Coffs Harbour is an average performer in NSW when comparing median price capital growth over the last year. Coffs Harbour gave property investors a average capital gain figure when compared to the rest of the state, with 8.14%.
Data for the last quarter indicates that, in the short term at least, the capital value growth rate for property investors in Coffs Harbour has increased when compared to the 5 year average annual rate.
LACK OF BUYER INTEREST may well be the reason that Coffs Harbour is offering property investors an average of -5.49. This rate of discount on properties puts Suburb at number 950th in terms of most discounted suburbs in NSW
Property value increases in Coffs Harbour have tracked close to the NSW average of 5.73% over the last 12 months.
Over the longer term, Coffs Harbour has seen property prices show investors a 14.55% return over the last 3 years. This is worse than over the last 12 months
State is the 7th most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -4.41% offered to property buyers. Sellers in Coffs Harbour itself are offering an average vendor discount of -3.69% to real estate investors.
On average over the past year, suburb has had 31.67 sales per month, which equates to 380 per year.
With the median price for a house in Coffs Harbour being $315000 and the advertised rent reaching $320 the gross rental yield for property investors calculates out to be 5.28%
Coffs Harbour will be familiar to many as the home of the Big Banana, but it’s also likely to provide big opportunities for investors. Around 540km north of Sydney, the economy is mostly based around banana growing and tourism, with some manufacturing.Full summary
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Coffs Harbour will be familiar to many as the home of the Big Banana, but it’s also likely to provide big opportunities for investors. Around 540km north of Sydney, the economy is mostly based around banana growing and tourism, with some manufacturing.
Coffs has a busy airport which runs regular flights to Sydney and Brisbane. There is also a rail station connecting Coffs to both cities, and the area is set to benefit from significant upgrades to the Pacific Highway (which runs through the town).
The city’s permanent population is projected to increase from 70,000 to 80,000 between now and 2016 – notwithstanding seasonal increases of around 30,000 people. Much of this growth will be down to retirees and sea changers relocating from cities, particularly Sydney. This is something that may increase in coming years, as baby boomers who may have delayed retirement due to the GFC downsize.
However, there is also a significant working population with more than half of the town’s populace being between the ages of 20 and 59. This, combined with the relatively diverse industrial base, means that the city isn’t entirely dependent on tourism and sea changers, and as such makes it a less risky investment than some other coastal towns.
There are a wide range of amenities in Coffs, with several shopping centres, a range of restaurants, sports facilities, schools and two hospitals. Its beaches are also famed for their beauty, and the hinterland of the Great Dividing Range is only a few kilometres west.