Coffs Harbour

Australian property developer Third.i continues to defy the property market downturn, exchanging on a string of record-breaking apartment sales across two projects in Newcastle and one in Coffs Harbour.&nbsp;

As the first project for Third.i in Coffs Harbour, Sable at the Jetty has been met with strong interest, with the penthouse selling for $2.35 million, recording a record for the region.&nbsp;

Over 80 per cent of the apartments have been sold since launch in October last year, with Third.i's Co-Founder Luke Berry saying the strength of the sales at Sable at the Jetty demonstrate that regional cities are seeing a consistent uptake of sales activity.&nbsp;

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"There is still growth in the market here, with property sales in the New South Wales north coast holding steady," Berry said.&nbsp;

“There’s heaps of opportunity for growth in Coffs Harbour and this record penthouse sale tells us buyers feel the same way."

With only a handful of apartments remaining, the $35.5 million project is set to deliver a mix of one, two and three-bedroom residences, with construction due to commence in the coming months, with completion slated for mid-2024.&nbsp;

Located on the corner of Collingwood and Edgar Streets, Sable at the Jetty is within walking distance from the beach, local schools, cafes and shops, and also offers numerous transport links at your doorstep. Remaining apartments are priced from $650,000 to $1.6 million.

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Sable at the Jetty joins a growing list of Third.i’s record sales in New South Wales, following three record sales in Newcastle, with the sale of the penthouse at Dairy Farmers Towers going for $6.5 million and two back-to-back $3.5 million penthouse sales at the group's retirement living project, The Merewether Residences.&nbsp;

The extensive whole floor penthouse in Dairy Farmers Towers, located at 924 Hunter Street, Newcastle West sold to a local family who swooped in to secure their slice of the iconic project which pays homage to the site’s history as the original head office for Dairy Farmers Limited in Australia.

The buyer is a Hunter Valley legend, winemaker and businessman, who says the level of offering at Dairy Farmers was exactly what he and wife were looking for in an inner-city abode.

When asked about the status of setting a record with their purchase, the buyer said, “We love Newcastle and Novocastrians, and are excited to have an apartment there. We can’t wait to move into such an iconic property and participate in the fantastic social activities Newcastle can offer.”

The penthouse is in the project’s North Tower, which offers a combined 440 sqm ‘Sky Home’ sitting 100 metres above sea level.

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The four-bedroom, three-and-a-half-bathroom, four-car property features multiple living and dining rooms, a separate chef's kitchen, bar and adjoining wine cellar, library, and study.

All rooms will have three-metre high ceilings and floor to ceiling glazing, which will deliver 360-degree views of Newcastle all the way to the Broken Back Range in the Hunter Valley, a crucial feature for the buyers who previously lived under the Broken Back Range.

The project has also been met with a swarm of interest from downsizers and owner occupiers, with more than 70 per cent of the project sold since its launch in late 2022.

alisonwarters@gmail.com

Third.i secure string of record-breaking apartment sales across New South Wales

Growth in regional cities has impacted Third.i’s first project in Coffs Harbour, with the group selling over 90 per cent of the residences within weeks on the market.&nbsp;

The $35.5 million project, Sable at the Jetty, was met with a swathe of buyers searching for a sea-change, with only a handful of apartments still available, priced from $650,000 through to $2.35 million.

Early works are expected to commence this year, with the project due for completion by the second quarter of 2024.

Located on the corner of Collingwood and Edgar Street, Sable at the Jetty will deliver a collection of one, two and three-bedroom apartments upon completion.&nbsp;

&nbsp;

<a data-entity-type="file" data-entity-uuid="1549cd62-1659-4d4c-8b20-f2e289983cac" href="/new-apartments/sable-at-the-jetty-coffs-harbour-45-47-collingwood-street-coffs-harbour"><img alt="Sable at the Jetty" data-entity-type="" data-entity-uuid="" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/CollingwoodEdgar_View_09A2_Hero_Exterior_FINAL.jpg?VersionId=go.da7hCVVo88oEWqNyICPF46zlSh7Dw" /></a>Render of the Coffs Harbour project, Sable at the Jetty

Combining high-end finishes with state-of-the-art appliances, the project will tap into the mid north coast’s beauty, with a number of lush communal spaces planned, including a landscaped courtyard for the use of all residents.&nbsp;

Sable at the Jetty is within walking distance from the beach, local schools, cafes and shops, and also offers numerous transport links on the doorstep of the site.&nbsp;

Sable at the Jetty joins a growing list of developments in Third.i's portfolio across Australia’s eastern seaboard, including Dairy Farmers Towers in Newcastle, Balfour Place in Lindfield, the Warada on Walker commercial precinct in the North Sydney CBD and the Merewether Residences in Newcastle.

Co-Founder Luke Berry said drawing on the fact their debut project has been met with a swarm of interest, regional cities are seeing a steady increase in growth, with Third.i joining the drive behind the growth.&nbsp;

<a data-entity-type="file" data-entity-uuid="2f7cf1ef-293f-4e72-9007-528bf36b25cf" href="/new-apartments/sable-at-the-jetty-coffs-harbour-45-47-collingwood-street-coffs-harbour"><img alt="Sable at the Jetty" data-entity-type="" data-entity-uuid="" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/CollingwoodEdgar_View_08D_Apt501_Bedroom%20FINAL_Oct22.jpg?VersionId=Mf5EmDC3kTvrW.Zsk8wpol2RHq14otGV" /></a>Render inside the Coffs Harbour project, Sable at the Jetty

“We’re delivering a much-needed transformation to other cities including Newcastle, but we’ve now set our sights on Coffs Harbour after recognising the growth potential of the area and how we can invest in the market,” Berry said.

“While real estate activity has slowed across much of the country this year, it’s been great to see regional cities, including Coffs Harbour, defy this downturn and we’re excited to see what further opportunities may exist in the region.”

“The northern New South Wales coastline, particularly around the Coffs Coast, is an underrated gem and is the perfect escape for those who want a peaceful and more relaxed lifestyle.”&nbsp;

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Sable at the Jetty joins a growing list of developments in Third.i's portfolio across Australia’s eastern seaboard, including Dairy Farmers Towers in Newcastle, Balfour Place in Lindfield, the Warada on Walker commercial precinct in the North Sydney CBD and the Merewether Residences in Newcastle.



Third.i’s debut Coffs Harbour residences, Sable at the Jetty hit 90 per cent sold

Third.i has quickly secured 80 per cent of sales at its $35.5 million Sable at the Jetty project in Coffs Harbour.

The development approved project will deliver a collection of one, two and three-bedroom apartments starting from $650,000 and rising to $2.35 million.

Early works expected to commence this year, with completion slated for mid 2024.&nbsp;

<img alt="Render inside one of the Sable at the Jetty residences." data-entity-type="file" data-entity-uuid="50af8709-1128-4b99-b5ce-a03281dea165" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/CollingwoodEdgar_View_03B_Apt504_Living%20FINAL2_0.jpg?VersionId=3hxj0M7y1mUHkWGVBwJ0ituKvJvNkuzK" />Render inside one of the Sable at the Jetty residences.

Third.i Co-Founder Luke Berry said Third.i’s debut Coffs Harbour project is helping to fill a gap in the market for quality coastal homes and the demand isn’t showing signs of slowing down.

“Sable at the Jetty is our first project here at Coffs Harbour, so we’ve ensured it exceeds expectations and lives up to the legacy I know it will leave for the region. Encouragingly, sales results at our launch event last week show us we’ve done exactly that,” Berry said.

“It’s all about elevating our buyer’s lifestyle, with premium apartments and different layouts and configurations to suit each and every one of our potential buyers.

“The interest received prior to launch has shown demand for this type of product isn’t slowing anytime soon, and we can’t wait to kickstart construction and bring this project to life,” Berry added.&nbsp;

<img alt="Render inside one of the Sable at the Jetty residences." data-entity-type="file" data-entity-uuid="8af85df8-ca81-4edb-b510-1b5eb8e74101" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/CollingwoodEdgar_View_06B2_Apt502_Living%20FINAL2_0.jpg?VersionId=zRnRRznoo0Y.BBv.6qkw4Ou7RNIiyzjr" />Render inside one of the Sable at the Jetty residences.

Designed by Third.i team Design Manager Luke Mahaffey, Sable at the Jetty draws inspiration from the surrounding coastal context, incorporating colours and textures reminiscent of the nearby ocean and sand, as well as the local flora and fauna.&nbsp;

Located on the corner of Collingwood and Edgar Streets, the site is within walking distance to the beach, along with a number of local schools, cafes and shops. Numerous transport links will also be on offer from the steps of Sable.&nbsp;

“The Jetty is an icon for the city and has come to symbolise the next major chapter of the city’s economic growth. Whether you’re looking for somewhere to raise a family, or downsizing to simplify your life, these apartments are sure to be a great investment,” Berry said.

<img alt="Render of the landscaped communal space in Sable at the Jetty" data-entity-type="file" data-entity-uuid="ecf23ce9-518e-4963-858c-086b173645ca" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/CollingwoodEdgar_View_10C_Communal_Space%20FINAL.jpg?VersionId=uspMnj_3QnMGeU8AUXbAUmG6n2u22RCr" />Render of the landscaped communal space in Sable at the Jetty

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“With the convenience of the city centre close by, yet outside of the hustle and bustle, Sable is perfectly located for convenience and peace of mind. A range of gyms, shops, cafes and restaurants, as well as transport options are all within walking distance.”

The latest offering from Third.i joins a growing list of developments across Australia’s eastern seaboard, including Dairy Farmers Towers and Merewether Residences in Newcastle, as well as Balfour Place in Lindfield.

Luke Berry said Third.i’s debut Coffs Harbour project is helping to fill a gap in the market for quality coastal homes and the demand isn’t showing signs of slowing down.

Thirdi.i’s Sable at the Jetty splashes onto the market selling over 80 per cent of residences in three days

Australian developers Third.i is gearing up to launch the next gem in the crown for Coffs Harbour, with the $35.5 million Sable at the Jetty project set to hit the rebounding real estate market next month following its official DA approval this week.

The new project has received the coveted green light from the Coffs Harbour City Council to bring 35 residences to the area, with a mix of one, two and three-bedroom apartments.&nbsp;

<img alt="Render of the Coffs Harbour development, Sable at the Jetty" data-entity-type="file" data-entity-uuid="667cadb0-911a-4837-8e8a-4082ae6cab9a" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/CollingwoodEdgar_View_03B_Apt504_Living%20FINAL2.jpg?VersionId=6XkG7BppH7hPIkyYtw8cE0el4pgFJqSt" />Render of the Coffs Harbour development, Sable at the Jetty

Sable at the Jetty is penned to hit the market in the coming weeks and will comprise high-end finishes, state-of-the-art appliances and an unrivalled lifestyle in one of the most idyllic locations along the Mid North Coast of New South Wales.&nbsp;

The project will also feature communal spaces including a lush courtyard for all residents.

Third.i Co-Founder Luke Berry said the project adds to the stable of quality homes Third.i is renowned for and is thrilled to be launching the group's debut large-scale project in the Coffs Harbour region.

“We ensure only the best quality offerings are put forward to the market, and our debut development in Coffs Harbour is no exception. It’s all about elevating our buyers’ lifestyle, with premium apartments and different layouts and configurations to suit each and every one of our potential buyers,” said Berry.

“To have also received the green light from the city council, with construction starting almost immediately after, is just incredible. It’s amazing seeing what we can bring to life, and I can’t wait for Coffs Harbour to finally see this jewel we have put all our energy and focus into.

The Jetty is a renowned landmark for the city of Coffs Harbour, and has come to symbolise the next major chapter of the city’s economic growth.&nbsp;

<img alt="Render of the Coffs Harbour development, Sable at the Jetty" data-entity-type="file" data-entity-uuid="23099a4e-b107-425f-aaef-6bdaa89461ea" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/CollingwoodEdgar_View_06B2_Apt502_Living%20FINAL2.jpg?VersionId=3w0CT22a1ckk2GusgsLwvu.4iLq_wTdT" />Render of the Coffs Harbour development, Sable at the Jetty

“With the convenience of the city centre close by, yet outside of the hustle and bustle, Sable is perfectly located for convenience and peace of mind. A range of gyms, shops, cafes and restaurants, as well as transport options are all within walking distance,” Berry said.&nbsp;

Designed by Third.i Design Manager, Luke Mahaffey, Sable at the Jetty draws inspiration from the local surroundings and a modern coastal design to deliver a rare luxury lifestyle opportunity.

The project reflects the colours and textures of the coastal water, sand and local flora and fauna, designed to capture the natural environment, capturing views and breezes with plenty of natural ventilation and sunlight.&nbsp;

Mahaffey has personally created and managed the design of the project from the acquisition stage through to working with the local council members to secure DA approval.&nbsp;

Located on the corner of Collingwood and Edgar Streets, Sable at the Jetty is within walking distance from the beach, local schools, cafes and shops, with the project encompassing sweeping views of the local beaches, as well as views into the rainforest.&nbsp;

The project also offers numerous transport links at the door of the site.

<img alt="Render of the Coffs Harbour development, Sable at the Jetty" data-entity-type="file" data-entity-uuid="31a46238-968b-458f-9f8d-1f869609f55e" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/CollingwoodEdgar_View_01A2_Apt306_Kitchen_Light%20FINAL2.jpg?VersionId=Op.sihjyXuoDL43zhVI1Wi8Wy09OZ0ck" />Render of the Coffs Harbour development, Sable at the Jetty

“Sable at the Jetty is ideal for any buyer at any stage of life. You’ve got so many amenities at only a stone’s throw away and offers the perfect lifestyle for people to live and play,” concluded Berry.

The latest offering from Third.i joins a growing list of first-class developments across Australia’s eastern seaboard, including Dairy Farmers Towers in Newcastle, Balfour Place in Lindfield, the highly anticipated Warada on Walker commercial precinct in the North Sydney CBD and the Merewether Residences in Newcastle, set to redefine retirement living.

Sable at the Jetty is penned to hit the market in the coming weeks and will comprise high-end finishes, state-of-the-art appliances and an unrivalled lifestyle in one of the most idyllic locations along the Mid North Coast of New South Wales. 

Coffs Harbour council green lights Third.i’s $35.5 million Sable at the Jetty 

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Approaching the halfway mark of the year with record low interest rates and consumer confidence back sees the market remaining strong with increases in values through several sectors of the market, including the real estate market in NSW's Coffs Harbour, say valuation firm Herron Todd White in their July 2016 residential market report.
Buyers in the $500,000 bracket can expect to purchase good quality five to 20 year old 3- or 4-bedroom, 2- or 3- bathroom homes on varying size sites located within two to three kilometres of the Coffs Harbour CBD and local beaches.
Standard new project style 4-bedroom, 2-bathroom homes range between $450,000 and $550,000 in the smaller central Coffs estates and southern suburbs of Bonville and Boambee East.
The more modern upmarket estate known as The Lakes at North Boambee Valley (two kilometres from the CBD) starts at around $500,000 for new 4-bedroom, 2-bathroom homes.
"If you are after more bang for your $500,000, the older established areas south of Coffs Harbour at Boambee East and Toormina will get you a five to 30 year old larger better quality 4- to 5-bedroom home with double garage and pool," says HTW.
Traditionally, these areas are of a more modest standard with values in the $300,000 to $450,000 range. These areas are well located close to the Pacific Highway for access north and south and are also located within two to three kilometres of the popular Sawtell Beach and shopping precinct. The major shopping centre at Centro Tormina is underpinned with K-Mart, Woolworths and Coles. Schools include primary and public high schools plus nearby St Josephs College and Southern Cross University.
The older homes within the northern beaches suburbs of Korora, Sapphire Beach, Moonee Beach and Emerald Beach have always been solid investments in the $500,000 to $600,000 bracket which buys 20 to 30 year old properties of good size located close to beaches and not far from major facilities in Coffs Harbour.
One area to watch is the beach side township of Woolgoolga, 30 kilometres north of Coffs Harbour. A traditionally strong agricultural area with good infrastructure, the recent bypass upgrade of the Pacific Highway and opening of Woolworths shopping centre only adds to the appeal.
Look to the southern side of Woolgoolga at Sandy Beach for the cheap beachside properties. Price points are generally under $450,000 for one to 30 year old homes of modest construction, with esplanade position properties going between $500,000 and $650,000. This area is still under developed with easy access to Woolgoolga and Coffs Harbour. The recent purchase of a large beachside development site will see substantial future residential development taking place which will lead to better infrastructure.
The Coffs Coast locality saw little capital growth over the GFC period, however the past 12 to 18 months has seen the market bottom and the start of the recovery.
"Traditionally we have not experienced the high levels of capital growth of the major cites due to the fairly low economic base within the region. Limited job opportunities does put a cap on the growth experienced in the mid to upper price brackets, while the majority of growth is centred under the $500,000 mark," HTW concludes.
As an example of recent affordable sales, Property Observer found a three-bedroom house at <a href="https://www.realestate.com.au/property-house-nsw-coffs+harbour-122873066" target="_blank">15 Sunnyside Cl, Coffs Harbour, NSW 2450</a> (above) which traded hands for $365,000. To put things in perspective, the median house price in Coffs Harbour was $425,000, according to CoreLogic 
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Coffs Harbour promises quality homes in $500,000 range: HTW

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Being a regional area, the Coffs Coast realistically sees the prestige market as starting at the $1 million mark which is predominantly driven by out of town buyers, according to the November report from valuation firm Herron Todd White.
HTW found that the largely discretionary type buyer to whom prestige property greater than $1 million appeals can be greatly impacted by changed economic conditions. Plus this market is also heavily influenced by the performance of the capital city markets as these areas traditionally provide the majority of buyers for prestige housing on the Coffs Coast.
Market conditions have continued to swell for properties over $1 million in recent years as confirmed by the increased sales numbers for both beachside and rural residential properties over $1 million, however the majority of sales occur within the $1 million to $1.5 million price bracket.
However, the higher the value, the thinner the market and historically there have been very limited sales over $2 million.
"Sale volumes for prestige beachside property in the Coffs Harbour region (encompassing the beachside suburbs and townships including Coffs Harbour, Korora, Sapphire Beach, Emerald Beach, Sawtell, Woolgoolga, Safety Beach, Arrawarra Headland, Moonee Beach, Boambee and Mullaway) show a total of 11 sales recorded over $2 million since 2007 and we recently cracked the $3 million mark for 147 Edinburgh Street, Coffs Harbour at $3.25 million (multi level, architectual dwelling with ocean and harbour views located within the sought-after Jetty precinct)," according to HTW Property Valuer Grant Oxenford.
"Notwithstanding this figure, we are now experiencing a spike in the prestige market which has been fuelled by the COVID pandemic."
"The changing face of the way we live and work plus the willingness of city dwellers to relocate to regional areas to escape COVID restrictions has created a definite increase in demand."
"The majority of this prestige activity has been in the rural residential sector with notable sales including 1-9 Tidal Crescent, Moonee Beach for $2.4 million (five dwellings set on 1.22 hectares with extensive estuary views), 123-125 Featherstones Road, Sherwood for $2.4 million (five dwellings on 70 hectares with extensive infrastructure), 606 Valery Road, Valery for $2.1 million (two dwellings on 51 hectares, fully renovated and landscaped) plus the most recent transaction which has broken all records for rural residential property at $3.3 million for 110 North Island Loop Road, Upper Orara (prestige architectural dwelling with second original cottage set on 42 hectares)," he added.
The rural township of Bellingen (35 kilometres south-west of Coffs Harbour) has been a historically strong performer with the 'out-of-town' market and has seen four rural residential sales in excess of $1.5 million within the past four months.
It is interesting to note that the majority of the properties mentioned above have been marketed for in excess of 12 months and in some cases three years which is also an indicator of the traditional thinness of this market and the recent increase in demand as a result of the COVID pandemic.
Mr Oxenford said, "the question one must ask is whether these values are sustainable or is this a bubble created by a false market driven by the pandemic. The answer to that is not simple and without a crystal ball, no one really knows, other than to comment that this is not a normal property cycle."
"As a result of the market primarily being driven by out of town buyers, personal preferences, presentation and motivation of both the purchasers and vendors will impact the ultimate sale price and can result in wider market parameters than those experienced for lower priced properties."
"At this point in time, we can only hang on and enjoy the ride; great if you are a seller, not so good for the buyers," he concluded.
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j.ballantyne1990-6AQqhLzZaK

Coffs Harbour prestige market seeing pandemic spike: HTW

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Similar to previous months, supply is still down in many sectors of the Coffs Harbour market, according to the July Herron Todd White (HTW) residential report. 

The valuation firm took a look at how a budget of $700,000 could be invested in property markets across the nation. 

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"As the relaxation of COVID-19 restrictions sees us all getting back to some normality, the property market rolls on as if it was unaware of recent social struggles," the valuation firm said. 

Selling agents are reporting good demand and increasing interest from the out of town city buyers looking to finally escape the chaos of urban life. 

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Property values generally have remained steady to strong with only the prestige market of $1 million plus experiencing some weakening in activity, although it is not uncommon for this sector to seasonally fluctuate. 

"We can look forward to the opening of state borders in time for school holidays together with the highly anticipated reinstatement of domestic flights which will help boost the Coffs Coast accessibility for domestic holiday seekers," the valuation firm said. 

"Now that you have come for a holiday and experienced the wonders of what this region has to offer, your thoughts turn to what you can buy for that lazy $700,000.

"Like most regional locations, we have a diversity of product and it is very difficult to stereotype what you will get in any particular price range; it will depend on what you are looking for. Whether that be a large family home in the suburbs, a beachside cottage or rural retreat, the options are endless," the valuation firm said. 

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The report starts with a suburban home. 

As the median house price in Coffs Harbour sits at around the $490,000 mark, it is easy to see that $700,000 will get you an above average property, typically a large family home, either modern or fully renovated, with four or five bedrooms, double car accommodation and pool set on a standard 600 to 1000 square metre site, the report noted. 

Suburban areas such as Boambee East, Toormina, Bonville (East) and West Coffs Harbour are typical locations for this type of product and well suited to the family although not so much the investor as returns diminish with the higher values. These areas, like most of the region, have experienced gradual growth over recent years.

A large family home in Toormina has recently been sold for $549,000.

The four bedroom, two bathroom house is located at <a href="https://www.realestate.com.au/sold/property-house-nsw-toormina-129238138" target="_blank">5 Bryant Close</a> (pictured below).

It comes with lounge area, large sunroom, timber kitchen, entertaining deck and in-ground pool with tropic garden surrounds. 

<img alt="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/8/3/toormina.jpg">
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"Moving closer to the beach, you get less home as the trade-off for higher land value," the valuation firm said. 

The more popular areas such as Sawtell and The Jetty precinct in Coffs Harbour have entry level prices of $700,000 which would purchase a more modest home or a cottage of 20 to 60 years of age which would require renovation, extension or demolition.

A current listing is a three bedroom period style home in Sawtell priced at $649,000.

The seaside home at<a href="https://www.realestate.com.au/property-house-nsw-sawtell-133861786" target="_blank"> 1/17 Fifteenth Avenue </a>(pictured below) offers combined kitchen/dining area, living zones, sunroom, three bedrooms and entertainment deck. 

It is located within walking distance to Murrays beach, cafes and Sawtell Main Street. 

<img alt="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/8/3/sawtell%201.jpg">

 

"You will find more modern unit products in these areas, although the more high quality larger product potentially with water views will set you back more than $700,000. These are very solid locations for investors as they are popular proven localities with underlying development potential, in many cases due to higher density zones," the valuation firm said. 

The report notes the popular northern beachside suburbs also see fewer homes for $700,000, although there are some more modern estates where you can get a new four-bedroom, two-bathroom, double garage home on a standard block.

The trade-off for these properties is that they are the more recently developed estates such as Sapphire Beach and Emerald Beach which are located along the Pacific Motorway. 

Typically the home closer to the beach with all the trimmings will set you back significantly more than $700,000. These areas have experienced good growth and with land to build the dream now becoming scarce, we are seeing premiums being achieved for modern developed products.

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"If you are looking for the green change and land size is important, $700,000 will get you into the market albeit at the lower end of the scale.

"Typically you will get one to five acre properties with aged homes of generally modest size and quality, although well located to towns and beaches in suburbs such as Korora, Bonville and Boambee which are very popular to have the best of both worlds," the valuation firm said. 

These properties are typically lifestyle purchases and not geared for investors, although Korora does offer the potential to subdivide five acre plus properties which could be worth land banking for future capital gain.

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"As an investor looking at the Coffs Harbour market, we’d be looking towards the multi accommodation properties where increased returns and capital gains will come from renovations and possible subdivision," the valuation firm said. 

Coffs Harbour has a strong population growth with affordable lifestyle benefits and the anticipated start (2021/22) of the proposed Pacific Motorway bypass will see a considerable uplift in the economy with pressure on the rental market during this construction stage. 

This is where the multi accommodation properties will come into their own, especially if they are furnished and aimed at the transient working population, the report noted. 

As an example, a triplex in Toormina has been marketed at $625,000, comprising a single level 1980’s building with three two-bedroom, one- bathroom units each with a garage and returning approximately $240 per week each or $37,440 annually, the report noted. 

"The potential here is to undertake some modest renovation work, say $5000 to $10,000 per unit to increase the rental returns by $40 to $50 per week each with a long term view of strata titling and selling separately.

"Not surprisingly, this property is under offer at full asking price," the valuation firm said. 
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What a lazy $700,000 can buy in Coffs Harbour: HTW residential  

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The Coffs Harbour rental market appears to have held up relatively well, according to the latest Herron Todd White (HTW) residential report. 
The valuation firm suggest in locations across the nation, the downtime delivered by isolation has spurned on owners looking to improve their assets through maintenance and upgrade. This month’s HTW report highlights where renovations are on the rise and the price points and outcomes those markets can expect.
The HTW report notes although some holiday rentals have switched to permanent, there is no dramatic oversupply and no sign that rental values are falling. 
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"One month on from the start of the COVID-19 restrictions and we are seeing some light at the end of what may prove to be a long tunnel. The market surprisingly has not come to an abrupt halt; more so, it has taken a cautious approach.
"We have experienced a distinct lack of supply of properties for sale with the property section of the local weekend paper becoming significantly smaller, although demand has not appeared to have dropped with supply.This has caused values to remain relatively firm with some noticeable good prices being achieved in areas where supply is down," the valuation firm said. 
Given there are no active cases within the area and restrictions are slowly being lifted, the general feel is of positivity with the expectation that once domestic travel is given the green light, the Coffs Coast will be seen as a very attractive place to come for a holiday, giving the local economy a much needed shot in the arm.
"To renovate or not to renovate is an age old question. We have seen in recent years the modern generation’s appetite for new homes with a significant push towards new estates and building the dream.
"As land is becoming scarce within the region (with a lack of new estates coming onto the market), we are definitely seeing a move towards renovations and extensions, especially within well-established suburbs where vacant land is no longer available," the valuation firm said. 
Typically, these are the more sought after locations close to the beach and town, however renovation activity is not isolated to one specific location.
"We have seen many DIY home improvements over recent weeks thanks to COVID-19, however these are more your catch up on general maintenance items rather than full blown renovations," the valuation firm said. 
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"We have seen building costs increase significantly over the past four years as increased demand for construction of new products and renovations has seen builders and trades stretched thin within the region.
"People’s expectations of the cost of renovations or extensions are often well under- cooked and depending on the degree of house improvement proposed, we are regularly seeing renovation costs in excess of the cost to demolish and rebuild a new home.An average renovation cost for a four-bedroom, two-bathroom home to upgrade the kitchen and bathrooms, floor coverings and painting would start at $50,000 and up depending on the quality of fit-out.
"If we then start adding internal remodelling of floor plan, additional outdoor living, extensions etc, we are now talking $100,000 plus with major rebuilds often being in excess of $300,000 and if talking prestige homes $700,000 plus may not be out of the question," the valuation firm continued. 
Examples of an area where renovation works are becoming part of the norm is the popular beachside suburb of Sawtell, dollar for dollar one of the most expensive areas in Coffs Harbour, the report noted. 
"To compare, we have examined some recent sales in Circular Avenue, a well-positioned street within walking distance of the main village precinct," the valuation firm said. 
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<a href="https://www.realestate.com.au/sold/property-house-nsw-sawtell-132629954" target="_blank">77 Circular Avenue, Sawtell</a> (pictured below) is a very modest original 1970 brick home with three bedrooms, one bathroom and single garage set on 531 square metres.
It sold for $700,000 in January 2020 which represents predominantly land value.
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In February 2020, <a href="https://www.realestate.com.au/sold/property-house-nsw-sawtell-132637854" target="_blank">88 Circular Avenue, Sawtell</a> (pictured below) sold for $1.04 million (a record street price).
This is a fully renovated 1970s rendered brick home with four bedrooms, two bathrooms and double garage set on 663 square metres.
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"This property sold at auction with high demand and a price achieved above expectations, however when you compare it to 77 Circular Avenue, it represents good buying.
"To achieve the same product on 77 Circular Avenue (notwithstanding a slightly larger lot size), the cost to renovate and extend the modest 1970 three-bedroom home to a four-bedroom, two-bathroom home would be in excess of $350,000 which would result in a total cost of $1.05 million plus the time and effort undertaken to achieve this.
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"In this case, it makes sense to buy the already completed property," the valuation firm said. 
The main rule to renovations is to understand the added value of the cost of renovations and not to overcapitalise for the locality.
This is easier said than done and all depends on the underlying land value and the purpose and scope of the works, plus factor in whether it’s as a homeowner or investor. 
The homeowner who has decided that their current place of residence is their forever home can afford to over capitalise to achieve the lifestyle benefits they desire within their budget.
However the investor should be shrewder and consider factors such as cost versus added value and only renovate areas that are required or value add by increasing rental return. This could be in the form of secondary accommodation (granny flat) or reconfiguring the current space to provide additional bedrooms, the report noted. 
"One point should be made when undertaking remodelling or conversions within the dwelling is to seek council approval before you start the project. 
"One of the misconceptions with owners is that council approval is not required for conversions or reconfiguring internal walls so long as you stay within the current building footprint (that is no extensions or additions). This is incorrect; any moving of a wall or conversion of a garage etc has to be approved by council," the valuation firm said. 
"If you undertake any improvements of this nature without approval, for all practical purposes, no one knows so who cares?However, the ramifications come when you wish to sell the property or need a valuation for mortgage security purposes; any works undertaken without approval will not achieve the full value.
"Even more so if you have converted the home into dual accommodation and rent separately for investment purposes or live on one side and receive rent in the other," the valuation firm said. 
The report suggests this extra income will not be included in a valuation for mortgage security purposes as it is not council approved. This is critical when you require the extra rental to be included in your loan application to prove you can service the repayments, not to mention the insurance implications if an accident occurs.It is difficult to say what people should or shouldn’t do when it comes to renovation.
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"Our best advice is to seek the experience of your local Herron Todd White valuer to navigate and guide you through the market in your local area." 
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Coffs Harbour sees more renovation work due to COVID-19: HTW residential 

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The main driver of the Coffs Coast market is population growth, according to the latest Herron Todd White (HTW) residential report. 
The current COVID-19 epidemic is going to have a negative impact on key drivers, so it will be interesting to see what impact this may have on the property market in the short to medium term, the valuation firm said.
 The report suggests the continual growth can be attributed to the traditional housing market role (attracting families and retirees from the greater Sydney and metropolitan areas further south), combined with the many natural assets, relatively diverse industrial base, growing health and education sectors plus transport infrastructure such as roads, airport and rail link.
 This means the area is not entirely dependent on tourism which makes it a less risky investment with a higher liveability factor than some other coastal towns.
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"The proposed Pacific Highway bypass which is expected to start by the end of 2020 will have a significant injection into the local economy and increase short to medium term rental demand," the valuation firm said. 
The region to the south of Coffs Harbour encompassing Urunga, Valla, Valla Beach, Nambucca Heads and Macksville have all experienced a surge in activity over recent years driven by the Pacific Highway upgrade between Warrell Creek and Raleigh seeing strong rental demand and buyer demand under $650,000.
A Nambucca Heads house sitting on a 686sqm block has recently been sold for $443,000.
The four bedroom, two bathroom home is situated at <a href="https://www.realestate.com.au/sold/property-house-nsw-nambucca+heads-132619938" target="_blank">5 Nambucca Street</a> (pictured below).
It features kitchen with walk-in pantry, fourth bedroom or rumpus room, and double garage. 
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The HTW report notes another area of strong performance is the historic rural township of Bellingen being popular with Sydney and greater metropolitan buyers looking for the green change.
A three bedroom home in Bellingen has been listed for sale with a price guide of $445,000.
The <a href="https://www.realestate.com.au/property-house-nsw-bellingen-133466154" target="_blank">7 Halpin Street</a> (pictured below) home comes with bathroom with separate toilet, covered patios, and established garden. 
It is situated within walking distance to shops and schools. 
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In general, the Coffs Coast has seen strong performance in all sectors of the market, not being isolated to any particular locality or product type.
 There is a diverse type of product available from suburban family homes to prestige beachside properties or rural lifestyle options from small acreage close to town to larger rural holdings all within a 45 minute drive of Coffs Harbour.
"The region is seen as a solid investment opportunity offering diverse property outcomes supported by a range of lifestyle choices, services and good regional access. 
"The strong levels of demand from buyers has been driven by investors and owner-occupiers looking to take advantage of these lifestyle factors, consistent long-term capital growth, expanding work base and strong rental returns, all of which are underpinned by the low interest rate climate experienced over recent years," the valuation firm said. 
<div>Note regarding COVID-19</div>
<div>This edition of Month In Review had its topic defined in late February with submissions from our offices collated through to late March. During this period, shifts in the social and economic landscape due to COVID-19 became increasingly dramatic, as demonstrated by the varied information provided by offices over the course of three weeks.</div>
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<div>This month’s residential theme on baseline property market drivers remains a common thread, and provides an indication of what influences to monitor as the property sector recovers post-crisis.</div>
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Coffs Harbour sees strong performance in all property market sectors: HTW residential 

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About 30 percent of industrial property managers in Coffs Harbour have registered for some level of rental assistance, according to the latest report from valuation firm Herron Todd White.
“There has been a minimal number of tenants requesting a rental waiver pursuant to the government-introduced code of conduct,” the firm said in their April Month-in-Review report.
“Most are requesting deferment of rent on a month to month basis.”
They added that the situation and reaction of landlords varies depending on the level of financial debt over the investment property.
Furthermore, the report found that the issue of compounding debt is creating concern among highly geared property owners.
“There have been few Coronavirus-related notifications from tenants vacating an industrial property, however we note that rental increases pursuant to leases are not being enforced.” “Some agents report continued investment enquiry, including potential purchasers from the Sydney market seeking leased investments in the $750,000 to $1.5 million price range willing to accept yields at 6.0%to 6.5%.”
A sector of the investment market also appears to be seeking to capitalise on property investment opportunities arising out of detrimental economic issues directly associated with the Coronavirus, according to the firm.
The commercial retail market sector is currently seeing broad-scale rent reduction agreements in place for between 25% and 50% of monthly rent.
This is initially set for a two- or three-month period, with a review scheduled for June.
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