The month in review: Brisbane
By Herron Todd White
Queensland’s capital holds a fortunate advantage over other big Australian cities when it comes to land. While our graduation into fully fledged metropolis continues, we still have one asset that Sydney can’t match – the ability to purchase in a major residential estate within a 30 minute drive of the CBD.
Brisbane inner densification obviously means those multi stage projects are moving further and further away, but improved infrastructure and our comparatively low density really does mean that there is plenty of land suited to a comfortable, new detached home.
Head north along the Bruce Highway and projects at North Lakes, Mango Hill, Dakabin and Griffin continue to feed demand. Fitzgibbon Chase, for example, has very right through to 500 square metre lots with pricing from $70,000 to $350,000.
If you prefer a large scale, integrated project where a major shopping centre, schools, a commercial hub and other facilities are all part of the master plan, take a look at North Lakes where blocks from 350 square metres to 800 square metres generally range from $180,000 to $290,000. There’s even the chance to buy duplex allotments if you’re keen on trying on one of these for size – a product that’s normally considered fairly rare in the outer suburbs.
Demand in these projects is strong – they’re fairly affordable, have all necessary facilities and are geared towards long term growth on a major transport corridor. In fact, the North Lakes project is nearing completion and has found demand driving a sale rate well beyond expectation – so much so that they’ve increased prices in their final stages by $40,000 per block.
In other localities, projects are positioned throughout our Western corridor with Redbank Plains, Springfield Lakes and Ripley all featuring. Redbank Plains projects have 400 square metre sites priced at approximately $150,000, while the large Springfield Lakes community offers blocks from 300 square metres to 500 square metres priced between $180,000 and $220,000.
Ripley is a touch further out in a westerly direction which is traditionally an area with its fair share of large sites. Estates here now offer 230 square metre to 700 square metre lots from $135,000 to $195,000. While these small blocks might look like a good option for first timers wanting to buy a home, truth is they’re appealing mostly to the investor taking a punt on a strengthening south east Queensland market.
Brisbane property buyers like their space and there appears to be good levels of demand for dirt at the moment. Of course, this is in keeping with a general market upturn since the start of 2015. The key is to watch supply. Another tip is to ensure when buying into a project, you stay on the fringe of the more densely populated suburbs. This is the best method of keeping your value strong and seeing demand in the location improve over the long term.