Coffs Harbour Market Update 2 nd H a l f 2 0 2 4
FUTURE DEVELOPMENTS
OVERVIEW
In Q3 2024, Coffs Harbour* recorded a median house price of $822,500, and a median unit price of $547,000. This represents annual (Q3 2023 – Q3 2024) median price softening of -3.8% for units and a relatively stable price growth for houses . Comparing Q3 2023 – Q3 2024, house sales declined by -25.6% (to 227 sales in Q3 2024) and unit sales grew by 7.8% (to 110 sales in Q3 2024). This suggests that the house market is undersupplied and unit prices continue to show high demand, however the market is impacted by higher interest rates. With a slightly more affordable and stable market, now is an ideal time for buyers to act.
CHANGE FROM LAST
YEAR
Coffs Harbour will see approximately $42.1M of new projects commencing construction in 2024.
Residential
$9.1M
HALF YEAR
Commercial Infrastructure
HOUSE SALE S
$21.0M
$11.2M
HOUSE ME DIAN PRICE HOUSE RE NTAL PRICE
Industrial
$775.0K These projects will stimulate economic growth and create new 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 SALE S UNIT ME DIAN PRICE UNIT RE NTAL PRICE
The main commercial project in 2024 in Coffs Harbour* is 8 Dalley Street & Market Street Office Building ($15.0M), providing spaces for new businesses.
$
Coffs Harbour* new residential supply for 2024 will include:
MARKET CONDITIONS
•
544-556 Solitary Islands Way Residential Subdivision (62 Lots)
SALES
•
Harbour Drive (6 Townhouses)
•
Trafalgar Street Units (4 Units)
MEDIAN PRICE Q3 2024
$823K
$547K
MEDIAN PRICE Q3 2024
AVERAGE DAYS ON MARKET Q3 2024
86
80
HOUSE
U N I T
RENTALS
There only a limited number of readyto-go supply planned, and with no new stand-alone dwellings this will push house prises up.
AVERAGE DAYS ON MARKET Q3 2024 4 Units/ Apartments
$630
$495
21
19
HOUSE
U N I T
6 Townhouses
96 Lots