Coffs Harbour sees strong performance in all property market sectors: HTW residential
The main driver of the Coffs Coast market is population growth, according to the latest Herron Todd White (HTW) residential report.
The current COVID-19 epidemic is going to have a negative impact on key drivers, so it will be interesting to see what impact this may have on the property market in the short to medium term, the valuation firm said.
The report suggests the continual growth can be attributed to the traditional housing market role (attracting families and retirees from the greater Sydney and metropolitan areas further south), combined with the many natural assets, relatively diverse industrial base, growing health and education sectors plus transport infrastructure such as roads, airport and rail link.
This means the area is not entirely dependent on tourism which makes it a less risky investment with a higher liveability factor than some other coastal towns.
"The proposed Pacific Highway bypass which is expected to start by the end of 2020 will have a significant injection into the local economy and increase short to medium term rental demand," the valuation firm said.
The region to the south of Coffs Harbour encompassing Urunga, Valla, Valla Beach, Nambucca Heads and Macksville have all experienced a surge in activity over recent years driven by the Pacific Highway upgrade between Warrell Creek and Raleigh seeing strong rental demand and buyer demand under $650,000.
A Nambucca Heads house sitting on a 686sqm block has recently been sold for $443,000.
The four bedroom, two bathroom home is situated at 5 Nambucca Street (pictured below).
It features kitchen with walk-in pantry, fourth bedroom or rumpus room, and double garage.
The HTW report notes another area of strong performance is the historic rural township of Bellingen being popular with Sydney and greater metropolitan buyers looking for the green change.
A three bedroom home in Bellingen has been listed for sale with a price guide of $445,000.
The 7 Halpin Street (pictured below) home comes with bathroom with separate toilet, covered patios, and established garden.
It is situated within walking distance to shops and schools.
In general, the Coffs Coast has seen strong performance in all sectors of the market, not being isolated to any particular locality or product type.
There is a diverse type of product available from suburban family homes to prestige beachside properties or rural lifestyle options from small acreage close to town to larger rural holdings all within a 45 minute drive of Coffs Harbour.
"The region is seen as a solid investment opportunity offering diverse property outcomes supported by a range of lifestyle choices, services and good regional access.
"The strong levels of demand from buyers has been driven by investors and owner-occupiers looking to take advantage of these lifestyle factors, consistent long-term capital growth, expanding work base and strong rental returns, all of which are underpinned by the low interest rate climate experienced over recent years," the valuation firm said.
