News release                              6 June, 2005                              

Lucas forecasts coastal estate boom

Demand for houses in coastal resort towns of NSW will accelerate markedly in the next 10 years as a higher proportion of the state’s population retires from the workforce and moves out of the major cities, says a director of Lucas Property Group, Mark Lucas.

Lucas says retired people have been leading a population trend over the last 10 years away from cities like Sydney, Wollongong, Canberra and Newcastle to coastal resorts like Sussex Inlet on the South Coast and Tuggerah on the Central Coast.

Investors have been exploiting this trend by anticipating demand and buying subdivided home sites near coastal townships, he says.

“With so many thousands of baby boomers set to retire, a boom in sales of home sites and new homes along the coast seems certain.”

He bases his market forecast on the facts that a larger than ever proportion of the population will retire in the next 10 years, a larger proportion of those who retire will no longer be able to afford to live in the major cities, and the only way most of those people will be able to maintain or improve their lifestyles will be to move to outer suburbs or country towns.

The other important fact is that most people who move out of the major cities choose to live along the coast, he says.

“Many baby boomers will certainly follow the trend of retiring to coastal resorts for a healthier environment, a better lifestyle, more leisure and a little adventure.”

Lucas says, “Imagine retiring to a resort like Sussex Inlet. You sell your old home in the city and buy a new home in the country on a waterfront site overlooking a lake or lagoon or the ocean.

“This move not only brings you a better home and location to suit your retirement, but also more savings to invest for your retirement income.

“Now you can afford to live at a popular coastal resort in an attractive and comfortable home large enough to accommodate your children and grandchildren when they come to stay for holidays,” he says.

Lagoon View Estate at Sussex Inlet is an example of several housing estates which Lucas Property Group is developing along the coast.

This estate includes nine large home sites overlooking Badgee Lagoon and natural wetlands. The sites include all services, elevated building areas, bushfire protection, bushland settings and water access to the lagoon.

“Just imagine walking your grandchildren a short way down to the lagoon for some adventurous fishing or canoeing,” says Mark Lucas.

The estate is less than five minutes drive to the coastal resort township of Sussex Inlet.

Lucas says that an increasing number of retirees living in coastal towns will foster business and provide employment which will attract more younger families to come and live in those towns.

More information is available from Lucas Property Group, 100 William Street, Sydney, 2011; phone 9358 5544, fax 9356 4028, email info@lucaspg.com.au and web site www.lucaspg.com.au .