Strong demand for houses and units on Coffs Coast
By Suni Golightly
IT IS a seller's market in the Coffs region with house and unit prices continuing to track better than forecast.
CoreLogic RP Data's most recent Market Trends report shows there is great demand for homes in the $350,000-$450,000 range being snapped up by desperate buyers.
Moonee Beach was the region's most expensive suburb with a median house price of $649,000, ahead of Boambee on $635,000.
Sapphire Beach was third most expensive on $622,500 with Upper Orara ($600,000) and Korora at $584,511.
Woolgoolga's $389,500 topped the area's median unit prices, followed by Korora with $368,400 and Sawtell ($358,000).
Given its recent performance it is unsurprising that Korora had the biggest annual increase in house prices at 16%, pipping Upper Orara which reported a 15.4% increase and Bonville with 14.8%.
An 11.1% drop in median house prices made Nana Glen the region's worst performer but that was the only real blip in what has been a very successful year for Coffs and surrounds.
Coffs Harbour can boast the most properties for sale in the 12 months at 480 homes but it is Woolgoolga where demand was actually highest, the homes there only staying on the market an average 42 days.
Rental demand, too, continues to climb with properties in Arrawarra Headland achieving a median of $800 per week, a 31% annual increase.
The median weekly rent in Sapphire Beach is $515 followed by Bonville at $490 a week and Moonee Beach at $475. Toormina is the cheapest place to rent on $383 a week.
Jason Burnett, principal at The Edge Real Estate, is not surprised that Coffs and its surrounds continues to be popular with those looking for a lifestyle change and more bang for their buck.
"Traditionally, we have always seen high demand for property from Sydney investors or those relocating from that city and that hasn't changed," he said.
"But over the last six months at least half of our buyers are from out of town including Melbourne, Wagga and Canberra. There is good value here, the climate is excellent, we have a great lifestyle and property is still very affordable."
Mr Burnett said stock levels were low across the board with settled home owners sitting tight. While most suburbs were experiencing demand, he pointed to the area's beachfront real estate as stock to watch.