Coffs region is hot property
UNITS and houses are both pulling strong returns for Coffs Harbour region investors, as agents search high and low for properties to meet growing demand.
CoreLogic RP Data's latest Market Trends report reveals Boambee was home to the region's highest median house prices at $620,000 over the year to September, followed by Moonee Beach on $605,000 and Sapphire Beach on a close $604,000.
Upper Orara was in fourth place with a $580,000 median sale price, while Arrawarra Headland houses demanded a median $570,000 a pop.
Woolgoolga was home to the most expensive units at a $368,000 median, with Korora's $347,000 price tag also a strong performer.
Sawtell units were the stand-outs in terms of price increases, lifting 17.5% over the year to reach a $372,000 median sale price.
Coffs Harbour units jumped 15.1% in price, while Toormina's apartments lifted an impressive 13.9%.
Sandy Beach tipped the scales in terms of house price fluctuations and increased 17.2%, ahead of Emerald Beach and Sawtell (both up 14.9%) and Moonee Beach (up 13.9%).
Toormina proved a hot spot with the quickest house sales (42 days on average) and second-fastest unit sales (also 42 days).
Boambee East had both the second fastest turnover speed for houses, on 46 days, and the quickest sales for units, at a 40-day average.
Sapphire Beach houses took an average of 127 days to sell, and its units were on the market for 158 days, making it the region's slowest-selling suburb.
The rental market was strong, with Arrawarra Headland commanding the highest median asking price at $851 a week, and Woolgoolga having the most expensive unit rentals at $428 a week.
Unreal Estate Coffs Coast managing director Chris Hines said the market was the healthiest it had been in almost a decade.
"There aren't as many places on the market as you'd expect at this time of year, coming into spring," he said.
"This is traditionally our strongest time of year, and I can't see that changing considering we have all-time low interest rates and a lot of buyers looking at the market.
"I expect the trend to continue, with prices holding and possibly going up a few per cent."
Mr Hines said Toormina properties had done particularly well, considering the suburb was not traditionally a top performer.
"We've seen double-figure increases there in the last 12 months," he said.
"Others like Sawtell always do well, and they just continued."
Coffs Harbour had the biggest turnover for houses and units, with 347 and 372 sales respectively over the year to September.
Boambee East sold 118 houses, making it the second biggest seller in terms of volume.$ - ARM NEWSDESK