Coffs Harbour Property Market Update 2nd Half of 2021

In Q3 2021, Coffs Harbour recorded a median house price of $730,000, and a median unit price of $530,000. This represents annual (Q3 2020 – Q3 2021) median price growth of 21.7% for houses and 37.7% for units. Between Q3 2020 – Q3 2021 total sales slowed for houses down, by -7.6% to 326 sales. Sales picked up for units, by 12.6% to 116 sales. The unit market shows real returns in capital investment as price growth is accompanied by higher sales. The house market is undersupplied, less sales causing strong price growth. Overall, these trends suggest now is an ideal time to sell in Coffs Harbour.

Average vendor discounts between Q3 2020 and Q3 2021 have tightened for both property types, to -0.3% for houses and -0.1% for units. Market conditions in Coffs Harbour have shifted towards a seller’s market. Buyer’s bargaining power in Coffs Harbour has decreased since the start of 2020 as the final sale price is almost the same as initial listing price.

In September 2021, house rental yields in Coffs Harbour were recorded at 3.9%. In the 12 months to Q3 2021, the median house rental price increased by 16.7% to reach $560 per week, while average days on the market increased by 28.6% (from 14 to 18 days). Despite the increase in days to let, the rental market has remained resilient throughout the COVID-19 period.

3-bedroom houses have provided investors with +17.3% rental growth annually, with a median rent of $528 per week.

Also in September 2021, Coffs Harbour recorded a vacancy rate of 0.7%, slightly below that of Coffs Harbour LGA (1.0%) and well below Sydney Metro (2.7%). Vacancy rates in Coffs Harbour have held relatively stable in the past 6 months and are well below the Real Estate Institute of Australia’s healthy benchmark of 3.0%. This confirms there is a healthy level of rental demand and investors can be confident of a conducive investment environment in Coffs Harbour.