The great Aussie dream has been downsized

TAKE a look at the changing skyline of the Coffs Coast and it’s easy to see the real estate dream is changing.

HIGH LIFE: Apartment living in Coffs Harbour is becoming highly sought after by buyers. Picture: Trevor Veale

TAKE a look at the changing skyline of the Coffs Coast and it's easy to see the real estate dream is changing. The traditional quarter acre block is losing favour with many, and in it's place is a stylish new apartment in a beachside suburb.

Park Beach and the Jetty have been the hotbed of these developments in recent years, and they continue to be hot property.

First National Coffs Harbour managing director Barry Booth says it all comes down to our changing habits.

"There is an acceptance of apartment living and more flexibility with lifestyles is more sought after than 10 years ago," he said.

Mr Booth is seeing the change first hand while selling apartments in the under-construction Pandanus apartments at the Jetty.

"There has been long-term pent up demand (for apartments), as very little new projects have been developed in Coffs over the 10 years to 2014."

Mr Booth says a lot of the demand is being driven by the aging population and baby boomers who are downsizing nationwide. However he said the majority of sales for Pandanus have been to locals.

At Park Beach, Nolans principal Scott Nolan is experiencing similar demand for the Seashells apartments. The project has hit a milestone of 50% of the 44 apartments now sold off the plan. Demolition on the site is complete, with construction expected to begin in July.

Mr Nolan said the high demand for apartments on the Coffs Coast was being driven by a number of factors.

"With high prices in the capital cities forcing many home buyers and investors to look outside of those areas, regional areas such as the Coffs Coast are becoming very attractive," he said.

"We are also seeing many retirees looking favourably at apartment-style living; obviously enjoying the lifestyle benefits with all the services and facilities at their fingertips."

Given the popularity of recent apartment developments, more are certain to follow, but Mr Booth believes we may pay a premium for them.

"Coffs is still very good value and most properties are being sold below replacement value. This includes new apartments where the future sites will cost a lot more to acquire than current projects being constructed, which means new property in 2017 and beyond will be a lot more expensive."