THE Mid North Coast real estate market has bounced back from the global financial crisis (GFC) with average house prices rising by 8.3 per cent in the past 12 months.
In the past year the average house price in the region rose to $325,000.
Figures released yesterday in the State of the NSW Property Report prepared by RP Data for St George Bank show the region’s rebound out of the GFC has not been as strong as in the capital cities.
Leading the way locally was Valla Beach which recorded 35.5 per cent annual growth to set a median price of $420,000.
Korora was the best performed Coffs Harbour suburb (19.7 per cent).
Other Mid North Coast centres to record strong growth were East Kempsey (20 per cent), Dunbogan (18.8 per cent), Wooli (16.7 per cent), South Kempsey (16.4 per cent), Coutts Crossing (16.4 per cent) and Coffs Harbour (13.8 per cent).
For bargain house-hunters, houses with median prices under $200,000 can be found in South Kempsey, Bowraville, West Kempsey, Frederickton and South Grafton.
The report shows NSW property prices have stabilised, on average, despite growth in some areas and falls in others.
Chief economist for St George Bank, Justin Smirk, said the pause in average NSW regional property prices, offers home buyers a chance to take stock and carefully consider their options.
“With prices back to 2004 levels, the easy bargains have gone. However, we believe there are still opportunities for home buyers who are prepared to do the research. This report is a good starting point.
“The good news about the Mid North Coast region property market, with rises in some suburbs and falls in others, is it provides an opportunity for well-researched home buyers to carefully weigh up properties and make a smart move into the market.”
According to the report Sapphire Beach is the region’s most expensive address.
It's median house price of $555,000 was an increase of just half of one per cent on last year.
Korora’s median house price is now $455,000 and Sawtell’s rose by 1.2 per cent in the past year to $415,000.