Best time to buy home in Coffs
IT'S a blessing or a curse depending on where you sit, with house sales nose-diving on the Coffs Coast this year, creating the ultimate buyers' market.
Official figures obtained by The Advocate from The Real Estate Institute show that in 2008 there were 1717 sales in Coffs Harbour city, which equates to 143 per month.
So far this year, there have been 204 sales - or just 68 per month.
These are the figures for every sale in the region regardless of whether they went through an agent or not.
“It's a great opportunity for anyone looking to get into the market,” said Coffs Coast Real Estate Institute chairperson John Sercombe.
“And anyone who wants to sell should remember that if they have to re-buy, they're going to be doing so in the same market as everyone else, so they're not missing out in that sense."
Seasonally-adjusted, January is typically a slow sales month but traditionally sales pick-up dramatically from then on. Not so this year as the economic downturn bites.
Mr Sercombe, who is also director of the Mid North Coast Estate Agents Co-operative, said he couldn't see the market changing in the next 12 months.
“It will be like this for at least another year. In New South Wales we may not see any changes until 2011.”