Thinking of buying a house in Coffs Harbour?

We figure it’s time we gave the Coffs Harbour real estate market the once over.
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After three years of rapid growth in median house prices, we have seem them fall by just over 6% over the past 12 months, with them now sitting at $750,000. This is likely a combination of tougher borrowing conditions, plus a few COVID period sea-changers deciding, or being forced, to head back to the capital cities, which has put a few more properties on the market.

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Despite the downturn, we are still seeing houses sell quickly, where they are presented well and priced right. Perhaps reflecting the tougher borrowing conditions, the median unit price has risen over the past 12 months, up 3.6% to $545,000. With many home buyers unable to afford a house, there have been more couples and young families content to source townhouses and villas as a stepping stone to future home buying.

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Further to our May look at Ocean Parade, the areas close to the Coffs CBD are seeing buyer activity – West Coffs, the Halls Road area of North Boambee Valley and the St Augustine’s precinct are all popular being well priced and close to the CBD.
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For investors, rental yields are still strong at 4.4% for houses and 4.9% for units, but investors will find they are contributing more and more to their mortgage payments with rate increases over these past 12 months.
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We’re excited to see new developments around the Jetty, CBD and Park Beach finalising over the next few months and seeing new fences coming up on development sites can only mean more homes becoming available.
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As always, when you need expert advice on financing your home purchase, talk to your local brokers – here on the ground, understanding the market, understanding which lenders are more supportive in this area and with established, professional connections to agents, valuers and conveyancers to make the process smooth and satisfying.

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Get in touch with your local Coffs Harbour Mortgage Brokers today - North Coast Lending - Rod@northcoastlending.com.au

June 2024