At number 1931th in the list of Australian suburbs ordered by increase in median house value over the last year, Coffs Harbour, 2450 is in the top half with a property value increase of 7.95% recorded in median house prices.
Across a shorter period, Coffs Harbour, 2450 has seen a median price increase of 2.15% over the last quarter.
Coffs Harbour2450 is located in NSW which offers an average discount of -5.26% to property investors. Coffs Harbour itself is showing figures that indicate -3.82% is the average achievable by property buyers investing in the suburb.
Advertised rents are around the $420 mark per week – giving a return of 4.60% based on the median price in Suburb
Investment property in Coffs Harbour has done around average for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of 5.87%
While Coffs Harbour,2450 ranked number 320th in NSW for increase in median house value (annualised) increase, it is ranked 431th over the last 5 years.
Our latest figures would indicate that property sellers in Coffs Harbour are currently offering property investors an average price cut of -3.70% below the asking price at the moment.
Residents and property investors in Coffs Harbour have been waiting around 71.37 days to sell a property.
With the median price for a house in Coffs Harbour being $333500 and the advertised rent reaching $335 the gross rental yield for property investors calculates out to be 5.22%
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.