Brisbane’s inner north hot property
June 1, 2015
Recent sales activity in Brisbane’s inner north suggests the area has become the city’s latest property hotspot, with Bowen Hills development Belise celebrating a sales boom that has left only a handful of the 228 apartments available as the landmark high rise comes out of the ground.
Graham Kildey, Managing Director of Group Kildey which is partnering with Reed Property Group to develop Belise, said demand for new apartments in the city’s inner north remained at a higher level than any other area of Brisbane, with a recent report* revealing 2014 new apartment sales volumes more than tripled the 10-year average in the area.
“The string of sales in recent weeks and months can be largely attributed to the strong population growth in the inner Brisbane area, which is expected to continue increasing to more than 30,000 between now and 2018**,” Mr Kildey said.
“Independent consulting firm Urbis has predicted a dwelling shortfall for almost 9,000 new Brisbane residents in the lead-up to 2018***, so it’s not surprising that investors and owner-occupiers are acting now to take advantage of new product on the market.”
“There is undoubtedly a lot of long-term investment potential for the Bowen Hills area.”
Reed Property Group Head of Development Jay Emmerton believes Belise’s close proximity to the CBD and the Brisbane Showground Redevelopment have also proved a strong drawcard for property hunters, with residents wanting access to the new retail outlets, boutiques and fresh food markets nearby.
“As the RNA Redevelopment Project is one of the most exciting urban renewal projects in the city, there has been a lot of interest from owner-occupiers and investors who have recognised the benefits of having this precinct on their doorstep,” Mr Emmerton said.
“Traditionally, urban renewal projects have prompted a significant increase in the sale price of surrounding dwellings, which is why Bowen Hills is attracting so much attention as buyers look to catch the next urban regeneration wave.”
“You only need to look at areas like James Street and the Gasworks precinct in Newstead, which are highly sought-after for their trendy cafés and restaurants and vibrant atmosphere, to see why investors are now turning to Bowen Hills.”
Steve Cole, Managing Director of RCQ Construction — the company contracted to build Belise — said construction of the 228-apartment building was progressing well.
“We have finished the concrete slabs for the basement and are already up to level three which we expect to pour in the next few days,” Mr Cole said.
“We anticipate construction will be completed in the first quarter of 2016.”
A handful of two-bedroom apartments — including some with city views — are still available, with prices starting from $489,000. The development includes a rooftop sunset lounge, recreational deck with heated pool and spa, gymnasium, café/bar and an alfresco dining area.
To find out more about the residential investment opportunities on offer at Belise, please visit www.belise.com.au or contact Richard Lam on 0430 681 318 to arrange an appointment.
// Ends.
Media contact
Maya Gurry, Fresh PR & Marketing
M: 0410 109 102
E: maya@freshprm.com.au
Source
* Colliers International, Residential Apartment Market Review, May 2015.
** Australian Bureau of Statistics
**Inner Brisbane High Level Market Analysis, Urbis 2015
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