Mixed results for Coffs prices
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%.