Coffs tops the property clock
THE Coffs Coast's property market has been bubbling away strongly in recent months, and that strength has led to a prediction that the local market has moved to peak position on the "property clock".
According to independent property valuation and advisory group, Herron Todd White, Coffs Harbour has moved from "approaching the peak of the market" to "peak of market" in the National Property Clock March 2016 report .
Coffs Harbour joins the NSW Central Coast, Newcastle and Dubbo, which were already at peak.
The report has the NSW Far North Coast approaching its peak and the Mid North Coast in a rising market.
The report based its findings of very frequent occurrences of new properties selling at prices exceeding their potential resale value, a steady volume of new house sales, strong demand for new houses and an increasing trend in new house construction.
The rental market is also tight and has a shortage of availability of property relative to demand.
The report says the gentrification and development of areas like Sawtell, the Jetty, Sapphire, Emerald and Moonee Beaches are attracting buyers. Woolgoolga also rated a mention for its continued new developments within the town centre and growth in the cafe and restaurant scene which is being credited with attracting increased holiday and permanent residents.
Park Beach was highlighted in the report for having a bright future for gentrification, thanks to the increase in higher density housing projects in recent years and more to come.
The report also commented that Valla and Bellingen are areas people continue to be attracted to.
But local unrealestate principal and board member of the Real Estate Institute of NSW, Chris Hines, said picking where the market is in its cycle is never an exact science.
"It's always hard to judge a peak or a trough until it has happened and you are looking backwards to say that was it," he said.
"My problem with the report is that it has Coffs Harbour in front of the rest of the North Coast which I find strange; without a crystal ball it's impossible to say."
Mr Hines predicts a much more stable local market without large peaks and troughs, though he said we may certainly see the market flatten at some point.
"The fact of the matter is, there are always people looking or needing to sell for various circumstances, as there are buyers needing to buy," he said.
"We still have one of the most affordable housing markets on the eastern seaboard and a strong local market. We also are a desirable location for people making the tree change/sea change from capital cities and inland regional capitals."
With the traditionally softer winter months approaching, Mr Hines said it's hard to tell how the market will react.
"History would suggest that we will again experience a slight slowing, although the past 12 months have gone against previous trends."