Bushfire-hit Coffs Harbour property markets expected to slow in 2020: HTW residential

Traditionally the start of the year is always slow, however, we are seeing a somewhat slower start than normal which may be attributed to the devastating fires which have occurred and continue to terrorise New South Wales, according to the latest Herron Todd White (HTW) residential report. 

The valuation firm ask their valuers to give an educated outlook on the residential market in their service areas.

"Although the worst of it appears to be over in the Coffs Coast region, there is still a hangover effect and rebuild stage taking place within the affected communities with these markets under a watch and see phase," the valuation firm said. 

These markets were relatively complacent prior to the recent bush fire event with little to no discounting for properties that could potentially be affected by fires.

However, now a major bushfire event has occurred (and is likely to continue over the rest of this summer), properties impacted by bushfires may experience a period of lower demand, increased sale periods and falls in value.

Until such time as a volume of rental and sales evidence of bushfire affected properties does occur, it is difficult to predict the effect on the market and whether any discounting may be required to achieve a sale.

Against the backdrop of all of this devastation, there report notes the region is underpinned by its endless lifestyle opportunities and major infrastructure projects in the works especially anticipating the start of the Pacific Highway bypass of Coffs Harbour.

"The general feel is that the market should tick along nicely once all have returned from the holiday season.

"With the record low interest rates driving market confidence, we are noting good levels of property being placed under contract and more notably the $1 million plus beachfront market has recorded several sales over the new year period," the valuation firm stated. 

A Sawtell four bedroom house has been recently sold for $1.04 million.

The single level coastal home is situated at 88 Circular Avenue (pictured below).

It comprises open plan living and dining, covered alfresco, stone kitchen, four bedrooms, media room and double garage.

A Coffs Harbour penthouse has been listed for sale with $1.45 million hopes. 

The two storey apartment is located at 41/123 Park Beach Road (pictured below). 

The apartment features 3 bedrooms, 2.5 bathrooms, open living area and views of the ocean and lush hinterland.