THE MidCoast region has recorded strong property growth since the start of the COVID-19 pandemic, with dwelling values rising by 58.3 percent over the past six years.
According to new property data from Cotality, the area’s post-COVID growth has outperformed Greater Sydney (38.9 percent) in dwelling values since December 2019.
House values in the MidCoast LGA rose by 60.8 percent, while units increased 46.1 percent.
Over the past 20 years, dwelling values across the MidCoast have risen by 86.4 percent, with houses up 91.1 percent and units up 67.7 percent.
While this long-term performance is comparatively softer than neighbouring LGAs such as Port Stephens and Port Macquarie, the recent surge has helped reset the region’s affordability position and attract stronger buyer interest.
Cotality executive research director Tim Lawless said the MidCoast’s uplift mirrored a statewide regional trend.
“Regional NSW has shown an extremely strong growth trend since 2019, rising 61 percent,” he said.
“Nearly half of the 20-year growth in regional NSW has occurred in just the past six years.”
Lawless said a population shift, mainly for lifestyle and affordability reasons, had played a critical role.
“Internal migration and the normalisation of hybrid working have provided a substantial demand-side boost, particularly for lifestyle markets like the MidCoast,” he said.
“These areas started from a relatively low price base in 2019, amplifying the rate of growth.”
The region’s affordability gap with Sydney has also narrowed.
“Sydney’s premium over regional NSW has dropped from 86 percent to 59 percent since 2019,” Lawless said.
“This reflects a significant shift in demand toward regional lifestyle markets.”
Market conditions have now returned to a more sustainable pace, with annual dwelling value increases across the examined LGAs – from Port Stephens to Coffs Harbour – between 4.7 and 6.4 percent.
This is well down from the pandemic highs, when the peak annual growth rate ranged from 29.5 percent to 39.9 percent.
Port Stephens posted the strongest property-market growth since December 2019, with dwelling values rising 73.6 percent.
The Nambucca Valley saw dwelling values surge by 72.7 percent over the same period, while Port Macquarie recorded a 59.9 percent rise, just ahead of Coffs Harbour (57 percent).
By Matt TAYLOR
You can help your local paper.
Make a small once-off, or (if you can) a regular donation.
We are an independent family owned business and our newspapers are free to collect and our news stories are free online.
Help support us into the future.
