Newspaper article Coffs Coast Advocate (Coffs Harbour, Australia)

Spring Property Hard to Find

Newspaper article Coffs Coast Advocate (Coffs Harbour, Australia)

Spring Property Hard to Find

Article excerpt

SPRING might be the "selling season" in real estate but this spring has had a slow start.

With only a few days left until the end of September, CoreLogic has recorded 60 residential sales for the month in the 2450 post code, compared with 95 in August and 110 in July. In September 2015 there were 130 sales.

There have been 14 sales in the 2452 postcode area in September, compared with 29 during the same month last year. The 2456 postcode area has seen 16 sales so far this month, compared with 38 last September.

The market is showing great strength in the buyer demand for properties and strong prices are being achieved.

Both units and houses have recorded strong price growth in the last 12 months; Coffs Harbour units are up 15% and houses have experienced an 8% rise. The median price for a Coffs Harbour house is now $432,000 and $297,750 for units.

Sawtell houses have risen 14.9% and units 17.5%. The median unit price is now $372,000 and for houses it's $574,500.

Woolgoolga homes increased by 5.5% to a median price of $430,000 and units 9.9% with a median price of $368,000.

Despite the growth in prices, many local agents are reporting that listings are lower than average for spring.

LJ Hooker CEO Grant Harrod said it's a trend being seen right around the country.

"The real estate atmosphere is strong due to the high demand from buyers thanks to record low interest rates and strong economic fundamentals such low unemployment rate," he said.

"However, the number of properties going for sale is considerably fewer than last year."

Mr Harrod said there are three main reasons why sellers are holding off putting their property on the market:

1. The buy before you sell conundrum

"For many years, and definitely when I was first in the market, vendors were encouraged to sell their home before they purchased their next property - after all, you didn't want to be paying two mortgages," Mr Harrod said. …

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