down by -6.7% for houses to 222 sales, while unit sales increased by 35.2% to 96 sales. Growth in median prices despite varying demand for available dwelling stock suggests buyers need to act now to secure property in Coffs Harbour.
Average vendor discounts between Q1 2019 and Q1 2020 have tightened for both property types, to -3.9% for houses and -3.8% for units. Market conditions in Coffs Harbour now slightly favour sellers, but they are still willing to negotiate below their initial listing price. Now is good opportunity for both sellers and buyers.
Over the past 12 months, house rental yields in Postcode 2450 continued to sit at 3.4% in December 2019. This suggests the house rental market is in a healthy position, as does the increased demand for rental properties in the area across the previous six months (up by 24.0% in the 6 months to Q1 2020).
4+ bedroom houses provided investors with +6.0% rental growth annually, achieving a median rent of $530 per week.
Postcode 2450 recorded a vacancy rate of 1.2% in December 2019, which represents a steady trend since December 2018. This is also well below the Real Estate Institute of Australia healthy 3.0% benchmark and below Sydney Metro’s 3.6% average. This confirms there is a healthier rental demand in postcode 2450. And with Coffs Harbour recording a lower entry price to Sydney Metro, it creates an affordable conducive environment for investment.