Menu
Property

Mixed results for Coffs prices

In the 12 months to Q1 2015, median house prices in the Coffs Harbour region underwent steady growth of 7.6%.
In the 12 months to Q1 2015, median house prices in the Coffs Harbour region underwent steady growth of 7.6%.

COFFS Harbour's property market has experienced a mixed bag of results, according to the latest analysis by PRDnationwide Research.

The strength of the local market was definitely in stand-alone housing, with units lagging behind.

The extensive analysis of sales, rents and volumes over the 12 months to Q1 2015 found that capital growth rates varied between property types.

The research found that median house prices in the Coffs Harbour region underwent steady growth of 7.6% - a strong result. However, the same success was not seen in unit sales, which averaged a decline in median prices of -7.4% during same period.

Sale volumes mirrored price growth trends over this period. Coffs Harbour house sales were up 2.2%, while unit sales were down -9.9%.

After suffering through the post-GFC years, the Coffs Harbour property market appears to have weathered the storm. In aggregate terms, the local market has shown steady capital growth during the medium-term; sales have averaged a rise of 3.4% over a 10-year period, despite wavering volumes.

While price is usually the first factor people look for, the number of days a property takes to sell is also significant - after all, time is money.

The combined average days on market have fluctuated between a minimum 71 and maximum 109 days over the 24 months. The seasonal trend remains flat at combined average of 85 days.

It's also interesting to note the difference between what price a property is listed for sale at, and what the final selling price is.

Coffs Harbour's list-to-sale price continues to be in negative territory. The combined average list-to-sale price is down -2.9% of the listing price in Q1 2015. This data suggests that buyers are accepting genuine capital growth, and are expecting competitive pricing for the right property.

The PRDnationwide Research paper also identifies Coffs Harbour's most common property sale price brackets.

During the 12 months to Q1 2015, 51% of all houses sold in the local area were sales recorded between the $400k-$500k price points.

The median house price map (pictured) illustrates the geographic spread of the median house prices.

Higher house prices were recorded in Coffs Harbour's hinterland areas, notably Bonville, Upper Orara and Karangi, which recorded consistently higher median prices - typically upwards of $600k - when compared with other prices in the region.

The blue-ribbon streets of the Jetty were also in the highest median price band of $900,001 to $1,000,000. Other strong performers included Korora, Diggers Beach, Boambee Sawtell and Moonee Beach.

When it comes to rents in Coffs Harbour, the cheapest places to rent tend to be within the urban centres, while some of the highest rents were achieved in Diggers Beach and North Boambee Valley.

Rental growth continued to be positive in Coffs Harbour over the 12 months to March 2015.

Current rental yield is 5% for houses and 6% for units.

This is a significant result for investors, as it outperforms the relative yields of the Sydney Metropolitan region (3.2% for houses and 4.3% for units).

Two-bedroom properties have recorded the highest annual change in rental return, increasing 12.3%.

Topics:  coffs harbour prd nationwide property real estate



Top jobs going on the Coffs Coast

Become an Airport operations supervisor at Coffs Harbour Regional Airport.

Take a look at what jobs are on offer along the Coffs Coast.

Support for palliative care patients in memory of Deb Barrie

LOVING LEGACY: Jim Barrie and Lorraine Hemsworth present a donation in memory of Deborah Barrie to Macksville's Palliative Care Clinical Nurse Consultant Dianne Green and Palliative Care Counsellor Melissa Hilson.

Mr Barrie said his wife was a remarkable woman, always smiling.

Enticer to 'Tri' and win bike

COME TRI: A shorter distance event for those new to the sport is being held as part of the bcu Coffs Tri weekend.

Enticer at Coffs Tri for those thinking about doing first triathlon.

Local Partners

Couple’s big $2 million gamble

The family has loved "stripping back their life" and only travelling with the bare necessities. Picture: Instagram

Tracey and Rob were sick of Sydney life, so they sold their home

The millionaire real estate mogul who rents

Luis D Ortiz, the real estate genius who made millions in New York, then walked away, is on his way to Australia.

The millionaire real estate mogul who prefers to rent

Coffee king forks out $6.5m for Queensland home

Philip and Gianna Di Bella now have a new New Farm at home. Picture: Annette Dew.

Phillip Di Bella has forked out $6.5 million for a New Farm home

Rare look inside ghostly abandoned casino

Photojournalist Jakub Kyncl managed to get inside Romania’s creepy old Constanta Casino. Picture: Jakub Kyncl

The haunting remains of Romania’s grandest casino