Most expensive place claim is "absolute bulls..t": Agents

A GLOBAL survey has found Coffs Harbour is one of the most expensive places in the world to buy property.

That's despite a median house price of $345,000 and no shortage of "entry level" real estate.

Long established local real estate agent Barry Booth from First National described the finding as "absolute bulls...".

"Is Coffs Harbour real estate expensive? - no," Mr Booth said.

"Lots of properties here sell for below replacement cost and local housing represents great value for money.

"Of course you can't argue with simple statistics, but this finding is clearly skewed by the low incomes of the high number of retirees and welfare recipients who live here."

The ninth annual Demographia International Housing Affordability Survey of 337 markets in seven countries used the "median multiple" methodology to arrive at its findings.

By dividing the median house price by the gross before-tax annual median household income it gave Coffs Harbour an index of 8.0. A rating of more than 5.1 is considered "severely unaffordable".

Australia as a nation scored 5.6 with Sydney the least affordable capital (8.3) followed by Melbourne (7.5) Adelaide (6.5) Perth (5.9) and Brisbane (5.8).

Port Macquarie was the least affordable regional centre (8.6).

A quick check of the latest census figures sheds light on how Coffs Harbour has ranked so poorly.

In 2011 the median household income in Coffs Harbour was $902 - that's 27% below the national figure.

The average local family income of $1097 was $380 behind the NSW average of $1477.

Christine Clarke from Raine and Horne also poured cold water on the report's findings. She said the key to improving our housing affordability index had more to do with growing incomes than cutting house prices.

"We need to grow our economic base and strengthen our tourism industry to create more and better paying jobs," Ms Clarke said.

Topics:  first national house prices market property real estate

Medics fight for rights

SPREADING THE WORD: Bellingen paramedic Justin Williams writes "Mike Baird has promised to protect us by January 31”.

Paramedics face more risks yet are least protected

Festival of golf set to be bigger and better than ever

FORE: The Coffs Harbour Golf Club's fairways and greens are in perfect condition for today's start of the Pure Blonde Festival of Golf.

Coffs Harbour Golf Club prepared to be run off its feet for 9 days.

Class field for Rally Australia

STAR LINE-UP: Newly crowned WRC world champion Sebastien Ogier heads the list of entries for next month's Kennards Hire Rally Australia.

Ogier tops star-studded list of drivers to contest Rally Australia.

Local Partners

Family's new arrival in face of tragedy

MEL Small had already gone into labour when she learned of the tragic fate of her sister Jodie Spears.

Blooming Woolgoolga

Handmade flowers have brought colour to mental health in Woolgoolga.

HANDMADE flowers have brought colour to mental health in Woolgoolga.

Barry Gibb is coming to Bluesfest 2017

FANS: Barry Gibb talks to a fan next to a cardboard cutout of his young self.

Aged 70, Gibb has re-launched his solo music career with a new album

Declan Kelly and the Rising Sun to shine bright at festival

Declan Kelly & The Rising Sun is one of the headlining acts at this year's festival.

Main stage set to pump with radiant reggae and dub vibes

TRAVEL: Musicals light up Sydney

David Campbell performs in Dream Lover.

We take a trip through one of Sydney's finer scenes

Wine and dine your way around Brisbane this summer

Brisbane has the best places to wine and dine.

NINE of the best places to wine and dine.

In Flames are super 'proud' of new album

In Flames album to be released in November.  Photo Contributed

In Flames to release new album in November

Selma Blair blames flight outburst on 'psychotic blackout'

Selma Blair

"I am someone who should never drink, and I rarely do"

Bob Dylan acknowledges Nobel Prize win

Bob Dylan has finally acknowledged his Nobel Prize win

WATCH: Trailer for Jackman's final Wolverine film released

First trailer for the last Wolverine film with Hugh Jackman.

Thrilling trailer promises a dark, dystopian finale for Wolverine

Kiwi siblings snap up Dotcom mansion for $32.5m

The new toy company owners of the Coatesville mansion want replace any controversy with positivity and fun. Photo / Barfoot and Thompson

The trio paid $32.5 million for the property in June

New $200 million development will create 580 jobs

Cassie And Josh with baby Alfie and daughter Andee. They have bought at new Lennox Head development Epiq.

Majority of new positions will be given to Northern Rivers locals

Cherrabah's mega resort plans axed

PLANS for a massive development at Cherrabah have been scrapped.

Dusit Thani finance crisis 'just a small hiccup'

ON TRACK: Springfield Land Chairman, Maha Sinnathamby, Ipswich Mayor Paul Pisasale, Developer Richard Turner and Springfield Land Deputy Chairman, Bob Sharpless, at the recent resort sod turning ceremony.

Property developer says project remains firmly on track

Heavyweight enters real estate market

Des Besanko principal and director of Raine and Horne Springfield.

Major rebranding which has seen two big name brands merge

An entertainer in a dress-circle address

This home at 54 Kratz Dr features on the cover of the Real Estate Property Guide

A great entertainer in a sought-after address