Buyers cottoning on to new developments in Redlands
SALES of land in Mt Cotton have picked up substantially since the end of last year, with one developer now 18 months ahead of schedule.
The suburb, about 30km southeast of Brisbane, was one of the most popular searched online,
It has two major land developments under construction, The Enclave and Mt Cotton Village.
Oliver Hume general manager Queensland, Jillian Sheridan, said sales had really picked up in The Enclave development, which is owned by Yarrum Equities.
Oliver Hume took over the marketing of the estate about a year ago.
“We have had so much success there,’’ Ms Sheridan said.
Before Christmas the majority of buyers had been owneroccupiers but since then there had been a lift in the number of builders buying land.
The entire development will be comprised of 11 stages, with only three or four more to be released.
“We are 18 months ahead of schedule at the moment,’’ Ms Sheridan said.
As well as new house and land sales performing well in Mt Cotton, Ms Sheridan said the resale market also appeared strong.
She believed the opportunity to buy large lots in a tranquil bush setting appealed to buyers. Land in the development ranged in size from 550sq m to 1000sq m.
Prices in the next release in the development, The Grand, which will be launched in the coming weeks will range from about $215,000 to $275,000 depending on size and location.
Meanwhile Villa World’s Mt Cotton Village estate has 372 home sites that range in size from 450sq m to 900sq m.
Home and land packages range from $469,000 to $520,000 and the estate has chalked up about $155 million worth of sales to date.
In its latest release, stage 10, 15 of the 24 lots have sold for a total of $7.2 million.
Villa World’s masterplan for the development includes parks with playground equipment, picnic tables and barbecue areas; a skate park; an off leash dog area; walking paths; lakeside timber boardwalks and a basketball half court.
Figures from RP Data reveal the median house price in Mt Cotton, which is in the Redland Local Government area, is $461,250.
There were 150 houses sold in the year to October.
Sellers in the suburb only had reduced their original asking price by 6.1 per cent to get a deal, while average days on market was 98 days.
Richard and Judi Anderson (left) are selling their Coomera home but are keen to stay in the area and (above) one of the homes at at Villa World's Mt Cotton Village estate.