Coffs Harbour Market Update 1 st H a l f 2 0 2 4
FUTURE DEVELOPMENTS
OVERVIEW
In Q1 2024, Coffs Harbour* recorded a median house price of $830,000, and a median unit price of $570,000. This represents annual (Q1 2023 – Q1 2024) median price growth of 1.1% for houses and 5.6% for units. During this time total sales increased, by 16.4% (to 277 sales) for houses and by 17.2% (to 109 sales) for units. Confidence has returned to Coffs Harbour, with properties in high demand. This created a buffer against higher interest rates, evident in price growth for both houses and units This suggests now is an ideal time to sell and capitalise of investments. With little new stand-alone stock planned, buyers need to act fast.
CHANGE FROM LAST
YEAR
Coffs Harbour will see approximately $23.4M of new projects commencing construction in the 1st half of 2024. Residential
Industrial
$3.3M
$275.0K Commercial
HALF YEAR
$3.7M
Infrastructure
$902.1K
HOUSE SALE S HOUS E ME D IAN PRICE
Mixed-Use
HOUS E RE NTAL PRICE
$15.2M
Projects
UNIT S AL E S
These projects will stimulate economic growth and create more job opportunities in Coffs Harbour. This should have a spillover impact on the real estate market, in the form of higher demand for housing.
UNIT ME D IAN PRICE UNIT RE NTAL PRICE
A key mixed-use development in the 1st half of 2024 is the Collingwood & Edgar Streets Apartments and Commercial development ($11.35M), which plans to add 35 apartments.
$
There are two residential projects commencing in 2024 –
MARKET CONDITIONS MEDIAN PRICE Q1 2024
$830K
$570K
MEDIAN PRICE Q1 2024
$600
SALES
AVERAGE DAYS ON MARKET Q1 2024
75
88
HOUSE
U N I T
RENTALS
$460
AVERAGE DAYS ON MARKET Q1 2024
23
23
HOUSE
U N I T
•
21 Domain & Stadium Drives Residential Subdivision (57 Lots)
•
24 Trafalgar Street Units (4 Units)
Although there are ready-to-sell stock planned for construction, these are all units. There are land lots planned, but it will take time to build. With no new stand-alone houses and townhouses planned, there is a high chance of an undersupply. This will push up house and townhouses prices even further.
39 Units/ Apartments
57 Lots