Coffs' Property Outlook shows great promise
THE Coffs Harbour market has recorded property price growth despite a slow down in demand.
New figures released as part of the latest realestate.com.au Property Outlook revealed that the median property price in Coffs Harbour had increased by 4.9 per cent compared with the same time last year.
Views of listings online had dropped slightly in the past quarter compared with the same time last year by 0.7 per cent.
REA Group chief economist Nerida Conisbee said there had been renewed interest in lifestyle and tourism locations with buyers.
While things were slowing down in the southern powerhouse markets of Sydney and Melbourne, other areas, particularly regional areas were starting to surge.
The data was collated using information gathered from more than 80 million searches in the buy section of realestate.com.au in the past quarter, analysing all levels of demand, buying and renting.
Ms Conisbee predicts values would continue to moderate in Melbourne and Sydney in the next six months, but other markets would hold up well.
"In regional NSW, demand conditions are mostly mixed with Orange and the Richmond Valley seeing big jumps in the number of people looking to buy. Wollongong and Shellharbour, where market conditions are more closely linked to Sydney, have now seen declines in demand of about 40 per cent,'' she said.