Coffs real estate is still good value
COFFS Harbour real estate is still more affordable than other comparable coastal locations, with house and unit prices lower than those in Port Macquarie and Forster.
Figures compiled by market analysts Residex and published in the Sunday Telegraph showed that Coffs Harbour median house prices had increased from $305,000 last year to $319,000 this year and unit median prices from $204,000 to $208,000.
But these figures should be taken with caution, according to chair of the Coffs Harbour division of the Real Estate Institute of NSW.
"When compiling these figures, they're likely to have added up the price of all the houses sold and divided that by the number of houses sold," Ms Clarke said.
"But because the upper end of the market has been strong, whereas the bulk of the market in the mid-range prices has slightly dropped, the results are skewed.
"The high price properties are bringing those figures up."
The Residex figures show that Port Macquarie median house prices dropped from $378,000 to $368,000 and units from $279,000 to $277,000, and Forster median house prices increased from $396,000 to $400,000 and units from $295,000 to $301,000.
Over the past three years, according to Residex, Coffs Harbour houses saw a 79.78 per cent growth, 4.59 per cent of that over the past 12 months, with house prices dropping slightly over the last three months by 0.47 per cent.
Units growth over three years was 88.36 per cent, 1.96 per cent over the past 12 months, but prices fell by 4.59 per cent over the past three months.
In comparison, Port Macquarie growth was at 38.58 per cent for houses and 39.57 per cent for units over the past three years.
Ms Clarke said the difference might be due to the fact that the further away from Sydney a town is, the less likely it is to be affected by that market.
"The Coffs Harbour market also started from a lower cost base, and able to sustain its prices better."
House and unit prices remained lower in the region's inland towns than coastal towns, with Grafton median house price climbing to $195,000 and units to $166,000, and Kempsey median house prices to $173,000 and units to $165,000.