Coffs Harbour: Australia's top-performing property market so far in 2023

Nestled between Sydney and Brisbane sits the quiet little NSW coastal town of Coffs Harbour. With a mix of pristine beaches with crystal-clear waters and lush rainforests with enchanting waterfalls, it’s well known for its relaxed lifestyle.

It’s also a property market in demand: over the first quarter of 2023, units in Coffs Harbour outperformed every other region in Australia, growing by a massive 16 per cent, according to the Domain House Price Report.

People have been flocking from far and wide to settle in Coffs. Doctors and nurses have taken residence in the newly renovated cancer institute, engineers and construction workers have rocked into town to build a new bypass, crop farmers have discovered new holiday homes, and Russell Crowe is establishing a new major film studio here.

This coastal town has seen a growth of infrastructure that has opened doors to Aussies looking to enter the property market, says real estate agent Dave Tompkins of Superior Property North Coast.

“We are getting a new bypass which is bringing a lot of people, jobs and buyers,” he says. “Plus, a big unit development is happening in Park Beach called Shoreline. It’s between the beach and the shopping plaza. They are building this over-55s place, which is like a resort [and] has been really popular.

“And we can’t forget about crop and cattle farmers coming to the coast for a holiday home and buying in cash. It’s been a big boost in the high-end property market.”

Units in the Coffs Harbour SA4 region, encompassing Bellingen, Coramba, Dorrigo and Emerald Beach, have always been more affordable than Melbourne or Sydney. Prices may have increased by 16 per cent in the last quarter, but the median price for a unit is still a relatively affordable $560,500.

SOLD - $420,000

10/114 Grafton Street, Coffs Harbour NSW 2450

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As well as new workers coming in to complete new projects, Tompkins also attributes this jump to the region’s new unit developments.

“Even with the prices of units and houses rising, it’s still affordable to a lot of workers and families,” he says.

Additionally, says agent Aleta Stephens of Aleta and Co Realty, the engineers who have moved in to build the bypass – predicted to take six to eight years – are keen to spend big money and their demand has driven price jumps.

“The new bypass has brought in around 40 engineers who aren’t afraid to spend big bucks,” she says. “We recently saw a property sell at $1.2 million and another at $2.2 million.

SOLD - $1,185,000

1001/121 Ocean Parade, Coffs Harbour NSW 2450

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“The steady influx of work and people looking for accommodation in the last couple of months has really affected the demand for housing and property in the area.”

For many, it may even be a buyer’s paradise.

“The newcomers buying has really given confidence to the market,” Stephens says. “I haven’t seen any effects from the interest rate rises here. No one is selling because they can’t afford their mortgage.”