Home to the Big Banana, Coffs Harbour is a major coastal resort on the Northern Coast of NSW. Gorgeous beaches and World Heritage rainforest are just a few of the draw cards for this region that is beloved by backpackers, grey nomads and locals alike.
Whilst the area is popular with young families due to the abundance of activities and outdoorsy lifestyle, it definitely has an appeal with the older demographics. Established or older families as well as retirees make up a large section of the growing population.
A steady population growth forecast of around 1000 new residents every year (a significant number for a town of 20,000), combined with the slightly older demographic suggests much of this growth could come from retiring baby boomers moving to the coast for the lifestyle. Whilst property prices haven’t increased as well as other regions over the recent years, some experts suggest this is more to do with lack of houses on the market than anything else, as rental yields are good for those owning investment properties.
Coffs Harbour is currently undergoing some large development and infrastructure projects, with more planned for the future. An injection of more properties being available and it’s increase in popularity as a lifestyle location bodes well for homeowners and investors, especially if they’ve bought while the housing is still relatively affordable, in comparison to other similar regions.
The Coffs Harbour housing market has remained at between 5 – 7% growth, with the median house price at $438,500 and median rental prices at $410 / week. However the current median price for a unit is just $281,000 with a median rent of $295 / week so it can be a good market for entry level investors looking for a reliable, long term investment.
Image Courtesy Flickr User Andrea Schaffer