The northern coast of New South Wales is riding the boom in Australian real estate, luring plenty of people to traditional resort towns such as Coffs Harbour and Port Macquarie. The Sydney Morning Herald and the CourierMail recently noted trends that indicated people are moving to these coastal areas out of the larger cities like Brisbane and Sydney. These trends are also driving increased international real estate investments in these areas.
With costs relatively low compared to the large cities and the climate ideal, it’s no wonder people are moving to these seaside towns. Both older folks looking for retirement homes and those who just want a calmer life are driving the move. Damien Campbell, Principal of PRDnationwide Coffs Harbour, understands why so many people are looking to move to these towns:
“Compared with city markets, we are seen as a relatively cheap area to buy real estate,” Mr Campbell said.
“People can sell their house in Castle Hill and for that money in Coffs you will get something close to the beach with ocean views.”
Home prices in the area have a median around 330,000 AUD, while a two bedroom unit has a median price of 215,000 AUD. There is plenty of land available, and people are moving inland as well as along the seaside. Villages such as Nana Glen, the home of Russell Crowe, offer a change of scenery and pace from life in the cities. These places are also becoming more and more popular as people look for land and deals.
One other trend that is driving people to a number of the towns is people working in the cities, but commuting back and forth to the smaller towns and villages. The CourierMail notes that these folks are driving up prices as they seek less expensive homes outside of Brisbane and Sydney. Prices are still reasonable, but it is a trend that will continue for the foreseeable future.
