Big boost for Coffs Coast as million-dollar properties sell

A STRING of $1 million-plus property sales on the Coffs Coast has delivered a huge vote of confidence in the local real estate market heading into 2013.

A unit at this Camperdown St property recently sold for more than $1 million. Photo: Contributed

A STRING of $1 million-plus property sales on the Coffs Coast has delivered a huge vote of confidence in the local real estate market heading into 2013.

While the mega sales in suburbs like the Jetty, Park Beach, Korora, Sapphire Beach and Bellingen delivered an early Christmas present for real estate agents and vendors alike, they are the shot in the arm the market needs after the post-GFC lull.

Real Estate of Distinction has sold three properties worth more than $1 million dollars in the last four weeks alone.

Principal Peter Stone said the properties were all vastly different; a rural Bellingen property was bought by a seachanging doctor and his wife, a block of units at Korora was purchased by an investor, while a luxury Camperdown St unit at the Jetty is the new home of a woman downsizing from a larger property.

Mr Stone said he's not surprised at the run of big money.

"I'm surprised more people haven't woken up to the fact that property is the best investment they can get into," he said.

"Buyers are saying they believe prices have reached their lowest point and they want to buy now, even if they don't plan to move in straight away."

Platinum apartments at Park Beach have also accounted for a seven-figure sale.

First National Coffs Coast agent Shane Hessenberger sold a penthouse apartment in the complex for a cool $1 million in November.

The same month he also sold a Sapphire home for $1.37 million.

Mr Hessenberger said there were more buyers still looking for high-end properties.

"I actually spoke to a few buyers last week who are looking to spend between $1.1 and $1.3 million each."

While $1 million is a lot to spend on bricks and mortar, one local buyer has spent that just to buy a block of land in the Sapphire Beachfront Estate - the former site of Pelican Beach Resort.

The Edge principal Jason Burnett said the buyer of Lot 2 had begun construction on a family home which would have direct access to the beach.

Mr Burnett said the high-end sales and strong activity in other price brackets indicated a positive start for 2013.

"There are some signs there that it'll be a good year - confidence is returning, interest rates have come off and there is very good value in the market," he said.