Investing in property in Coffs Harbour
Coffs Harbour is a major coastal town located on the north coast of NSW, halfway between Sydney and Brisbane. This area has long been a popular spot for retirees and domestic and international tourists alike and has experienced consistent population growth over the past decade. Government-supported upgrades have recently revitalised the town for its almost 80,000 residents, to allow it to continue to grow and meet the needs of an expanding community.
Coffs Harbour Property Investment Opportunities at a Glance
Property Market Highlights
- Highway bypass to add to the lack of supply region (0.9% in Q1, 2022)
- Highway bypass is set to increase the average weekly rental yield.
- Rental prices have increased by 31% in the past 4 years.
- A compound growth rate of 18.4% for houses is based on a five-year sales cycle.
Infrastructure & Development Highlights
- Coffs Harbour Bypass – Underway with completion 2027 – $ 2.2 billion project with 600 direct jobs.
- Coffs Harbour Hospital Upgrade –Just completed – $194 million project. The redevelopment project will see enhancements to the existing surgical and operating theatres.
- Pacific Bay Movie Studios – Planning phase – $438 million project
Economic Growth Highlights
- Key Industries:
- Tourism
- 1.6 million visitors every year
- 830 businesses working in the tourism industry
Coffs Harbour Location & Lifestyle:
A beautiful climate, natural beauty and strategic position between two major business hubs on Australia’s east Coast have seen Coffs transform into an important regional center for investment, business and tourism. Located just 4km from the town centre, Coffs Harbour airport facilitates weekly direct flights to Sydney, Melbourne and Brisbane. Despite the expansion, Coffs Harbour retains its laidback coastal vibe with a mix between work and play.
Coffs Harbour Property Market
Rental supply is very low in the Coffs Harbour region (0.9% in Q1, 2022) with the highway bypass adding to this lack of supply, as well as increasing the average weekly rental yield. Rental prices have increased by 31% in the past 4 years within Coffs harbour, with the weekly average rental costing $590 per week. In Q1 2022, Coffs Harbour recorded a median house price of $805,000, representing a compound growth rate of 18.4% for houses. Now is an ideal time for owner-occupiers and downsizers to capitalise on their investments.
Coffs Harbour Infrastructure & Development
In recent years, Coffs Harbour has welcomed significant upgrades to accommodate growth and improve liveability. A $6.5 million revamp of the airport was completed in 2017 and over $30 million went into commercial industrial and office spaces. The Jetty Foreshore upgrade already features a boardwalk, a plaza area and events space, and the recreation hub is set to expand further.
Coffs Harbour Economy
The tourism industry is vital to the Coffs Harbour economy with over 1.6 million visitors every year and 830 businesses working in the industry. Coffs Harbour is home to over 6,000 registered businesses, and the Coffs Harbour LGA is focused on building a high-value economy of choice for business, investment and employment. Coffs Harbour City Council’s Gross Regional Product is estimated at $3.66 billion, which represents 0.57% of the state’s GSP (Gross State Product).
Invest in Coffs Harbour
House plans with attached granny flats staying inside the required 60m2, such as the Chez Ami 245 design, are working well for investors in the area and offer a higher return on investment than a standard 4-bedroom home. These dwellings carry lower contribution costs to councils than duplex builds and are a less complicated process to abide by the council and government regulations.
Check out our selection of House and land Packages designed specifically with the Coffs harbour property investor in mind. Our house and land investment packages are full turn-key prices and are located in superior estates within the Coffs Harbour region.