Mid North Coast real estate: Boom and beyond

Mark Whatson from The Professionals Laurieton.

DURING the COVID-19 pandemic, the Mid North Coast real estate market boomed as buyers, flush with cash, fled capital cities in search of more space and affordability.

But what’s the state of the market now, post-pandemic?

Despite the end of lockdowns, regional property prices have continued to soar, hitting record highs.

Homes in regional Australia, including the Mid North Coast, have seen stronger price growth than those in capital cities over the past three months.

However, data from REA Group shows that growth is slowing across the Mid North Coast.

As of May 2024, the quarterly growth rate is 0.21 percent for houses and 0.84 percent for units.

This contrasts with annual growth rates of 3.72 percent for houses and 0.7 percent for units.

The median home value in the area now stands at $920,614 for houses and $650,381 for units.

Rental prices have also increased, with a 2.1 percent rise over the last twelve months.

Median advertised rents are $550 per week for houses and $420 per week for units.

The vacancy rate is currently 1.26 percent, showing a slight slowdown with a decrease of 0.1 percent over the last three months.

Local agent Gaven Whalley from One Agency North Haven noted, “Most of the people buying are from outside the area, which puts more pressure on purchase prices as well as rentals.

“Everyone moving here wants to live in the properties they buy, leaving fewer rentals.

“Currently, we are seeing very few first-home buyers and investors.”

While internal migration cooled in the December quarter, 24.9 percent more people moved from cities to regions than the other way around, according to the latest data from the Regional Australia Institute.

Mark Whatson from The Professionals Laurieton observed, “The market has slowed slightly; there are still genuine buyers out there but in comparison to two years ago, there’s definitely been a slowdown.

“The market is stable and good listings still attract plenty of inquiries and sell quickly.”

Affordability and lifestyle continue to attract prospective buyers to the Camden Haven.


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