Coffs Harbour NSW real estate: See how much homes are worth in your suburb

A study across every NSW suburb shows home values haven’t fallen everywhere since interest rates began rising and in some areas house prices are soaring. See what homes are worth on the Coffs Coast.

Property values have held their own in some pockets of the Coffs Coast in recent months, despite values in many regions plummeting back to earth as the market takes a hit.

A study detailing home value movements in every NSW postcode showed values have not fallen everywhere since the Reserve Bank began raising interest rates earlier this year.

Coffs Harbour’s top real estate agents reveal tips for success

Amid what’s become a deepening downturn for the market as a whole, clusters of strong activity have emerged.

Coffs Coast suburbs performing strongly include Woolgoolga, particularly for more compact properties, where the median price of a unit is now listed as $665,088 - up 4.11 per cent in the past three months (up 30.81 per cent over the past 12 months).

Properties along Hofmeier Close, Woolgoolga. Picture: realestate.com.au

Results from the recent study show the median house price in Coffs Harbour was $799,870 in September, up 0.38 per cent in theplast three months.

Andree Cardow from Cardow Partners Property is an agent in the Urunga and Bellingen areas which experienced an extraordinary property boom prior to the recent downturn.

“We are having price reductions and we haven’t had those in two years,” Ms Cardow said.

Andree Cardow (right) with her sister Nicole Cardow from Cardow Partners Property. Picture: Regina King.

She estimates that in the Bellingen and Urunga areas prices have dropped around 10 per cent, but remains upbeat about the future.

“We are getting back to more of a normal market and prices are levelling out,” Ms Cardow said.

“In 2023 I think people will get their confidence back and realise we still have relatively low interest rates.”

A luxury property on Moodys Road, Bonville.

Ms Cardow says the higher end of the market is still quite strong and pointed to the Bonville area as an example of that.

“Again it’s that higher end of the market,” she said.

“It’s away from the hustle and bustle of Coffs, you’ve got some larger properties not too far from the coast, so it’s the lifestyle.”

According to the latest data the average house price in Bonville, as of September this year, was $1,163,822.00 - up 14.32 per cent in the past 12 months.

In Sydney it’s affordability that is the key driver in the market, according to PropTrack economist Paul Ryan. “As rates go up and people’s borrowing power has dropped, they go for what’s still affordable.”

My Housing Market economist Andrew Wilson said another reason the lower end of the market was weathering the current downturn better was because it was attracting a bigger mix of buyers.

This included investors, who have been encouraged by record rises in rents. Rising rents have in turn encouraged some tenants to bite the bullet and become homebuyers, Mr Wilson said.

Both these buyers typically competed for lower priced properties, and the increased competition put upwards pressure on prices.