Coffs' reputation as a tourist mecca has seen the property market remain relatively strong.
Coffs' reputation as a tourist mecca has seen the property market remain relatively strong.

How Covid-19 is affecting the Coffs property market

COFFS Harbour's reputation as a tourist mecca has seen the property market remain relatively strong compared to its metropolitan counterparts amid the Covid-19 pandemic.

That's according to local real estate agent Tom Coombes from McGrath, who said that during the pandemic there has been a notable rise in overseas buyers snapping up Coffs properties site unseen.

"In the first initial months of Covid-19 we did see average days on market rise up by approximately 20 per cent," Mr Coombes said.

"However prices have remained stable due to Coffs Harbour being seen as a destination market, meaning different buyer pools are always looking to purchase in the area.

"We have seen an increase in interest levels from overseas buyers looking to purchase site unseen using a trusted family member to do the inspection on their behalf, with plenty of Facetime and videos being used.

 

Local real estate agent Tom Coombes says it is not likely the Coffs Harbour market will see volatility in the near future.
Local real estate agent Tom Coombes says it is not likely the Coffs Harbour market will see volatility in the near future.

 

"During this time our social media platforms have proven particularly successful in attracting these buyers."

The median house price in Coffs Harbour has remained stable over the last few months. In January, before the pandemic began, the median house price was $495,000.

In July, it is now $490,000.

Mr Coombes said he could not see any volatility in the near future.

"My predications now that the state has loosened restrictions around inspections is that we will continue to see the Coffs Harbour market staying strong," he said.

Mr Coombes added that an increasing number of people are taking advantage of the new $25,000 HomeBuilder grants.

"I have spoken to a local home builder who confirmed that there has been an increase in inquiries following the announcement of the government's new building grants."

The grants to build a new home or substantially renovate an existing home are available where a contract has been signed between June and December 31.

Data from Domain published last month also revealed Coffs Harbour placed 9th in the top 10 list of suburbs for home searches outside of Sydney during the Covid-19 lockdown. 



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