The ageing population in Sunshine Coast is changing the needs and preferences of homeowners and buyers in the region, according to a market outlook from Herron Todd White.
Citing figures from the Australian Bureau of Statistics, the study said 42% of Sunshine Coast’s residents belong to the 40-70 age group.
"This market is pretty clear about what it wants. They don't want the hassle of looking after large homes and yards. They want the flexibility of being able to socialise with friends, play golf, go fishing and travel," said David Notley, director at Herron Todd White.
Notley said the ageing population has the most significant impact on lot sizes and densities in new estates on the eastern side of the highway close to the coast.
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In fact, sales of new allotments of less than 450 square metres grew their share of the overall sales to 60% in 2017-18.
The average size of residential land has declined significantly over the past 20 years from 824 square metres in 1998-99 to 467 square metres in 2017-18. This trend has resulted in the improvement of affordability not only for downsizers but also for potential buyers entering the market.
"These small lots have produced some really efficient home design with some great spaces. Also, in correlation with this demographic are designs that help to extend the market appeal of the home," Notley said.
The larger permanent occupancy style apartments has also become popular, especially those that are closer to the coast. The average size of new units sold during 2018-19 was 164 square metres.
In established coastal areas, densities appear to have changed by the growing presence of duplexes and infill townhouse developments. The sites are being divided into small housing lots.
"As the coast continues to grow, we will continue to see these demographic forces," Notley said.
