Statistics show more than 40 per cent of Coffs locals rent
Statistics show more than 40 per cent of Coffs locals rent monkeybusinessimages

The rental roundabout: Where 40% of locals rent

WETHER by choice or not, a vast section of the Coffs Coast rent their homes. In some areas as many as two out of every five locals are living in rental accommodation.

CoreLogic Market Trends show 40.3 per cent of Coffs Harbour city's population rents their home.

At the opposite end of the scale, almost one-third of Coffs locals own their home outright and just under a quarter own with a mortgage.

The 40.3 per cent result for the city is the highest rate of renters anywhere on the Coffs Coast.

Toormina has the second highest rental rate of 36 per cent, followed by Nambucca Heads at 34.9 per cent and Sawtell at 33.4 per cent.

The reasons for these results vary.

Some are suburbs where rents are cheap and plentiful like Toormina, while suburbs like Sawtell are places where people want to live, but may not be able to afford to buy.

With so many renters, the rental market can become tough to crack when looking for a place to call home, but for the time being there is relief from what has been an incredibly tight rental market in recent times.

New figures show the rental squeeze on the Coffs Coast eased during the past month.

According to the monthly REINSW Survey, Coffs Harbour's vacancy rate increased to 3.8 per cent in February, up from 2.5 per cent in January and 1.8 in December 2017.

With so many renters in the market, the Coffs Coast remains a popular spot for property investors who can achieve strong returns on their investment, unlike some other markets.

The CoreLogic Market Trends show that in Coffs Harbour the gross rental yield for houses is 4.6 per cent and 5.2 per cent for units.

Rental hotspot Toormina offers a strong return of 4.9 per cent for houses and 5.8 for units.

Nambucca Heads returns a gross rental yield of 5.5 per cent for units and 4.9 per cent for houses.

The Coffs Coast's strongest rental yields are 6.5 per cent for units at Sapphire Beach where the median sale price is a mere $288,500.

Coffs Harbour's highest rents are for Sapphire Beach houses at a median of $495 a week and the cheapest is $320 a week for Toormina units.

Of course, having no mortgage is the ultimate dream, and the vast majority of Arrawarra locals are already there - 77.1 per cent own their homes outright.

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