Coffs real estate prices to rise
COFFS Coast house prices could well jump 10 per cent this year in line with forecasts for parts of Sydney.
While Christine Clarke – a local real estate agent and a director of the NSW Real Estate Institute – has no evidence it will happen soon if current demand continues, she says it could eventuate later in the year.
What she’s seeing at the moment is demand ‘across the board’ in the local housing market and big turnouts at weekend open houses.
“In Coffs Harbour and other similar regional centres in the last five to 10 years, there has not been a lot of new housing development,” she said.
“Coffs Harbour has a growing population with a lot of new people settling here but not a lot of new building has been going on. It puts pressure on prices.
“The fact that interest rates are still historically low, people are still borrowing at below seven per cent, so it’s still seen as affordable to buy a house in regional areas.
“People are also finding it more affordable to buy a house instead of renting. The pressure on rents is bringing in buyers and that does push prices up.
“What I’m seeing is not much negotiating on prices – people are paying the asking price because of the lack of stock.”