Coffs Harbour first home buyers are likely to be 30 or older: HTW

Coffs Harbour first home buyers are likely to be 30 or older: HTW
Coffs Harbour first home buyers are likely to be 30 or older: HTW

Although we have seen considerable activity from investors over recent years, owner-occupiers still make a sizeable sector of the Coffs Harbour market, according to valuers, Herron Todd White.

"When you consider that there are first home buyers, trade up or down buyers and retirees all looking to secure properties, there is no one size fits all in relation to property, the firms latest report suggested.

It is difficult to pigeon hole what each buyer profile looks like or the attributes sought after in a property.

"The forst home buyer conjures up images of the young twenty something purchaser when in fact we are seeing the thirty or forty something age bracket also trying to get off the rental treadmill.

"The younger generation seems to be attracted to the shiny new product whist the older group looks towards an older home," HTW noted.

As property prices continue to strengthen, new product is becoming less affordable and it is becoming increasingly difficult to find a house under $500,000.

The trend is to go to unit product (townhouse or villa) or further a field to the smaller townships in the more affordable price range of under $500,000.

The Coffs Coast has an ample range of property priced under $350,000 so long as buyers are prepared to look at the older units in central Coffs Harbour or homes further a field in the lesser known townships such as Nambucca Heads, Macksville and Grafton. 

The trade up or down buyers are diverse in their requirements and will generally be attracted to areas which suit their lifestyle depending on age and family needs. 

Downsizers typically look toward the unit and small lot properties.

"We have seen an increase in unit development within Coffs Harbour generally centred on the Jetty precinct and Park Beach areas.

"These two areas are only two kilometres apart however miles apart in value.

"The more affluent downsizer looks toward the Jetty precinct close to the harbor and CBD with local restaurant and tourist facilities."

The average price for modern units is $500,000 to $800,000.

Park Beach although having similar attributes of a good beach and shopping facilities has a more modest unit price range of $370,000 to $600,000 for modern units.

HTW noted highway upgrades north and south of Coffs Harbour have reduced travel times making commuting easier which has attracted many potential home purchasers to more fringe beachside localities such as Corindi Beach to the north, being popular with commuters from both Coffs Harbour and Grafton, and Nambucca Heads to the south where property prices are considerably more affordable in the $300,000 to $400,000 price range.

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First Home Buyers Coffs Harbour

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