Grafton is becoming an affordable option for buyers priced out of the Coffs Harbour market.
Grafton is becoming an affordable option for buyers priced out of the Coffs Harbour market.

House prices surge ahead

HOUSE and unit values in the Grafton region rose 4.8% and 5.6% respectively over the past 12 months.

About 178 houses sold from July to September for an average of $262,000 - an increase of 4.8% - and 14 units made an average of $236,000 - up 5.6%.

The Domain Group quarterly House Price Report also reveals an increase in value of Richmond Valley houses, which rose 6.8% to $275,000. No units were sold there during the September quarter. The national median house price increased by 1.2%.

Domain Group senior economist Dr Andrew Wilson said Grafton was becoming an affordable option for buyers priced out of the Coffs Harbour market, where values rose 9.2% for houses and fell 9.4% for units.

"Those buyers looking for affordability advantages in the region will look towards Grafton, and particularly as we see the big difference between Grafton and Coffs Harbour, that's a key driver - it's nearly over $100,000 difference in the median there and that's a part of the driver," Dr Wilson said.

"Affordability will always be an advantage, particularly as Coffs is growing quite strongly and it represents a significant affordability advantage."

Mr Wilson said Grafton was undergoing a bounce-back from a flat market.

"Grafton has been struggling recently so that data is a positive," Dr Wilson said.

"I think it's a question of a bounce back from a low position due to those looking for affordability and there's been a lift in government activity, infrastructure development in the area is pulling up the local economy but it remains a market that's bouncing around on the bottom a bit and is starting to lift now."

AT A GLANCE

Property

type

Quarter

sales

Average

price

Median

12-month

 

change
House 178 $262,000 4.8%
Unit 14 $236,000 5.6%


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