Premiums paid for Coffs Coast pads
AS AUSTRALIAN politicians debate the issue of housing affordability, two Coffs Harbour properties have sold for prices far from what would be considered affordable to the average local.
But they are worth every cent.
The majestic seven-bed-room headland residence at Charlesworth Bay Rd sold under the hammer this month for $2.65 million.
Despite the hefty price tag, Raine & Horne principal and selling agent Christine Clarke said the result was in line with her price expectation.
"We had expected the selling price to be in excess of $2.5 million," Ms Clarke said.
"The property was last sold for $1.9 million in 2004 and the current owners had completed a major refurbishment of the property. But of course being a premium property, the market really determines the value, but it's a very tightly held area and the opportunity to live in that section of Charlesworth Bay rarely comes along."
While there was strong interest from outside Coffs Harbour, those registered on auction day were all locals.
"It has been apparent for some years that local people understand the value of Coffs Harbour more than people outside the area."
The owners are a local family with a business in town. Ms Clarke said they were familiar with the property and had admired it over several years.
A similarly spectacular piece of real estate at 6 Beachfront Cl, Sapphire Beach sold this week for $2 million.
The luxury four bedroom residence was on the market for just 23 days.
Atkinsons Real Estate selling agent Barry France said the Sydney-based buyers saw the property when it went online on a Thursday, flew up to view the property on Sunday, took up an offer to spend the night in the property and made the deal to buy it on the Monday.
"I had three other buyers waiting in the wings who were prepared to pay that price for the location," he said.
And what a location it is; nestled against the headland, with an absolute beachfront position is hard to beat.
"Because it's the most southerly point of that strip it means year round you are protected from the southerly winds. The property also had a long history of strong holiday rental which was an attraction to the buyers."
Mr France said while premium property prices are yet to reach the peaks seen in 2003 and 2004, they are certainly making strong progress.
"I think you'll find that premium beachfront property will really start to gain, I think this is just the start. I see a lot more strength; instead of previously having just one buyer for a property like this, I'm now seeing two or three."
Mr France said Coffs Harbour's premium properties in the $1-2 million dollar bracket would start catching the eye of Sydney and Melbourne baby boomers.
"It's the baby boomers retiring who have that type of cash to spend," he said.
"If they come out of those suburbs where they get $4 million for their house, they can buy here and still have half to retire on."
The properties are two of three to sell for more than $2 million this financial year. The third was a 24.93ha parcel of land opposite Pacific Bay Resort which sold for $2.4 million in February.
The million dollar club
- For most locals, owning a $1 million dollar-plus property is a dream that will never be realised. However there has been significant growth in the luxury home market in the past two years.
- The results were similar in the 2013-14 financial year when 19 properties sold for more than $1 million across the same postcodes.
- In stark contrast, there were just 10 properties sold for more than $1 million in the 2012-13 financial year.
- This financial year's premium sales vary from Jetty apartments to Bucca properties bought by blueberry growers.
TOP TEN SALES 2014-15
$2.65 million: Charlesworth Bay Rd, Coffs Harbour
$2.4 million: Pacific Ave, Coffs Harbour
$1.7 million: Bucca Rd, Bucca
$1.6 million: Upper Bobo Rd, Brooklana
$1.4 million: Central Bucca Rd, Bucca
$1.3 million: Eighteenth Ave, Sawtell
$1.3 million: Bucca Rd, Nana Glen
$1.27 million: Moller Dr, Sawtell
$1.250 million: Bay View Pl, Korora
$1.25 million: North Boambee Rd, North Boambee Valley.
Source: CoreLogic RP Data 2450 and 2452 postcodes