A hunger for coastal property is returning

Artist’s impression of the Alfresco Collection at Shell Cove. Artist’s impression of The Alfresco Collection at Shell Cove.

A view of Catherine Hill Bay.

The sellout of a south coast residential development is the latest indication that Sydneysiders’ hunger for coastal property is returning.

All 13 residences in the first stage of the Alfresco Collection at Shell Cove were sold at their release on Saturday. Prices for the three- and four-bedroom residences ranged from $550,000 to $670,000.

The coastal market started to lift last year after spending the post-global financial crisis years in the doldrums. Developers of masterplanned coastal communities have noted the renewed interest.

Nigel Edgar, NSW residential division general manager at Australand, developers of the Shell Cove site, said: ”This is a fantastic result and a real testament to the overall lifestyle on offer.”

The Alfresco Collection is part of a beachside community planned around a new 300-berth boat harbour 18 kilometres south of Wollongong. The homes are due for completion next April.

Even last year’s bushfires failed to dampen interest in a residential development at Catherine Hill Bay, two hours north of Sydney. The first two stages of a planned 550-lot development have sold out. A third stage is due to be released in August, with four more to follow.

Forty per cent of buyers are from Sydney, mostly the north shore and the Hills District. The others hale from Newcastle, Lake Macquarie and the central coast.

”Buyers are getting a brand new beachfront house,” says Bryan Rose, managing director of Rose Group. ”They’ll work from home and spend two days a week commuting to work.”

Others plan to retain a city bolt-hole and share their time between the city and beach.  Land prices start at $265,000 and from $800,000 for waterfront lots. Houses range from $250,000 to architecturally designed residences costing millions.

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