Background_E_Market_Assessment - Shoalhaven City Council ...

Nowra CBD Master Plan – Market AssessmentBayswood, VincentiaBayswood is Vincentia’s newest coastal community and provides opportunities for both permanent home and holidayhouses. It located about 30 minutes from Nowra. A variety of blocks of land are available as well as house and landpackages. Stage 2 of ‘The Watergum Release’ is now selling, with land ranging from 320sqm to 600sqm available andstarting at $115,000.A new land release known as ‘The Collingwood Release’ is also now available. The release comprises 8 lots up to800sqm. House and land packages at Bayswood start at $314,000. Three and four bedroom packages are typicallyasking $350,000 to $400,000. Bayswood forms part of the Vincentia Coastal Village project, which when completed willconsist of around 600 residential lots, retirement living as well as the Vincentia District Town Centre (which hasdevelopment approval).Shell CoveShell Cove, 54km north of Nowra CBD, was adopted by Council as a project in the 1990’s, aiming to be the major focusfor meeting the LGA’s economic development objectives. It is expected that Shell Cove will house some 10,000residents on 3,000 residential lots, with 1,150 lots already developed. Approximately 2,000 are conventional lots(500sqm sites), and around 1,000 are high density lots to be constructed around the harbour. Detached residential lotsare selling at around $300,000/lot. However, the sale rate has fallen over the last few years with average sales of 60-70lots per annum compared to previously when take up was approximately 140 lots per annum.Financed and managed by Australand, Shell Cove is located just south of Shellharbour Village. It is envisaged that thefirst boats will be in the harbour by the end of 2011. Residential sales are expected to continue until approximately2020.9.5 Implications for Nowra CBDResidential living in town centres is recognised as an important element of fostering the living city concept. Localresidents in a centre extend the level of activity past office and shopping hours. They create a demand for a variety ofuses and lobby for improved amenity and safety.The factors that have led to a growth of housing in commercial centres include:• Changing demographics with increased single households made up of empty nesters, university students andyoung professionals.• Housing choice shifts where suburban homes with the white picket fence have been replaced by apartments -there has been a value shift from sense of space to sense of place.• Growing cultural and entertainment activities have made city centre living attractive for social interaction.• Easy access to work or public transport.• Affordability – property costs are cheaper than traditional home.In Nowra the growth of residential development is not a prevalent factor as in other centres. The cost saving of a Nowraapartment compared to a house in the suburbs is not as substantial as similar comparisons between apartments andC09143 Page 49 Hill PDA