Sapphire Beach explodes
HAVE you got a few million bucks up your sleeve you want to invest?
Head to Sapphire Beach, the Coffs Harbour beachside suburb which is bucking the property slowdown in dramatic fashion.
It's one of the nation's best performers, with home prices skyrocketing by nearly 80 per cent on average in the past year.
And according to the Financial Review's smartinvestor magazine, excellent growth prospects of close to 18 per cent are in store for the next 12 months.
Some might say these figures are skewed by the $11.5m paid by horseracing and mining baron Nathan Tinkler for the sprawling Noorinya compound in the area.
North Sapphire Beach Estate project director, Anthony Cougle, said big sales in the suburb had certainly helped to raise the profile of the area, which had been 'under-valued for many years'.
“It's had a healthy increase in prices. A lot of this has to do with what we're doing at North Sapphire Beach,” he said.
“We've sold 42 blocks of land in the past 14 months. That's in excess of $16m worth of real estate.
“Sapphire is a really nice place to live, and I think it's growing with Coffs Harbour.”
Investor Barry France says he's developed properties at Sapphire worth more than $4m, with two Sydney-based executives investing in holiday homes there.
“They believed there were strong reasons for future capital growth,” Mr France said.
“I believe that Sapphire Beach has been and still is very under-valued for what it offers.”
According to smartinvestor, a house at Sapphire Beach is worth an average $654,500, while $500,000 will buy you a unit.
Property prices in Glenreagh achieved a 26 per cent growth in the past 12 months, while Corindi Beach was up 23 per cent and Coramba by nearly 18 per cent.