LAND POWERS AHEAD
The Brisbane land market is expected to continue to power ahead despite national concerns that building approvals peaked last year. Ausbuild joint managing director Matthew Bell said there was a lot of strength still left in the Brisbane market, with the Redlands area proving to be quite a powerhouse.
“On a national basis, Sydney and Melbourne influence those figures strongly, but I’m confident the local marketplace has a lot of steam left in it,” he said.
“We haven’t yet seen the heights of price growth that the southern states have seen and therefore our position is much stronger from an affordability perspective.”
Mr Bell said land within 25km of the CBD and infill subdivisions were still very strong.
“With the economic position here still being relatively strong from wage growth and the current interest rate environment, there would have to be significant change in either of these factors to negatively influence the growth rates,” he said. Ausbuild has a strong interest in the Redlands, having developed there for more than 20 years.
Mr Bell said it was an interesting marketplace because of its lifestyle appeal and proximity to the water. “Redlands itself, over the years, has benefited from strong infrastructure and transport investment with more businesses establishing themselves within the community,” Mr Bell said. Ausbuild has four major land estates in
Thornlands, with Esperance and Majestic almost sold out, and Altitude and Kinross recently launched.
Mr Bell said a strong majority of buyers were from within 5km of where the developments were based. He said Esperance was the company’s flagship development, appealing to a cross-section of buyers.
The newly launched Altitude has 52 lots ranging in size from 350sq m to 1000sq m, and a strong uptake on the seven larger blocks since its launch last month.
Redlands’ market is steaming on, according to Ausbuild managing director Matthew Bell, pictured at Esperance estate, Thornlands. Picture: Liam Kidston