The next big thing in property presents sun, sand - and investment opportunities
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The next big thing in property presents sun, sand – and investment opportunities

Why everyone is going bananas for this north coast holiday destination

By Kirsten Craze
Thu, Mar 16, 2023 8:30amGrey Clock 4 min

F or anyone who has experienced family road trips along the Pacific Highway, The Big Banana at Coffs Harbour is a memorable landmark. When Australia’s first “big thing” was built almost 50 years ago, it literally represented the fruits of the labour for a parochial town sitting halfway between Sydney and Brisbane.

But what a difference half a century makes. 

Soon that local icon, now a family amusement park, will be bypassed with a 14km $2.2 billion highway upgrade, transforming the coastal city into a destination ripe for the picking.

For most visitors, the Big Banana is a a must-see attraction when in Coffs Harbour

Going bananas 

The 2021 Census named health care and social assistance as the leading employer in Coffs Harbour followed by retail, education, plus accommodation and food services. These in-demand employment sectors, as well as a significant amount of infrastructure already in the pipeline, continue to attract newcomers to the area.

For more stories like these, order your copy of the autumn edition of Kanebridge Quarterly magazine here.

Coffs Harbour recently welcomed a $194 million expansion to the local hospital and continues to introduce more carriers to the airport with daily direct flights to Sydney and Melbourne. It has a growing tertiary education campus with TAFE and University of Southern Cross courses, and an international sports stadium that hosts star-studded events.

Culture is also high on the agenda. In June 2022 Hollywood heavyweight Russell Crowe, who owns a farm in nearby Nana Glen, announced his intention to back a $438 million world-class film studio for Coffs Harbour.

Mountains meet the sea

The Coffs Coast is on the land of the Gumbaynggirr people and encompasses a collection of suburbs and townships including Nambucca, Urunga, Bellingen, Sawtell, Coramba, Moonee Beach, Sapphire Beach and Woolgoolga.

Often described as the place “where the mountains meet the sea” the sub tropical region, which is home to 78,759 people (and forecast to hit 100,000 by 2041 according to council estimates), is the meeting point of the Great Dividing Range and the Pacific Ocean. Due to its unique topography, Coffs ticks plenty of coastal boxes, but also offers leafy acreages and hinterland estates with ocean views. However, it’s this landscape which presents challenges for residential development and the supply of new housing.

Slow and steady

Homebuyer demand and prices in greater Coffs Harbour skyrocketed in 2021 but spent much of 2022 slowly declining as interest rates climbed. However, limited supply is likely to prevent significant price falls. 

“Based on the current peak in the cash rate expected for early 2023 and a lagged response in the property market, we could see a floor in price falls across Northern NSW lifestyle markets in the second half of this year,” says Eliza Owen, head of residential research Australia at CoreLogic.

According to CoreLogic the median house price in Coffs Harbour is $815,000, although there are some coveted suburbs such as Sapphire Beach to the north with a median of $1.39 million. 

“Values [in the Coffs Harbour region] have fallen a relatively mild -5.0 percent from a peak in August,” she says. This follows an upswing of 56.3 percent, so overall values are still up 47.9 percent. While COVID no doubt unlocked some value in Coffs Harbour that couldn’t be realised before remote work was so normalised, there are some headwinds for the purchasing market.”

New kids on the block

A pipeline of investment in Coffs Harbour caught the eye of residential developer Third.i. Late last year the group launched Sable at the Jetty, a medium-density development of 35 apartments.

“Part of the reason we wanted to target Coffs was because we believe there’s an undersupply of the style of apartments we create; a luxury lifestyle, or a larger downsizer product,” says Third.i director of sales marketing, Luke Berry.

“Coffs Harbour ticks so many boxes. I used to holiday there as a kid and I love the region. It’s only going to become more desirable as workers continue to turn to remote working and the ageing population seeks out appropriate areas to retire to. 

“Coffs is high on the list for anyone looking at a strategic investment or secure retirement,” he says.

Martin Wells, principal of McGrath Real Estate Coffs Harbour, says demand in the area has picked up significantly since the start of the year

Martin Wells, principal of McGrath Real Estate Coffs Harbour, says despite a slow finish to 2022, the forces of supply and demand kickstarted 2023.

“By mid January we noticed our online buyer inquiries had doubled compared with those softer episodes of last year,” Wells says. 

“The supply shortage is still the dominant driver of prices holding and I’d expect they’ll continue to climb again throughout 2023.” 

Top end prices, locally considered to be above the $1.5 million dollar mark, have “corrected”. However, Wells suggests the trough could have already passed. 

“We’re probably seeing about 5 to 10 percent off the price of top end properties,” he says. “But I think that’s probably the last of it because demand is coming back into that price point.

“Traditionally, around 30 percent of our inquiry might’ve been from Melbourne or Sydney purchasers, now it’s probably closer to 50 per cent. 

“So there’s still a large amount of money around.”

David Malvern, regional manager at McDonald Jones Homes says the limited land available meant any price decreases were unlikely to linger.

“If there was a larger supply I’ve no doubt new home sales would increase significantly,” he says.

“Either customers can’t find land, or when they do, often the topography is really not ideal for an affordable home. 

“They might find themselves having to spend $100,000 on earthworks just to get a block ready.”

He says while the supply of land  is the greatest challenge for buyers in the area today, it ultimately translates to a positive for anyone holding property for the long haul.

“You’ve got such a high demand for housing and a limited supply that if you’re an investor, or looking to move into Coffs Harbour, you’re going to benefit,” Malvern says. “I simply can’t see the market producing the amount of land and housing that’s actually needed to meet demand.”



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The Uglification of Everything

Artistic culture has taken a repulsive turn. It speaks of a society that hates itself, and hates life.

By Peggy Noonan
Fri, Apr 26, 2024 5 min

I wish to protest the current ugliness. I see it as a continuing trend, “the uglification of everything.” It is coming out of our culture with picked-up speed, and from many media silos, and I don’t like it.

You remember the 1999 movie “The Talented Mr. Ripley,” from the Patricia Highsmith novel. It was fabulous—mysteries, murders, a sociopath scheming his way among high-class expats on the Italian Riviera. The laid-back glamour of Jude Law, the Grace Kelly-ness of Gwyneth Paltrow, who looks like a Vogue magazine cover decided to take a stroll through the streets of 1950s Venice, the truly brilliant acting of Matt Damon, who is so well-liked by audiences I’m not sure we notice anymore what a great actor he is. The director, Anthony Minghella, deliberately showed you pretty shiny things while taking you on a journey to a heart of darkness.

There’s a new version, a streaming series from Netflix, called “Ripley.” I turned to it eagerly and watched with puzzlement. It is unrelievedly ugly. Grimy, gloomy, grim. Tom Ripley is now charmless, a pale and watchful slug slithering through ancient rooms. He isn’t bright, eager, endearing, only predatory. No one would want to know him! Which makes the story make no sense. Again, Ripley is a sociopath, but few could tell because he seemed so sweet and easy. In the original movie, Philip Seymour Hoffman has an unforgettable turn as a jazz-loving, prep-schooled, in-crowd snob. In this version that character is mirthless, genderless, hidden. No one would want to know him either. Marge, the Paltrow role in the movie, is ponderous and plain, like a lost 1970s hippie, which undercuts a small part of the tragedy: Why is the lovely woman so in love with a careless idler who loves no one?

The ugliness seemed a deliberate artistic decision, as did the air of constant menace, as if we all know life is never nice.

I go to the No. 1 program on Netflix this week, “Baby Reindeer.” People speak highly of it. It’s about a stalker and is based on a true story, but she’s stalking a comic so this might be fun. Oh dear, no. It is again unrelievedly bleak. Life is low, plain and homely. No one is ever nice or kind; all human conversation is opaque and halting; work colleagues are cruel and loud. Everyone is emotionally incapable and dumb. No one laughs except for the morbidly obese stalker, who cackles madly. The only attractive person is the transgender girlfriend, who has a pretty smile and smiles a lot, but cries a lot too and is vengeful.

Good drama always makes you think. I thought: Do I want to continue living?

I go to the Daily Mail website, once my guilty pleasure. High jinks of the rich and famous, randy royals, fast cars and movie stars, models and rock stars caught in the drug bust. It was great! But it seems to have taken a turn and is more about crime, grime, human sadness and degradation—child abuse, mothers drowning their babies, “Man murders family, self.” It is less a portal into life’s mindless, undeserved beauty, than a testimony to its horrors.

I go to the new “Cabaret.” Who doesn’t love “Cabaret”? It is dark, witty, painful, glamorous. The music and lyrics have stood the test of time. The story’s backdrop: The soft decadence of Weimar is being replaced by the hard decadence of Nazism.

It is Kander and Ebb’s masterpiece, revived again and again. And this revival is hideous. It is ugly, bizarre, inartistic, fundamentally stupid. Also obscene but in a purposeless way, without meaning.

I had the distinct feeling the producers take their audience to be distracted dopamine addicts with fractured attention spans and no ability to follow a story. They also seemed to have no faith in the story itself, so they went with endless pyrotechnics. This is “Cabaret” for the empty-headed. Everyone screams. The songs are slowed, because you might need a moment to take it in. Almost everyone on stage is weirdly hunched, like a gargoyle, everyone overacts, and all of it is without art.

On the way in, staffers put stickers on the cameras of your phone, “to protect our intellectual property,” as one said.

It isn’t an easy job to make the widely admired Eddie Redmayne unappealing, but by God they did it. As he’s a producer I guess he did it, too. He takes the stage as the Emcee in a purple leather skirt with a small green cone on his head and appears further on as a clown with a machine gun and a weird goth devil. It is all so childish, so plonkingly empty.

Here is something sad about modern artists: They are held back by a lack of limits.

Bob Fosse, the director of the classic 1972 movie version, got to push against society’s limits and Broadway’s and Hollywood’s prohibitions. He pushed hard against what was pushing him, which caused friction; in the heat of that came art. Directors and writers now have nothing to push against because there are no rules or cultural prohibitions, so there’s no friction, everything is left cold, and the art turns in on itself and becomes merely weird.

Fosse famously loved women. No one loves women in this show. When we meet Sally Bowles, in the kind of dress a little girl might put on a doll, with heavy leather boots and harsh, garish makeup, the character doesn’t flirt, doesn’t seduce or charm. She barks and screams, angrily.

Really it is harrowing. At one point Mr. Redmayne dances with a toilet plunger, and a loaf of Italian bread is inserted and removed from his anal cavity. I mentioned this to my friend, who asked if I saw the dancer in the corner masturbating with a copy of what appeared to be “Mein Kampf.”

That’s what I call intellectual property!

In previous iterations the Kit Kat Club was a hypocrisy-free zone, a place of no boundaries, until the bad guys came and it wasn’t. I’m sure the director and producers met in the planning stage and used words like “breakthrough” and “a ‘Cabaret’ for today,” and “we don’t hide the coming cruelty.” But they do hide it by making everything, beginning to end, lifeless and grotesque. No innocence is traduced because no innocence exists.

How could a show be so frantic and outlandish and still be so tedious? It’s almost an achievement.

And for all that there is something smug about it, as if they’re looking down from some great, unearned height.

I left thinking, as I often do now on seeing something made ugly: This is what purgatory is going to be like. And then, no, this is what hell is going to be like—the cackling stalker, the pale sociopath, Eddie Redmayne dancing with a plunger.

Why does it all bother me?

Because even though it isn’t new, uglification is rising and spreading as an artistic attitude, and it can’t be good for us. Because it speaks of self-hatred, and a society that hates itself, and hates life, won’t last. Because it gives those who are young nothing to love and feel soft about. Because we need beauty to keep our morale up.

Because life isn’t merde, in spite of what our entertainment geniuses say.

 

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35 North Street Windsor

Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

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This stylish family home combines a classic palette and finishes with a flexible floorplan

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