Though Coffs Harbour may not boast as many historic homes as Sydney or Melbourne, there’s a rising tide of buyers and investors taking advantage of the character-rich properties in this coastal city. Despite a market slowdown with a 4.6% drop in house prices over the last year, Coffs Harbour’s real estate remains a fertile ground for renovations and particularly painting services. Now with this price drop in the market, some savvy investors will be looking to snap up unrenovated properties ready to flip them when the house prices in Coffs Harbour inevitably rise again. And homeowners looking to sell should be smart about renovations, painting adds the best ROI. A fresh coat of paint adds value and costs so much less than a major reno.
The Financials: Real Estate Stats You Can’t Ignore
The Coffs Harbour property market is brimming with potential. Last month alone, there were 163 properties available for rent and 230 up for sale. Let’s look at some key data:
- Median house price: $760,000 as of October 2022
- Median unit price: $527,000 as of October 2022
- Houses sold in the past 12 months: 259
- Units sold in the past 12 months: 197
- Current Rental Yields: 4.3% for houses and 4.8% for units
Even though we’re observing a compound growth rate of -4.6% for houses and -4.1% for units, the rental yield remains promising, making Coffs Harbour a savvy investment hub.
The Smartest Renovation: Painting Your Property
The sheer number of interested buyers — 2486 for houses and 1185 for units — proves that Coffs Harbour’s property market is far from stagnant. It’s just waiting for that spark to reignite its potential, and nothing does that better than a fresh coat of paint.
Painting is arguably the most cost-effective way to increase your property’s value. Not only does it provide an instant facelift, but it also attracts a wider range of potential buyers. When you hire Shields Painting – a professional Coffs Harbour painter, you’re not just adding a layer of paint; you’re adding a layer of value.
A Word of Caution
Renovation is a commitment. It’s essential to hire skilled painters you can trust. A Coffs Harbour painter can ensure you are consulting professionals who have a proven track record of adding value to homes. Shields Painting is a trusted Coffs Harbour painter with a full team of experienced painters. If you are thinking about painting your home then give us a call for a free quote.
The Final Brushstroke
Coffs Harbour is more than a beautiful holiday destination; it’s a growing hub for property investment and renovation. Whether you’re a first-time homebuyer or a seasoned investor, consider leveraging painting services to achieve an unmatched blend of affordability and added value.