Villas seem to be the next big trend in Shoalhaven real estate circles according to Craig Hadfield of Ray White South Coast.
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“We have a significant number of villas being built in the Shoalhaven,” he said “there is more than 100 coming out of the ground or in council waiting on development approval.
“With a number of people looking to downsize, there is a real push for villa developments.
“That is also pushing up the prices for first home buyers, so they are also investing in the villa/apartment market.
“And many are willing to buy off the plan.
“It is a shifting pattern in housing.”
Mr Hadfield said there was a 10 villa development The Crest, in Hillcrest Avenue, Nowra, with another five also in the planning, 31 in Isa Road, Worrigee The Palms and a further 11 in North Nowra.
He said coupled with the 32 apartments at the proposed Central Park development in Graham Street, Nowra, of which 70 per cent have already sold, emphasised the popularity of this form of living.
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“While apartments are more high rise with common walls like unit blocks, villas are usually separate homes,” he said.
“They usually have a common area but don’t have backyards they have to maintain - I think that is part of the attraction as well.
“It is not uncommon to have three bedroom, two bathrooms and be able to enter the market at $430 to $440,000.
“Downsizers also usually have their own home equity. We had a couple recently sell in Twin Waters for $650,000 and bought a villa for $450,000 to retire.”
He said other proposed apartment developments at the top end of Kinghorne Street, Nowra, with 52 units planned for the intersection of Albatross Road and another 95 units diagonally opposite on Kalandar Street were an interesting shift in the local market.
“There needs to be more opportunities to develop medium to high density housing, especially in the Central Nowra area,” he said.
“A number of the people who have bought in Graham Street are retirees and want to live in town, close to facilities. And more people are expressing that sort of desire.”
Another issue with people downsizing to smaller properties is the need for an additional storage space and Mr Hadfield saying the area had also experienced a significant growth in storage units developments.
“I know at least more than 400 new units have recently been built in the local area,” he said.