Property prices have soared in NSW's Coffs Harbour region over the past 12 months as demand outstrips supply, new research by PRDnationwide has found.
According to PRDnationwide, Coffs Harbour house prices have shot up by 14.4 per cent. Meanwhile, units have recorded strong growth of 20.9 per cent over the 12 months to June 2010.
"Public infrastructure projects including the Coffs Harbour Bypass and significant urban rejuvenation projects are benefiting the property market," PRDnationwide managing director Jim Midgley said.
PRDnationwide research analyst Oded Reuveni Etzioni agreed, saying in the year to June 2010, 1,116 houses were sold in the region, representing an 8.7 per cent increase in activity from the same period in the previous year.
"Coffs Harbour also showed the highest five year growth in median price, at an average rate of five per cent per annum," Mr Etzioni said.