COFFS Harbour has recorded strong and sustained growth in the property market over the past six years, with dwelling values rising 57 percent since the start of the COVID-19 pandemic.
New property data from Cotality shows the region has outperformed both the national average (50.4 percent) and Greater Sydney (38.9 percent) since December 2019.
House values on the Coffs Coast increased by 60.7 percent, while units rose 41.5 percent, highlighting widespread demand across the region.
Over the past 20 years, dwelling values in Coffs Harbour have risen 116.6 percent – houses by 127 percent and units by 77.4 percent.
Cotality executive research director Tim Lawless said the escalation since late 2019 had reshaped regional NSW’s role in the broader housing market.
“Housing values across regional NSW have risen 61 percent since 2019,” he said.
“Nearly half of the 20-year growth in regional NSW has occurred during this relatively short period.”
Mr Lawless said Coffs Harbour had benefited from major demographic shifts.
“Internal migration flows to coastal cities were extremely strong during COVID,” he said.
“Hybrid working has helped maintain that elevated level of demand in markets like Coffs Harbour.”
He said the affordability difference between Sydney and the regions had tightened.
“Sydney’s premium over regional NSW has reduced from 86 percent to 59 percent since 2019,” Mr Lawless said.
“This narrowing reflects the strong performance of regional markets.”
Market conditions have now returned to more sustainable levels.
“Annual dwelling value increases across the LGAs we analysed – between Port Stephens and Coffs Harbour – range from 4.7 to 6.4 percent, but well down from the pandemic highs when the peak annual growth rate ranged from 29.5 percent to 39.9 percent,” Mr Lawless said.
“It’s still positive, but far more balanced.”
Port Stephens posted the strongest property-market growth of the examined coastal LGAs since December 2019, with dwelling values rising 73.6 percent.
The Nambucca Valley saw dwelling values surge by 72.7 percent over the same period, while Port Macquarie recorded a 59.9 percent rise.
By Matt TAYLOR
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