Is Coffs Harbour a good place to invest? It’s a question on many minds lately as the town grows in population and popularity.
There are many good reasons to invest in Coffs Harbour, from its strategic location on the mid north coast to the dynamic local economy. Nature is at your doorstep, offering up some of the most beautiful beaches in the country as well as national parks and nature reserves.
Coffs Harbour has become a major regional centre with substantial upgrades creating an enviable lifestyle for the local community. Property growth from end of year 2020 to 2021 was at 21.7% for houses and 37.7% for units.
But before we dive into the details, let’s look at what makes a good place for property investors.
What makes a good property investment?
Before taking the leap into real estate investment, it’s always important to do some research into the area you’re investing in. Find out what the best suburb in Coffs Harbour is and why.
Have a look at the local property market, is it a growth area? Are the housing values rising or have they remained stable.
Take a look at the vacancy rates as well to know if there is too much supply in the rental market or if it’s competitive between tenants. A healthy vacancy rate sits around 3%. This means there’s a balance between landlords and tenants. Anything below 2% means there is a lot of demand for rental properties because of a lack of supply.
Research which kinds of properties are selling or renting out more? Is it houses or units? Is it 2-bedroom or 3-bedroom properties?
Checking the rental yield is also an important factor in making that decision. Of course, the higher the rental yield the better.
Additionally, economic influences come into play. Ideally, the area you’re investing in has strong growth, new businesses being supported by local governments creating job opportunities for residents.
These are some of the elements to consider when looking into Coffs Harbour’s investment potential.
Why you should invest in Coffs Harbour
As a result of pandemic lockdowns, more and more employees have been encouraged to work from their homes. As a result, the trend of digital nomads has never been stronger. We can work from anywhere, and a lot of us are looking to make a sea-change or tree-change, away from the hustle and bustle of the city and its exorbitant prices.
Coffs Harbour has been one of the areas experiencing this surge. Sydneysiders are moving northward and nearer to the shores, covering the Coffs Coast on Australia’s east coast as they go.
Here are reasons you might want to take advantage of one of the fastest growing markets in NSW:
Strong economic growth
What can help boost the growth of a region is government aid. The Coffs Harbour City Council offers local start ups aid through their program, 6 Degrees. Businesses in their early stages can get support in the form of housing, co-working spaces and connectivity.
This gives new businesses more incentive to get started here which in turn raises the general liveability.
Good infrastructure
To improve the liveability of Coffs Harbour, the city has upgraded several areas, including a $6.5 million redevelopment project of the airport. Further expansions are expected on the Jetty Foreshore, adding to the boardwalk and events space.
Other projects like the Coffs Harbour Hospital Campus and the C.ex Coffs International Stadium are also underway, offering improvements in community health but also in entertainment revenue opportunities.
High standard of living
The wonderful, temperate climate in Coffs Harbour is just one of its great offerings. Coffs Harbour’s climate is subtropical, meaning it has climate has a warm and humid summer, with tendencies towards mild and dry winters.
Nested between Brisbane and Sydney, you have access to two major capital cities. On top the that, some of Australia’s most beautiful nature is in close proximity. Beaches are your backyard, not to mention the cool wildlife at the national parks.
Southern Cross University has a large Coffs Harbour campus, with the National Marine Science Centre offering academic studies in the surrounding sea life. There are also plenty of local and private schools for primary and secondary pupils. So, whether it’s university students or families, the education options are enough to attract different demographics.
Locals love the strong community spirit, hosting events and gatherings ranging from farmers markets to music festivals.
The Coffs Harbour City Council has also set itself a target in sustainability. Their focus is on reaching 100% renewable energy by 2030. This impacts many facets of local life, from the emergence of more community gardens to creating a population which is more sensitive to climate change.
Diverse property market
From hinterland homes to beachfront cottages and units, Coffs Harbour offers a diverse range of properties. This gives property investors a large choice when it comes to buying real estate.
According to Property Value, the median price for houses is $780,000 with a price growth of 26.62% in the past 12 months. The rental yield for houses sits at 4.0%.
Median rent is at $480 per week which is up 9.1% from last year.
Annual capital growth is at 26.62%.
It currently has just under 80,000 habitants and population growth is set to rise to near 100,000 by 2036.
Thinking about investing in Coffs Harbour?
The city of Coffs Harbour is one of the most dynamic areas of New South Wales. Property sales have been on the rise with the demand from people coming in from other parts of Australia.
The NSW government works to support every local business in creating a healthy economy and generate more services. This is helping to increase the current population. and improve the standard of living.
If you’re interested in investing in Coffs Harbour real estate, set up your match profile on Soho. Then browse our search page to check out some amazing listings available right now.
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