High demand for low prices in Coffs Harbour
Coffs Harbour is seeing a rise in demand for low priced stock, according to PRDnationwide research.
PRDnationwide’s Property Watch report showed a 12 per cent increase in house transactions from the same period last year, reflecting a renewed demand for affordable housing, particularly among investors.
Research analyst Oded Reuveni-Etzioni said investors were targeting high-yielding properties at the bottom end of the market.
"Investors are picking through the stock to find properties that can provide positive cash flow in the short term and offer strong capital growth over an extended period," he said.
"In the six months to June this year, we've seen dwellings priced between $300,000 and $399,999 on the move, whilst sales transactions at more expensive price points remain stagnant or in decline."
PRDnationwide Coffs Harbour Principal Damien Campbell said Coffs Harbour is an excellent area for entry level property investors to get into the market compared to more expensive metropolitan markets.
In particular, the two, three and four hundred thousand dollar price range is in high demand, Mr Campbell said.