HOUSE prices in Nambucca Heads have continued to rise over the past few months, bucking trends across the state, including other parts of the Nambucca Valley, where growth has slowed in response to rising interest rates.

Median house prices, which peaked between September and November 2022 in most parts of the valley, increased 3.23 percent in Nambucca Heads in the four months from October last year to February 2023, pushing prices from $650,000 to $671,000, according to figures from realestate.com.au.

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Despite Bowraville, Macksville, Hyland Park and Valla Beach all seeing declines of between 4.29 percent and 7.14 percent in the same period, median house prices across the Nambucca Valley have still increased significantly in the three years since the Covid outbreak began.

Data for Scotts Head, which is only available up until December 2022, shows a massive 74.88 percent increase in median house prices over the three years from December 2019, rising from $609,000 to $1,065,000, or an average of $416.44 per day.

Scotts Head also recorded the sharpest decline in recent months, falling 7.39 percent from a peak of $1,150,000 in September to $1,065,000 in December.

Valla Beach recorded the largest growth between February 2020 and February 2023, with median house prices rising 67.89% from $520,000 to $915,000, while Hyland Park had the smallest increase, with prices rising 57.65% from about $400,000 to $670,000.

Troy Vance, LJ Hooker Nambucca and Macksville real estate agent, said median house prices in Scotts Head had increased 105 percent over five years to overtake Valla Beach as the Nambucca Valley’s most expensive market, largely driven by the limited supply, ocean views and the town’s popularity with Sydney buyers.

The continued growth in Nambucca Heads is likely attributable to some strong sales in the past few months, aided by the town’s proximity to Coffs Harbour, Vance said, adding that rising interest rates are unlikely to result in any major declines in property prices across the valley, citing the area’s desirable coastal location, affordability and an undersupply of rentals as factors that will help ensure continued demand.

“We’re still one of the most affordable places on the coast,” he said.

While the average time on market has stretched out to about 90 days, Vance said vendors who’re patient and put the right price on properties from the start are still seeing strong results.

And for those looking to buy, Vance advises not waiting until interest rates drop.

“If we do get one more rate rise, that’s the time to buy, because once the rates start dropping again, that’s when people will flood back into the market.”

By Brooke LEWIS