SUBURB PROVES POPULAR
Construction of the 28 boutique townhouses has not even started yet but already 24 have been sold off the plan.
Mosaic Property Group has commenced civil works at its Silvergum development in Everton Park, a suburb described by the developer as an emerging “blue-chip” location.
One of Brisbane’s most tightly-held suburbs, Everton Park is undergoing a transformation, with townhouses and unit complexes rising beside family homes. Within 10km of the Brisbane CBD, Everton Park has wellestablished parks, shopping and entertainment options, is close to public transport and good schools, and is consistently in high demand.
Mosaic Property Group managing director Brook Monahan said the company chose their markets carefully.
“Everton Park may be an older suburb but its demographic is quite young, including families and professionals. Access to the city is also a prime consideration,” he said. “All these elements provide Everton Park with its growing standing as a blue-chip suburb. The quality of our product aside, the sales success we have achieved at Silvergum is probably the best indicator of the suburb’s appeal.”
The median house price in Everton Park has grown by 28 per cent in five years and was $585,000 in July, according to CoreLogic.
On average, residents hold on to houses in the area for 13.8 years, and when they do hit the market they are usually sold within 18 days.
Mr Monahan said the company considered highly sought-after suburbs with limited or constrained supply to be “blue-chip locations” from a development perspective. “We avoid the inner 2km radius of the Brisbane CBD as a general rule due to the high supply of investment grade apartments,” he said.
The Silvergum development is expected to be completed by September next year. Threebedroom townhouses start from $580,000 and four-bedrooms from $650,000. They range in size from 238sq m to 337sq m.
Boutique townhouses at Mosaic Property Group's Silvergum development at Everton Park are in demand, with 24 of the 28 homes sold off the plan.