Coffs Harbour has surprising strength as Sydney and Melbourne house prices also peaking: HTW property clock

Coffs Harbour has surprising strength as Sydney and Melbourne house prices also peaking: HTW property clock
Coffs Harbour has surprising strength as Sydney and Melbourne house prices also peaking: HTW property clock

Houses in Sydney, Melbourne and Coffs Harbour are in the peak of the market, according to the Herron Todd White December 2015 property clock.

The report suggested that the lure of cheap money and competitiveness of the banking industry have fuelled demand throughout all sectors of the market, particularly the sub $500,000 sector where the demand is strongest.

"This demand has naturally flowed through into the mid to high value range ($500,000 to $1 million) culminating in two beachfront sales in excess of $2 million which is the first in many years," the report said.

The valuation firm noted that the new unit and housing construction sector which was hit hardest by the GFC has seen a strong recovery.

"Park Beach north of the Coffs Harbour CBD has experienced the greatest number of new unit developments with Sapphire Beach topping the list for housing," they added.  

The market conditions in all sectors have been extremely buoyant over the past twelve months which has not entirely been driven by the record low interest rates but more importantly fundamentals such as continual population growth, resurgence in local tourism, upgrading of major road infrastructure, an increasing industrial base and the growing health and education sectors. 

Here's a list of pricey houses recently sold in Coffs Harbour -- postcode 2450 -- that Property Observer found over recent times:

Coffs Harbour has surprising strength as Sydney and Melbourne house prices also peaking: HTW property clock

1. A seven-bedroom house at 11 Charlesworth Bay Road, Coffs Harbour 2450 (above) was sold for $2.65 million, seemingly the district's top sale this year. The property show some growth having last exchanged hands for $1.9 million in 2004.

 Coffs Harbour has surprising strength as Sydney and Melbourne house prices also peaking: HTW property clock

2. A nine-bedroom house at 39 Jarrett Street Coffs Harbour NSW 2450 (above) was sold for $1 million. Its previous selling price was $715,000 in 2012.

Coffs Harbour has surprising strength as Sydney and Melbourne house prices also peaking: HTW property clock

3. A seven-bedroom house at 19 Middle Boambee Road Boambee NSW 2450 (above) was recently sold after 628 days on the market for an undisclosed price. Given its price guide was $2.45 million after listing at $2.5 million in 2014, there seemingly wasn't much price growth. The property last traded in 2008 for $2.35 million

The median house price for Coffs Harbour is $405,000, according to Corelogic RP Data.

Recent sales around the median price are:

Coffs Harbour has surprising strength as Sydney and Melbourne house prices also peaking: HTW property clock

1. A three-bedroom house at 12 Hannaford Place Coffs Harbour NSW 2450 (above) sold for $430,000. It last sold for $329,500 in 2010.

Coffs Harbour has surprising strength as Sydney and Melbourne house prices also peaking: HTW property clock

2. A three-bedroom home at 37 Taloumbi Road Coffs Harbour NSW 2450 (above) sold recently for $407,000. This one last changed hands for $145,000 in 2002.

Coffs Harbour has surprising strength as Sydney and Melbourne house prices also peaking: HTW property clock

3. A four-bedroom house at 10 Zara Place Coffs Harbour NSW 2450 (above) recently sold for $412,000. It fetched $350,000 in 2010.

Coffs Harbour has surprising strength as Sydney and Melbourne house prices also peaking: HTW property clock

4. A four-bedroom house at 56 Loaders Lane Coffs Harbour NSW 2450 (above) recently sold for $415,000. It last changed hands for $225,000 in 2002.

 

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

Tags: 
Housing Market Coffs Harbour

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