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Coffs Harbour Property Industry in the Spotlight
REINSW President, Mrs Cristine Castle, said she and the Institute’s CEO had travelled to the city to get a first hand understanding of the importance of real estate to the future of the region.
“In our view it is vitally important to discuss the future of NSW’s property industry in Coffs Harbour because the issues that affect real estate practice in regional cities are just as important as anything that is going on in Sydney and because the N.S.W. in the Institute’s name stands for New South Wales and not Newcastle, Sydney and Wollongong,” Cristine Castle said.
“We have very active members in Coffs Harbour and the Division’s Chairperson, Christine Clarke, is engaged in the Institute’s political activities and policy development.”
Mrs Castle said the Institute’s research shows that Coffs is thriving.
“Coffs Harbour’s diversity and natural beauty is attracting tourism and investment.”
A number of these investors are “Sea Changers”, who are Baby Boomers or young families escaping from capital cities for a better quality of life.
“Looking at the local residential property market, NSW Department of Housing figures show that it is, in a word, steady,” Mrs Castle said.
“Like most parts of the State, buyers are hunting for bargains that sometimes aren’t there … but vendors who have adjusted their price expectations are selling their properties without any trouble at all.
“There have been some near record prices for homes over $600,000 that are on the water or have a view, however, the market between $300,000 and $600,000 is static.
“The good news is that first home buyers are in the market and are snapping up homes under $300,000,” Mrs Castle said.
Department of Housing figures show that the median sale price for all dwellings in Coffs Harbour in the June quarter was $295,000, which is a 2.8% increase on the March Quarter.
The median sale price for all homes at Port Macquarie is $319,000, which is a 2.4% decrease on the March Quarter.
Department of Housing figures for rents show that the total number of rental bonds held in Coffs Harbour has increased 3.3% in the past 12 months to a total of 5,028 homes, and has increased 3.9% at Port Macquarie over the same period to a total of 4,152.
In Coffs, median rents for three bedroom houses are up 2% over the year to $255 per week and are up 3% to $170 per week for two bedroom units.
In Port Macquarie the median weekly rent for three bedroom houses is up 4% to $260, but is $170 per week for two bedroom units, which is the same as last year.
“The Institute’s own Residential Vacancy Rate Survey shows that there is a slight oversupply of rental properties at 4% in Coffs Harbour but that appears to be seasonal and it fits with what I’ve heard: that there is strong underlying demand for good quality properties,” Mrs Castle said.
“So, the residential market is steady but the market for industrial and commercial property is strong. And retail is doing particularly well, with buyers willing to pay good prices for tightly held properties coming onto the market.”
So overall, Coffs Harbour is a vibrant and prosperous city that is the economic powerhouse of the region and the property market is travelling along quite well on the back of a decade of solid growth.
“Coffs Harbour’s prosperity will continue with stable interest rates and, hopefully, falling fuel prices ensuring that there is good demand for well priced and well located properties into the future,” Mrs Castle said.
Please direct all media enquiries to REINSW Communications Manager, Mr Nicholas Campbell
Tel. (02) 8267 0527 / 0406 955 801.
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