Coffs Harbour Property Market Update 1st Half of 2022
In Q1 2022, Coffs Harbour recorded a median house price of $780,000, and a median unit price of $549,000. This represents annual (Q1 2021 – Q1 2022) median price growth of 16.4% for houses and 24.5% for units. Between Q1 2021 - Q1 2022 total sales slowed, down by -20.2% for houses (to 71 sales) and by -30.0% for units (to 56 sales). The market is undersupplied, as price growth is alongside lower sales, particularly in the unit market. Now is an ideal time for owner-occupiers and downsizers to capitalise on their investments, and for developers offering ready-to-sell stock to enter the market
Average vendor discounts between Q1 2021 and Q1 2022 have fluctuated in Coffs Harbour, with the market swinging to a premium in mid-2021, indicating buyers were willing to offer higher than the first list price. Q1 2022 saw average vendor discount swing back into the discount range, of -1.0% for houses and -1.9% for units. Sellers are willing to negotiate their initial listing price, in good news for first home buyers.
In March 2022, house rental yields in Coffs Harbour were recorded at 4.1%. Rental yields in Coffs Harbour may seem lower, this is due to annual median house sale price growth, of 16.4%, outpacing annual median house rental price growth, of 9.8%. That said median house rental price did grow to $580 per week between Q1 2021 – Q1 2022, with a low average day on the market of 19 days.
3+ bedroom houses have provided investors with +18.3% rental growth annually, achieving a median rent of $550 per week.
Also in March 2022, Coffs Harbour recorded a vacancy rate of 0.9%, below that of Coffs Harbour LGA (1.5%) and below that of Sydney Metro (1.6%). Vacancy rates in Coffs Harbour have increased slightly since October 2021, however still well below the Real Estate Institute of Australia’s healthy benchmark of 3.0% and have remained under 1.0% for the past 18 months. There is a healthy level of rental demand, and investors can be confident of a conducive investment environment.
