Anyone holding property on the Coffs Coast has most likely seen a considerable appreciation in capital growth over the last two years especially in those locations close to desirable amenities such as shops, cafes, restaurant and beaches.
Sawtell, Park Beach and The Jetty Precinct have experienced solid growth over the last two years and this will lead to a flow on effect to the adjoin areas as new price points are reached.
The Coffs Harbour City population forecast for 2017 is 73,244, and is forecast to grow to 94,657 by 2036
Population growth and the area specific level of housing supply are contributing factors in the current and future property prices.
The experts are predicting more retirees will choose this great city to call home which is predicted to increase demand for suitable housing to meet their specific needs.
There is currently high demand from “out of area buyers” and local buyers alike looking to downsize into an apartment, townhouse, villa or smaller home close amenities.
New building projects continue to dot the landscape breathing new life into our city.
This increased building activity is keeping our builders and tradies very busy and many local businesses are seeing increased turnover. Many of these new projects are purpose built to accommodate the emerging demand from the retiree sector.
When retirees have suitable housing stock to move to you will see the existing housing stock, that is generally too large for the aged occupants, become available to buyers and you will see young couples take the opportunity to enter the property market.
The existing housing stock then tends to get some sort of makeover such as a new kitchen, painting, floor covering or bathroom makeovers and this also has a positive impact on the local economy.
Planned infrastructure developments will help our city manage the forecast population growth and this will create jobs which is the other upside to this equation.
The retiree sector will increase the demand for a range of services.
This is likely to attract young families to the area to cater for the increased demand in services and construction. Many young families may simply take advantage of the more affordable housing compared to the capital cities.
The local economic outlook is improving with the unemployment rate falling and employment rising.
Coffs Harbour’s property can expect a bright future and as a result, a city that will expand and thrive. The NAB fourth quarter report tipped Coffs Harbour to enjoy above average growth over 2017.