Coffs Harbour Property Market Update 1st Half of 2021

In Q1 2021, Coffs Harbour recorded a median house price of $665,000, and a median unit price of $445,000. This represents annual (Q1 2020 – Q1 2021) median price growth of 19.8% for houses and 23.6% for units. Between Q1 2020 – Q1 2021 total sales in both markets improved, by 19.3% for houses (to 290 sales) and by 16.7% for units (to 119 sales). Median price growth coupled with increased sales suggests there is real returns on capital investment in Coffs Harbour. Now is the time to transact, particularly sellers looking to benefit from a highly demanded market.

Average vendor discounts between Q1 2020 and Q1 2021 have tightened for both property types, to -0.7% for houses and -0.6% for units. Market conditions in Coffs Harbour moving towards a seller’s market, with buyers willing to offer closer to the first list asking price. There is a discount for buyers, however limited.

In March 2021, house rental yields in Coffs Harbour were recorded at 3.7%. In the 12 months to Q1 2021, the median house rental price increased by 17.0% to reach $550 per week, while average days on the market declined sharply by -43.1% (to 15 days). Overall, this highlights Coffs Harbour’s rental market strength throughout COVID-19.

3 bedroom houses have provided investors with +7.0% rental growth annually, achieving a median rent of $460 per week.

Also in March 2021, Coffs Harbour recorded a low vacancy rate of 0.6%, below Coffs Harbour LGA (1.0%) and Sydney Metro (3.4%). The vacancy rate in Coffs Harbour sharply declined after April 2020, however, has started to increase since January 2021. This said, it has remained well below the Real Estate Institute of Australia’s healthy benchmark of 3.0%, even amidst COVID-19 conditions. This confirms there is still a strong level of rental demand, which is good news for investors.