Sold On Coffs Coast

User: sue.clohesy Time: 09-18-2019 12:48 Product: CT3 PubDate: 21-09-2019 Zone: All Edition: Main Page: FEATURE_01

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ON

COFFS COAST SEP TEMBER 21, 2019

LATEST NEWS

SPOILT FOR CHOICE ON COAST

A BUYER’S GUIDE

SUBURB PROFILES

YOUR COMPREHENSIVE ROUND-UP OF SUBURBS INCLUDING THE LATEST STATISTICS

EXPERT ADVICE ON AUCTION SUCCESS

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COFF’S MOST PROFITABLE PROPERTIES

SUBURB GUIDES AND SALES STATISTICS

AGENT’S PREDICTIONS FOR 2020

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For the best results, call your closest local office Grafton

Woolgoolga

Coffs Harbour

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INSIDE

PAGE 5

Christine Clarke, principal and licensee of Raine & Horne Coffs Harbour discusses one of the jewels in the crown of Coffs Coast real estate – The Jetty area of Coffs Harbour.

PAGE 8

We talk to real estate sales experts to get tips and advice that will help take the stress out of getting the best price for your property.

TOP SPOT: Young families, retirees and professionals are finding their niche on the Coffs Coast and creating their ideal lifestyle.

PHOTO: TREVOR VEALE

Many options available for a slice of perfection EDITOR’S NOTE WELCOME to the annual edition of Sold On Coffs Coast – your guide to every thing real estate on the Coffs Coast.

This is your insight into what’s been happening in the property market in the area in the past 12 months. You can also expect a few sneak peeks on what you can expect for the rest of 2019 and into 2020.

The Royal Commission into banking as well as the Federal Election campaign where investment was in sharp focus had an impact

editorial Suni Golightly suni.golightly@ northernstar.com.au Phone: 0458 986 016 advertising Kath Tucker kath.tucker@coffs coastadvocate.com.au Phone 02 6650 2930 North Coast Newspapers Pty Ltd A News Corp Australia Company 144–148 West High St, Coffs Harbour 2450 DISCLAIMER: All advertising and editorial content throughout this publication has been supplied by participating real estate agents, unless otherwise specified.

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on many buyers will the market seeing some slow times in some sectors. But that has largely passed an most agents – especially here in our beautiful slice of paradise – are optimistic about the future.

Young families, retirees and professionals are finding their niche here on the Coffs Coast and creating their ideal lifestyle thanks to the huge range of options available to them. And of course, this has been reflected in our property market.

Because when you really look around, what’s not to love?

We are so spoilt for choice in terms of lifestyle. Not only do we boast one of the

country’s most beautiful coastlines, but just a short drive in most directions you’ll find stunning hinterland.

Coupled with the growth and investment in services and developments, it’s easy to see why people are choosing our region as their home. No matter what your taste or your budget, there is something for you here. If it’s a luxury beachside mansion or an exclusive country retreat you’re after, between $1 million and $2 million will have you living the dream. If you’re at the opposite end of the buying scale or somewhere in the middle the opportunities are plentiful.

Enjoy Sold On.

PAGE 10

Bidding or selling at auction can be a daunting endeavour. REIQ Auctioneer of the Year for 2016 and 2017, Justin Nickerson shares a range of tactics vendors and buyers can implement to get the best for their buck.

Contents Suburb Profile The Jetty..................................................................................Page 5 Suburb Profile Coffs Harbour..........................................................................Page 6 Market Review .................................................................................................Page 8 Suburb Profile Orora........................................................................................Page 9 Suburb Profile Corindi......................................................................................Page 11 Suburb Profile Woolgoolga.............................................................................Page 12 Market Review ................................................................................................Page 14 Suburb Profile Boambee.................................................................................Page 15 Suburb Profile Toormina ................................................................................Page 16 What’s your property worth? .........................................................................Page 17

PAGE 12

Woolgoolga – the little coastal village, affectionately known as Woopi, is becoming one of the most popular places to buy and live in the region.

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Suburb profile Jetty

Jetty retains desirability THE Jetty in Coffs Harbour is one of the region’s most successful real estate markets.

Christine Clarke, principal and licensee of Raine & Horne Coffs Harbour says despite external factors, the market has remained strong over the past 12 months.

“In 2019 we experienced a perfect storm – a state election followed by a federal election, and then a Banking Royal Commission – all events that acted as disruptors to the economy, and in particular, the property industry,” Christine says.

“In particular, the rulings at the Royal Commission resulted in changed lending policy by the banks, which in turn has had a slowing effect on the market.

“In spite of this, Coffs Harbour has recorded strong demand for property overall – fuelled by our expanding population – and property in The Jetty area has continued to grow, as buyers seek the lifestyle on offer.”

Christine says The Jetty’s location is a huge selling point.

“The opportunity to live within walking distance of the harbour and beaches, great restaurants and cafes, and the Coffs Creek walkway are big drawcards, and it’s only a few minutes from the CBD.” The area offers a mix of property to suit all segments of the market – units in older style, three-storey walk-up blocks which have been purchased for less than $300,000, while new luxury units with harbour views have sold for over $1 million.

“Recent townhouse developments have sold off the plan prior to being built,” Christine says.

She believes the markets will steady over the coming year.

“Whilst there is no crystal ball, indications for the coming year point to smoother waters for the market,” she says.

The Raine & Horne Jetty property management team.

PHOTO: RAINE & HORNE JETTY

“A slightly more relaxed approach to lending by financial institutions, coupled with continued growth in the number of families moving to the area suggest we will see increased activity during the traditionally busy spring and summer period.

“The low interest being paid by banks on savings are encouraging more people to consider property as an investment for their savings or superannuation.”

RENTAL MARKET ALSO STRONG The Jetty precinct is one of the most desirable and sought-after locations in Coffs Harbour, so demand is always high for rental properties, especially those within walking distance of the Jetty restaurant strip and marina.

“At present, we have high demand for houses and large apartments in the area, and this demand will only increase once the bypass construction begins,” Christine says.

“Typical of the current market is a beautiful home at the Jetty leased for $750 per week after only two days on the market.”

PHOTO: RAINE & HORNE JETTY

Raine & Horne.

PHOTO: TREVOR VEALE

SOLD

SOLD: $750,000 34 Brodie Drive, Coffs Harbour 4 bedrooms, 2 bathrooms, double garage.

An original ’70s home on 1813sq m block.

Spacious living areas, lovely hardwood flooring, and solid brick construction.

SOLD: $425,000 9/36 Moore St, Coffs Harbour 2 bedrooms, 1 bathroom, single garage Private top floor unit with sunny northerly aspect. Modern presentation, balconies off open-plan living area and master bedroom.

SOLD: $545,000 4/45 Edgar St, Coffs Harbour 3 bedrooms, 2.5 bathrooms, single garage Two-storey townhouse with fantastic northeasterly aspect and views over the reserve to Coffs Creek and the beach.

SOLD: $635,000 6 Glynn St, Coffs Harbour 2 bedrooms, 1 bathroom, 2 undercover Single-storey cottage on level 819sq m block.

Quiet street opposite a reserve, within an easy walk to Jetty beaches.

We bring you over 30 years experience selling, managing and consulting in the Coffs Harbour region. Our experience is your advantage - contact us today!

Coffs Harbour 6652 1066

rh.com.au/coffsharbour

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Suburb profile Coffs Harbour

Outlook and demand strong in Coffs FROM sunrise over the ocean, to sunset over the mountains, Coffs Harbour offers a wonderful lifestyle combining the best of the bush, beach, town and country.

Offering a temperate climate, the city of Coffs Harbour is well located and features efficient transport links to Sydney, Brisbane and Melbourne via the recently upgraded highway system and one of the country’s busiest regional airports.

Home to the famous Big Banana, it attracts a wide demographic from older and established couples and families, to young families and maturing and established independent buyers.

Jason Burnett, principal and licensee of The Edge Coffs Harbour, says Coffs has a lot to offer.

“Infrastructure, affordability and the lifestyle that it brings are all key selling points for Coffs Harbour and the greater area,” Jason says.

“No matter where you are, you are only five minutes from our pristine uncrowded beaches or the beautiful hinterland.

“Our airport, university, hospital, medical facilities and climate are all key drawcards for people choosing to live here.

“Real estate isn’t just about land and houses, it’s about how and where we live.”

Jason says there have been some distinct trends in the Coffs Harbour real estate market of late.

“It has been an interesting 12 months,” Jason says.

“At The Edge, we have found that the market peaked around June/July 2018, but has now returned to what we would call a normal market.

“This was spearheaded by the election, and of course, the Royal Banking Commission which saw lending tighten.

“The uncertainty surrounding this saw a decline in confidence, particularly with investors.

“Unlike Sydney and Melbourne where there was a significant and widely reported drop in price, in our local market stock volumes were somewhat down but prices have remained stable.”

When it comes to the next 12 months, Jason says things are looking up for the Coffs Harbour region’s real estate sector.

“Investors are back in the market, improving outlook and demand,” Jason says.

“Extremely affordable finance and these early signs with investors has also resulted in a shortage of stock in some areas.

“We are also seeing some encouraging signs with some of our high-end listings also starting move.

“It is a great time to list your property if you are thinking about selling.

“Our team are all working with buyers that are keen to secure a property, so we are very confident in the year ahead.”

Agency OF THE YEAR

CITY COFFS HARBOUR NSW

Encompassing the Greater City area from Corindi Beach to Bonville

Property Sales Award Winner 2019 Information sourced from ratemyagent

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s as market makes a comeback

SPOTLIGHT: Coffs Harbour PROPERTY TYPE HOUSE

53.4%

APARTMENT

17.9%

TOWNHOUSE

16.0%

OTHER

1.6%

WHO LIVES HERE?

Population .................................................. 25,752 Average household ..........................................2.3 Median age ........................................................43 Average weekly household income.......... $1019 Owned outright.......................................... 32.6% Being purchased......................................... 23.4% Rented ........................................................40.3% Other............................................................. 0.5% Born in Australia ..........................................75.5% Born overseas.............................................. 15.4%

MARKET INSIGHT

median 12-month days on price growth market House $500,000 4.2% 63 Units $332,500 -5.0% 59

SOURCE: CoreLogic

SOLD

SOLD: $470,000 7a Louden Close 3 bed 1 bath 1 car An excellent street presence and extremely affordable asking price.

SOLD: $535,000 1 Glengyle Close 3 bed 2 bath 2 car Impressive contemporary home ready to move in and enjoy.

SOLD: $680,000 48a Kratz Dr 4 bed 2 bath 2 car As new, unforgettable, panoramic views.

SOLD: $507,500 28 Roselands Dr 3 bed 2 bath 2 car Special home on a level block, the perfect family home.

G I V E YO U R P RO P E RT Y

R E A L E STAT E I S N ’ T J U ST A B O U T L A N D A N D HOUSES IT’S ABOUT HOW AND WHERE WE LIVE

Address 3/29-33 Orlando Street Coffs Harbour, NSW 2450 | Australia Email info@theedgecoffsharbour.com.au Phone 02 6652 9888 Web www.theedgecoffsharbour.com.au

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Selling

Top tips to sell for the best price while cutting out stress

PHOTO: COURTNEYK

CHOOSE WISELY: You should interview at least three agents before selecting someone to sell your property.

By MIKAELA DAY

EVERYONE wants to achieve a premium price when selling their property.

We talked to the experts to get some tips that will help take the stress out of the process.

Property expert Making sure your property looks the best is paramount, according to Realestate.com.au chief economist Nerida Conisbee.

Ms Conisbee said decluttering and cleaning were two simple and cost effective ways that made a big difference to how buyers perceived the property.

“Be careful about renovating before you sell – you need to make sure that the renovation that you do will lead to at least the amount that you spent renovating,” she said.

“If you do decide to renovate, make sure that you keep colours neutral and look at what the most popular interior design trends are.”

Ms Conisbee advised to have the property staged to “show it off” in the best light.

“You wouldn’t go to an interview without looking your best and the same goes for your home when you sell it,” she said.

Key word searches on realestate.com.au for Queensland properties show buyers are big on garages, granny flats and balconies, but pools topped the list as the most popular item on househunters’ wishlists.

Sellers advocate Selecting the correct agent to sell your property and knowing the value of your home are very important, GC Property Advisors’ Tony Coughran said.

Mr Coughran, who is a buyers’ and sellers’ advocate and property valuer, said when Page 8

Buyers are big on garages, granny flats and balconies, but pools head the list as the most popular item on househunters’ wishlists

listing a property you should interview at least three agents.

“Look out for experience, strike rate, recent sales and high energy,” he said.

“Knowing the value of your home is also a big part of the puzzle to get the best traction.

“Don’t price yourself out of the market and get it right the first time.

“Otherwise you’ll be stale and selling for less in the long run.”

Mr Coughran also said to ensure your property was light, bright and airy and to get

the best photography possible.

“Naturally marketing will come into play, you can’t sell a secret,” he said.

“Well maintained homes that are presented in the best light don’t last long on the market and are selling for a premium price.

“You can get it very right and get a fantastic result, or do nothing and get well below market value.”

He said taking the right steps to sell your home could result in five to 10 per cent added value at sale time.

Real estate principal After more than 21 years in the industry, business owner Larry Malan, who runs multiple Ray White agencies on the Gold Coast, knows it’s the small things that make a big difference when selling your home.

“Always fix up small repairs around your house before you go on the market,” Mr Malan said.

“It’s got to be ready to go, or it’s a renovator house.

“As a rule always tidy up your garden and make sure all your fixtures work.”

Marketing the property correctly was also important, especially online and through social media, he said.

“But there’s no doubt that print marketing in the local paper also works,” Mr Malan said.

“In fact, I bought my own home after seeing an ad in the Gold Coast Bulletin as it reminded me of our home in Africa.”

Mr Malan said the magic number for selling a house at a premium was 30 days.

“Inside 30 days, competition can be created and buyers will pay a premium,” he said.

“The house is depreciating the longer it stays on the market.

“If it has been listed for 60 days or longer I would withdraw it, rest it for a few months and then go again.”

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Suburb profile Orora

Moving to the country peachy prospect for many LOCAL real estate expert and Ray White Coffs Harbour principal David Moppett says rural areas such as the Orara Valley are proving to be highly attractive suburbs in a competitive market.

“Our local real estate market experienced fluctuations over the past 12 months due to broader economic factors including the credit squeeze via the Royal Commission into banking, and a federal election campaign that could have seen major changes in relation to capital gains tax and negative gearing, if Labour had won,” David says.

“This resulted in buyer uncertainty with most consumers reluctant to spend in the first half of 2019.

“While this had a genuine cooling effect on our local property market, we didn’t experience the major declines like some of the metropolitan areas, specifically Sydney and Melbourne.”

David says recent activity bodes well for the the next 12 months.

“Over the past month, we have witnessed renewed buyer confidence across our entire market place, with increased sales volumes and some great prices being achieved. This spike in activity combined with the traditionally buoyant spring property market suggests that strong buyer activity will continue into 2020.

“Our region offers some very affordable real estate and is becoming increasingly popular with out of area buyers. Couple this with low interest rates and and a number of major up-and-coming projects, and the outlook is very positive for Coffs Harbour in general.”

David says the entire region is appealing to a variety of buyers, with rural areas performing especially strongly.

“The Coffs Coast region boasts the perfect

PHOTO: TREVOR VEALE

ATTRACTIVE PROSPECT: Rural areas are proving a winner with buyers.

year-round climate and some of our country’s most spectacular natural landscape,” David says.

“From pristine beaches to world heritage rainforest Coffs Harbour has it covered. In particular rural areas such as Coramba, Karangi and the Orara Valley are proving to be highly attractive suburbs especially with

young to middle age families and retirees seeking a rural lifestyle with the convenience of the Coffs Harbour City just 20 minutes away.”

David Moppett - Principal - Ray White Coffs Harbour

PHOTO: RAY WHITE COFFS HARBOUR

SOLD

SOLD $985,000 74 Mastons Rd, Karangi 3+ beds 2 baths, 14 cars

SOLD $365,000 27 Dorrigo St, Coramba 3 beds, 1 bath, 1 car

SOLD $950,000 388-390 Dairyville Rd, Dairyville 5 beds, 4 baths, 10 cars

SOLD $666,000 9 Cedar Close, Upper Orara 6 beds, 3 baths 2 car

Do you need help or advice with your home?

Contact the Top Agency for the Orara Valley Let us show you how the Ray White 1,000 office group network can achieve the best result for you.

raywhitecoffsharbour.com

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For personal service, give our team the call (02) 6648 3483 Cassandra Collett (02) 6648 3483

Jazmine Hughes 0407 936 246

David Moppett 0411 723 221

James Brealey 0414 897 040

Brett Finnie 0429 446 634

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Auction action

Auctions can be daunting event There are a range of tactics vendors and buyers can use to get best value for their buck when properties go under the hammer

By YASMIN BONNELL

BIDDING or selling at auction can be a daunting endeavour, but fear could be standing in the way of an extra few thousand dollars in the bank.

There are a range of tactics vendors and buyers can implement to get the best for their buck, with REIQ Auctioneer of the year for 2016 and 2017, Justin Nickerson, baring tips for both.

For sellers, Mr Nickerson said putting your property up without a price can widen the pool of potential buyers.

“Having no price means there’s no ceiling and it also means that there’s not a deterrent of price for buyers,” Mr Nickerson said.

“You’re more likely to attract a whole different range of buyers and some of them may be people who can afford the property but didn’t realise they could, or maybe they came with a set budget in mind but once they got to the property they fell in love with it.

“People in real estate very rarely buy with logic. They normally buy with emotion first and they justify with logic after, so it’s just about getting people through the property in the first instance.”

Mr Nickerson said that making sure as many people as possible saw the listing through various forms of marketing was key to selling for the best possible price.

“The first thing to do as a seller is invest in your marketing. You want to make sure that anyone with a potential interest in the property has an opportunity to see it,” Mr Nickerson said.

“You need to spread it across a range of different portals including realestate.com and a number of different websites.

“You should also make sure it’s in the newspaper, on sign boards in different areas and on social media which is a big one these days.”

When it comes to receiving offers before

auction, Mr Nickerson suggested listening to the recommendations of your agent and being patient.

“I think you should wait until it’s been on the market for a couple of weeks and then listen to the advice of your agent,” he said.

“It’s very rare that you would sell a property inside the first week because you want to make sure it has enough time on the market to understand where the property sits price wise.

“If the agent feels like it might be your only buyer or even your best buyer then it might be a good idea to sell that property prior.”

When it comes to bidding at auction, Mr Nickerson said research was a buyer’s best friend.

“Make sure you’ve done your research around the property and around your financial situation — find out how auctions go in your area and go watch a few,” Mr Nickerson said.

“Expect the unexpected, because sometimes you might turn up and be the only bidder, so you have to be ready to capitalise on it.

“Other times you might turn up and be one of six bidders and then you need to make sure you have a strategy and whatever that strategy is put it in place to try and achieve the best price.”

Mr Nickerson said buyers should always put in an offer before auction, with the worst outcome being the seller declining it.

“You don’t need to come in with your biggest and best offer straight away, but you might want to come in at 80 per cent or 85 per cent of what you’re willing to pay and just test it out,” he said.

“The worst thing that could happen is that they say no, or they could say no and give you a price indication of what they would potentially sell at – and it’s all about gathering research and information.

“There’s really nothing to be afraid of, although it’s a transparent way of doing things that’s actually an advantage point because transparency means you have visibility over everything that happens.”

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Suburb profile Corindi

Corindi Beach in an ideal location SPOTLIGHT: Corindi Beach CORINDI Beach became famous in the real estate world several years ago when it was named the most affordable beachside suburb in NSW. Today, about 1800 people call Corindi Beach home, including more than 400 families.

A lot of young families move to Corindi, many from Sydney, looking for a great environment for kids to grow up in.

There are also plenty of baby boomers looking to make Corindi Beach their home.

You can understand why – Corindi Beach offers a secluded style of community-based living just 10 minutes drive from Woolgoolga, 28 minutes from Coffs Harbour and 35 minutes from Grafton.

Entry level comes in the form of two-bedroom beach bungalows in the $300,000 range, but those with bigger budgets can secure high-end properties in the $600,000-plus range.

Julie Waugh of LJ Hooker Woolgoolga says the suburb’s location is certainly a selling point.

“We have fantastic beaches for fishing, surfing and beach combing,” Julie says.

“We also have a friendly community, a primary school and preschool and we are located halfway between Grafton and Coffs Harbour.

“The Corindi Beach Market has plateaued over the past 12 months,” Julie says. “Although recent sales and record prices recently achieved have created strong interest in our beachside community.

“With continuing interest from outside the area, the market will continue to perform well.”

PROPERTY TYPE HOUSE

83.8%

APARTMENT

0.8%

TOWNHOUSE

1.1%

OTHER

2.5%

WHO LIVES HERE?

PHOTO: TREVOR VEALE

BEAUTIFUL: Corindi Beach Headland.

Population .....................................................1686 Average household ..........................................2.8 Median age ........................................................38 Average weekly household income........... $1252 Owned outright.......................................... 29.6% Being purchased......................................... 39.7% Rented ........................................................28.9% Other................................................................0% Born in Australia ......................................... 83.7% Born overseas..............................................10.7%

MARKET INSIGHT

median 12-month days on price growth market House $497, 000 -0.4% 82

Corindi Beach was named the most affordable beachside suburb in NSW.

PHOTO: JAIME GRIFFIEON

SOURCE: CoreLogic

SOLD

SOLD: $890,000 1 Ocean Street, Corindi Beach 4 bed, 2 Bath, 2 Car Panoramic ocean and island views, Contemporary Solitary Designer Home with gourmet kitchen and granite benchtops.

SOLD: $525,000 58 Elieen Drive, Corindi Beach 4 Bed, 2 Bath, 2 Car Spacious single-level home situated on landscaped 616sq m fenced corner block in a quiet family-friendly street, with side access.

SOLD: $615,000 99 Matthews Parade, Corindi Beach 4 Bed, 2 Bath, 2 Car This home has the wow factor with a stylish contemporary feel. Open-plan, natural light, high gloss tiled floors on 565sq m block.

SOLD: $540,000 13 Andrews Close, Corindi Beach 786sq m block Absolute beachfront location, level block in quiet cul de sac. Walking distance to tavern, post office and general store.

Your Number 1 Corindi Beach Expert Servicing & Specialising in

Red Rock | Corindi Beach | Arrawarra | Mullaway | Moonee Beach

Julie Waugh | 0429 993 055 | 02 6654 8666

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Thinking of selling? Call the number one selling agent in the Corindi Beach area!

Woolgoolga

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Suburb profile Woolgoolga

The little town making a big impact

Brad Vines, principal and licensee at Vision Property Sales says the entire region is popular with tree- and sea-changers.

PHOTO: BRENDAN RAY

WOOLGOOLGA is one of those magical coastal towns that has managed to keep over-development at bay and retain its special village atmosphere.

The town’s eclectic cultural mix is reflected in its buildings, from the stunning Sikh temples to the trendy cafes of the main street.

Woolgoolga offers a range of options for residential buyers, from multi-million-dollar architectural masterpieces with ocean views to acreage homesteads, units and the basic affordable family home. Woolgoolga is well serviced by supermarkets, small retailers, cafes, clubs and restaurants as well as public primary and high schools and St Francis Xavier Catholic Primary School. Brad Vines, principal and licensee at Vision Property Sales says the entire region is popular with tree- and sea-changers, with Woolgoolga proving especially so.

“The property market in the area over the past 12 months has been quite steady, with a continual shortage of properties available for the large number of purchasers in the market ready to buy,” Brad says. “Now a very popular region, we are seeing large numbers of people making the sea change out of metropolitan areas to the Coffs Coast. In particular, we are seeing families move from Melbourne, Sydney and even Southeast Queensland. Over the next 12 months, we are anticipating more of the same with the current market showing fantastic results.”

Brad says the region has a host of amenities and natural features that make it irresistible.

“Major attractions such as our pristine beaches, boutique shops, cafes and restaurants, fantastic moderate climate, close proximity to domestic airport, mountains and rainforest and all water activities related to the ocean mean Woolgoolga and the northern beaches are now well and truly on the map and the picturesque coastal villages in this region are appealing to people from all over.”

The foreshore is a great venue for events in the village.

Woolgoolga Lake is a beautiful natural asset of the area.

PHOTO: SHAI COX

One of the most popular events on the Woolgoolga calendar is the annual Curryfest.

PHOTO: ROBERT WATKIN

Professional, friendly service with a dynamic and driven team, dedicated to managing your property with care!

visionpropertysales.com.au

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LEASING YOUR PROPERTY?

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t on those looking for a change

SPOTLIGHT: Woolgoolga PROPERTY TYPE HOUSE

65.3%

APARTMENT

3%

TOWNHOUSE

14.9%

OTHER

5.9%

WHO LIVES HERE?

Population ....................................................5290 Average household ..........................................2.4 Median age ........................................................47 Average weekly household income............ $949 Owned outright.......................................... 45.3% Being purchased..........................................19.8% Rented ........................................................ 29.7% Other.............................................................0.9% Born in Australia ......................................... 69.2% Born overseas.............................................. 21.5%

MARKET INSIGHT

median 12-month days on price growth market House $520,000 -7.1% 91 Units $382,500 -14.5% 41 SOURCE: CoreLogic

SOLD

SOLD FOR $500,000 11 Schofield Drive, Safety Beach 3 bedroom, 1 bathroom, 1 car space

SOLD FOR $700,000 28 St Andrews Drive, Woolgoolga 4 bedrooms, 3 bathrooms, 2 carports

SOLD FOR $525,000 42 Matthews Parade, Corindi Beach 4 bed, 2 bath, 2 car.

SOLD FOR $500,000 7 Niland Street, Corindi Beach 4 bed, 2 bath, 2 car

SELLING YOUR PROPERTY? Sell your home with an award winning sales team, dedicated to achieving the best possible outcome for you!

6654 8711

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KIN

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Page 13

Property market

Plan first step into property Lenders assessing living expenses with closer scrutiny

By ALICIA NALLY

WHEN it comes to taking that first daunting step on the property ladder, finance experts agree on a few things – have a plan, do your research and don’t rush in.

Mortgage Choice chief executive officer Susan Mitchell said it was important to ask yourself a few questions including whether you wanted to live in the property or rent it out, if you’d prefer an apartment or a house and where you want that dwelling to be located.

“Once you’ve answered these questions, find out the value of the type of property you wish to buy. From there, you will know potentially what deposit amount you will need,” she said.

“If you don’t already have one, create a budget, with a savings plan, so you can figure out how much you need to save each pay cycle in order to reach your goal within the time frame you set yourself.

“Living on a budget has never been more important for those planning to purchase a home. Lenders have been assessing home loan applicant living expenses with a heightened level of scrutiny over the last 18 months.

“If you live on a budget and have a clear understanding of your expenses, you are going to be less likely to overspend in areas where lenders could raise their eyebrows.

“Further, if you can set yourself a living expense budget for each month, and stick to it, it will go a long way to convincing a lender that you are in control of your spending and disciplined enough to maintain it.

“If you realise you will not have the capacity to save the amount you need in the time frame you set, you will need to decide whether your goal is unrealistic or whether you need to change some of your spending habits in order to save more.”

High-interest savings accounts, including ones created specifically for the purpose of saving a first home deposit, can help first home buyers to build a deposit, plus there is also the bank of mum and dad.

The First Home Loan Deposit Scheme, scheduled to start January 2020, will mean eligible first home buyers will be able to borrow more than 80 per cent of a property’s value and not need to pay for lenders’ mortgage insurance. The scheme will be open to first home buyers who have saved a deposit of at least 5 per cent.

Buyers may also be eligible for a first home buyer grant from your state/territory government.

NAB acting general manager for

SEEK EXPERT ADVICE: Chances are that buying your first home or investment property is going to be the most significant financial decision you have made to date.

PHOTO: MICROSTOCKHUB

Queensland regional retail Wayne Tawse said many people opened a separate account in which to store their savings.

He also recommended putting money aside weekly to help develop a habit.

Once you’ve got a nice nest egg behind you, it is time to decide how much of a deposit you will put on a property.

Mr Tawse said that all depends on the buyer, the location and whether you decide to buy a house, a unit or a larger lifestyle block.

“A deposit of between 10-30 per cent is ideal,” he said.

“Ideally if you’ve got a 20 per cent deposit you will not need mortgage insurance, and the more you save the less you’ve got to pay in interest.

“It’s really important any customers do their research. You have to think about the location, the type of property you want, how many bedrooms you need, your long terms plans, whether you can maintain a block, if you want to be close to schools and shops, and what your lifestyle habits are.

“We find most people buy in the area they rent in because that’s where they feel comfortable. But you have to assess how you travel to work and what your life will look like in the future and how the property fits into that.

“We get some people who come in for advice and then we don’t see them again for six months and that is great because we know they’re taking the time to plan and research.”

Ms Mitchell adds that a 10 per cent deposit as a minimum is legally required at the time of exchanging contracts, so don’t be caught short.

“Rent-vesting could be another pathway to home ownership. If you’re serious about buying a property but you can’t afford to buy where you want, you may want to consider buying where you can afford and renting where it’s convenient,” she said.

She also reminded buyers of the other costs associated with home buying, which are not a part of your deposit, such as stamp or transfer duty, state taxes imposed on all property transactions; solicitor’s fees; and building and pest inspections.

“It is important to conduct these inspections before you purchase a property. It may seem like just another expense but the reality is, it will give you peace of mind and allow you to identify structural faults or pest infestations in the property which would be much more costly over the long-term,” Ms Mitchell explained.

“Seek expert advice. Chances are that buying your first home or investment property is going to be the most significant financial

Beware

decision you have made to date.

“There are many things to consider, which can be overwhelming. That’s where a mortgage broker can step in to guide you along the way. Whether you’ve just decided to buy a home and you need help determining what size deposit you need to save, or you’ve been saving for a while and think you’re ready to consider your home loan options, a mortgage broker can help.

“Not only that, they will do all the legwork for you from helping you get all your paperwork together for your loan application, to negotiating with lenders on your behalf to ensure you’re getting a competitive deal on your loan.”

On a final note, both Mr Tawse and Ms Mitchell recommend inspecting as many properties as you can before you settle on one.

And, even if you don’t plan to buy through an auction, attend a few just in case that ends up being the only way you can get your dream home. Mortgage Choice’s Evolving Great Australian Dream whitepaper revealed that 89 per cent of prospective buyers believed auctions were stressful.

“Unlike a private treaty sale, you’re directly competing against other buyers who want to buy the same property as you,” Ms Mitchell said.

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Suburb profile Boambee

Little slice of Australian heaven BOAMBEE East boasts an easy-care lifestyle, just minutes to pristine beaches on the Coffs Coast.

A suburb of Coffs Harbour, Boambee East is west of Sawtell on the Pacific Highway, with a population of just under 2000.

The suburb is recognised for its leafy parks and waterways, and ease of access to the city.

Close to the beautiful beaches at Sawtell, as well as the Toormina Gardens Regional Shopping Centre, Boambee East is popular with young and old alike.

It also has its own neighbourhood shopping centre on Linden Ave. Close to the airport, sporting stadium and the university/education campus, this little slice of Australian heaven allows a great lifestyle, but is still close enough to all the major facilities at Coffs Harbour.

There is a great variety of modern homes on decent-sized blocks in Boambee East that still offer great value.

With the ease of access to north or south on the highway, and a quick drive to the Coffs Harbour CBD, Boambee East is close to everything, but far enough away to get away from it all.

It’s only minutes to Sawtell Beach with its popular cafes and to Bonville Creek, creating a wonderful relaxed lifestyle for everyone.

Sporting enthusiasts are well catered for, with a variety of sporting clubs in the local area, including AFL, rugby league and soccer.

There is also a choice of public and private schools and ease of access with a public bus service.

For older residents, two great

SPOTLIGHT: Boambee PROPERTY TYPE HOUSE

85.8%

APARTMENT

0.5%

TOWNHOUSE

0.5%

OTHER

6.2%

WHO LIVES HERE?

Population .....................................................1668 Average household ..........................................2.8 Median age ....................................................... 46 Average weekly household income........... $1557 Owned outright..........................................46.5% Being purchased.........................................38.9% Rented ......................................................... 12.2% Other............................................................. 0.5% Born in Australia .........................................80.4% Born overseas..............................................13.9%

FAMILY FRIENDLY: Close to the beautiful beaches at Sawtell, as well as the Toormina Gardens Regional Shopping Centre, Boambee East is popular with young and old alike.

PHOTO: TREVOR VEALE

retirement villages – Marion Grove/Mater Christi as well as Boambee Gardens – are close by.

Regional shopping and neighbourhood

centres provide convenience and variety, giving you the best of both worlds between a relaxed lifestyle with a range of facilities close by.

MARKET INSIGHT

median 12-month days on price growth market House $742,000 3.1% 68 Units n.a n.a n.a

SOURCE: CoreLogic

SOLD / FOR SALE

SOLD $485,000 14 Lamberts Road, Boambee East Vaulted ceilings in living areas, large loft bedroom, wide colonial verandas, American barn style shed and the white picket fence.

Established gardens.

SOLD $505,000 7 Lee Court, Boambee East Large 908.3sq m block with northerly aspect, built in 2015. Galley kitchen, bushland outlook. Outdoor entertaining, solar hot water, water tank and tiered rear yard.

FOR SALE - $599,000 34 De Castella Drive, Boambee East 4 bed, 2 bath, 2 car Four-bed Perry home. Formal and informal living areas linked by large kitchen, island bench. Large covered portico off living area.

FOR SALE - $599,000-$625,000 40 Worland Drive, Boambee East 4 bed, 2 bath, 2 car. Stylish private family home with two generous living areas, kitchen, suite sized master, large walk-in plus ensuite with spa, three queen-sized bedrooms.

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Suburb profile Toormina

Toormina property is great value BOUNDED by Boambee Creek in the north, Hulberts Rd and the North Coast railway line in the east, Lyons Rd in the south and the locality of Boambee East in the west, Toormina offers buyers great value for money.

Chris Hines, managing director of Unrealestate in Toormina, is an expert in the local real estate market.

“Toormina has continued to be one of the sleeping giants of the Coffs property market in the last 12 months,” Chris says.

“It has been one of those quiet achievers that’s continued to rise in capital growth ahead of most other suburbs on the Coffs Coast. One of the main reasons are people are starting to appreciate the convenience, the large blocks and the tree-lined streets.

Also add in the proximity to Sawtells beaches and the wonderful infrastructure on the southern side of Coffs such as the educations campus, heath campus and sports stadium and you have location, location, location. “(Also) a quality regional shopping centre with the Coles and Woolworths Supermarkets, Kmart and specialised shops, as well as Aldi next door. Large sports fields, pubic and private schools, the beautiful Boambee Bay perfect for picnics and famous for its off-leash dog-friendly beaches, and only a few minutes drive from the wonderful clean sandy beaches of Sawtell.

“I can see no reason why Toormina won’t continue to thrive over the next year. Once again the area has so much to offer and coupled with the price point of homes in the area, there is no reason to believe the area won’t continue with steady growth.”

SPOTLIGHT: Toormina PROPERTY TYPE HOUSE

63.6%

APARTMENT

10.1%

TOWNHOUSE

18.2%

OTHER

0.8%

WHO LIVES HERE?

Population ..................................................... 6192 Average household .......................................... 2.3 Median age ....................................................... 44 Average weekly household income............ $876 Owned outright.......................................... 29.4% Being purchased..........................................25.7% Rented ........................................................36.0% Other............................................................. 5.6% Born in Australia .........................................83.0% Born overseas..............................................10.3%

MARKET INSIGHT

CONTINUED GROWTH: Toormina shopping centre.

PHOTO: TREVOR VEALE

median 12-month days on price growth market House $462,500 12.4% 56 Units $331,250 16.8% 53

SOURCE: CoreLogic

SOLD / FOR SALE

SOLD: $528,000 5 Amaroo Crescent, Toormina 3 bed, 2 bath, 2 car Beautiful timber floorboards throughout, extra-large bedrooms with built-ins, rumpus/4th bedroom, workshop, outdoor entertaining area overlooking the salt water pool with landscaped gardens and cabana.

SOLD: $700,000 51 Kinchela Avenue, Toormina 4 bed, 2 bath, 2 car Street record sale for this stunning split-level contemporary home with lagoon views, new kitchen, large master bedroom with walk-in robe and ensuite overlooking black onyx salt water pool.

FOR SALE - $485,000-$495,000 12 McGregor Close, Toormina 5 bed, 3 bath, 1 car Formal lounge at front of home, extra-large sun room overlooks in-ground pool and well established gardens. Expansive main bedroom,walk-in robe, ensuite with corner spa. Entertaining deck.

FOR SALE - $399,000-$429,000 2A Werambie Street, Toormina 3 bed, 1 bath, 1 car 500m to Boambee Reserve and beach.

Hopwood Homes built. Kitchen with stone benchtops, large walk-in pantry. Covered outdoor entertaining area.

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WHAT’S YOUR PROPERTY WORTH Suburb

Property Type

Number Sold (12 months)

Median Sale Price (12 months)

Change in Median Price (12 months)

Change in Median Price (3 months)

Change in Median Price (5 years)

Arrawarra Headland

H

11

$750,000

18.1%

8.7%

n.a.

Boambee

H

30

$742,000

3.1%

-0.4%

32.5%

Boambee East

H

125

$477,000

0.4%

-0.8%

34.9%

Boambee East

U

10

$331,450

-15.0%

-5.3%

n.a.

Bonville

H

55

$632,000

-14.4%

0.0%

24.7%

Coffs Harbour

H

408

$500,000

4.2%

1.0%

29.9%

Coffs Harbour

U

276

$332,500

-5.0%

-2.9%

19.2%

Coramba

H

24

$395,000

11.3%

1.3%

n.a.

Corindi Beach

H

34

$497,000

-0.4%

-1.1%

38.8%

Emerald Beach

H

47

$622,500

6.9%

0.0%

50.4%

Karangi

H

11

$590,000

n.a.

n.a.

n.a.

Korora

H

59

$690,000

13.1%

1.5%

41.5%

Korora

U

17

$377,500

-14.2%

0.0%

18.0%

Moonee Beach

H

48

$770,000

5.5%

1.0%

44.7%

Mullaway

H

13

$607,000

5.6%

0.0%

n.a.

Nana Glen

H

19

$640,000

43.8%

19.6%

106.5%

North Boambee Valley

H

33

$549,000

-3.5%

7.1%

12.7%

Red Rock

H

13

$540,000

22.2%

3.8%

52.5%

Safety Beach

H

26

$665,000

5.6%

3.2%

58.9%

Sandy Beach

H

71

$459,000

-6.1%

-1.5%

42.5%

Sapphire Beach

H

58

$733,500

0.7%

1.2%

39.7%

Sapphire Beach

U

18

$322,000

7.0%

0.0%

31.4%

Sawtell

H

71

$676,000

4.9%

0.1%

46.2%

Sawtell

U

44

$520,000

22.4%

-3.7%

74.2%

Toormina

H

101

$462,500

12.4%

3.9%

38.9%

Toormina

U

34

$331,250

16.2%

1.1%

38.3%

Woolgoolga

H

93

$520,000

-7.1%

3.0%

37.7%

Woolgoolga

U

23

$382,500

-14.5%

-3.2%

17.0% SOURCE: CoreLogic

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