COVID-19 and the subsequent relocation of large numbers of people to the Coffs Coast, has led to a sharp increase in demand for family homes.
“For buyers at the moment, there is a huge issue with supply and demand,” said Matt France, a Licensed Real Estate Agent with Sawtell Real Estate Co.
“In Sawtell and Coffs Harbour and the Northern Beaches as well, what we have seen in the last twelve months has been a real lack of homes on the market,” he said.
“We have seen an exponential increase in people relocating to this part of the coast due to Covid-19.
“What that has done is heightened the supply and demand issue we already have, and it has gone up tenfold.”
Mr France said that current sale results were indicative of a strong seller’s market.
“Homes are spending very little time on the market and are often selling for very close to asking price.”
The pandemic has also impacted on the type of property entering the market.
“What we are seeing is a whole market of homes which people usually downsize out of, not entering the market.
“Because of Covid-19, anyone who had planned to move to Sydney to be closer to the kids or had planned to take the caravan around the country for a year, they aren’t selling up and downsizing, they are staying put in Coffs.
“For the first time in quite a while, we are also seeing three generations of families staying in Coffs at the minute, because of the ability to work from home.
“As a result, we are seeing a massive lack of four to five bedroom family homes going to market,” he said.
With in-demand properties selling so quickly, Mr France recommends that potential buyers do their preparation in order to secure a purchase.
“For buyers, it is a matter of being in the best possible position to act quickly.
“Having finance ready and in place or even preferably being able to go into it as a cash buyer, is really helping people secure things.”
Looking forward, Mr France predicts strong growth in the Coffs Coast rental market in the next few years.
“Rental agents are currently experiencing 40-50 rental applications on most properties.
“We are also seeing a lot of people relocating to the area from Sydney or the Tablelands.
“I’d say your rental market will see amazing growth over the next few years, not just because of COVID, but also because of the highway.
“It is a good time to be an investor in Coffs at the moment,” he said.
By Doug CONNOR