Sales streak continues for local developer
March 22, 2013
Sunshine Coast based developer Reed Property Group is giving new meaning to the term ‘good things come in threes,’ with The Parks residential development the third of the company’s developments in as many months to report a string of record sales.
Reed Property Group Sales and Marketing Manager Jason Kollanyi said the Sippy Downs development had recorded 10 sales in a month, and now only had one two-bedroom apartment remaining.
“The Parks has attracted buyers both locally and from interstate, with investors from as far away as Perth jumping on the opportunity to expand their property portfolio,” Mr Kollanyi said.
“It’s really encouraging to see these sorts of results and shows investors are becoming increasingly more confident following the challenging economic conditions that Australia has faced over the past few years.”
Mr Kollanyi said the sales came after property expert Michael Matusik indicated the Sunshine Coast had reached the bottom of the property cycle and apartment and house values in the under $500,000 category were looking up.
“In a recent report1, Mr Matusik noted that property values in this segment of the market have stabilised and are starting to take a turn for the better,” Mr Kollanyi said.
“In accordance, the amount of affordable vacant rental stock has halved over the last 12 months or so, so it’s no surprise investors are capitalising on the opportunity to secure a property in Chancellor Village, where quality rental properties close to the University are in high demand.”
“It’s also fair to say the recent surge in sales can be partly attributed to investors wanting to buy into the development and settle before the end of the financial year, allowing them to take advantage of tax deductions.”
Mr Kollanyi said with student numbers at the University of the Sunshine Coast growing steadily, he expected properties located nearby would continue to be snapped up quickly over the coming years, providing investors with solid rental yields.
“According to a recent report released by independent research company Resolution Research2, it is estimated that by 2016, median weekly rent for a two bedroom apartment within Sippy Downs will reach $365 per week (up approximately $65 per week on current values) and three bedroom apartments will rent out at $450 per week (up from approximately $380 per week).”
Mr Kollanyi said these positive statistics were not surprising, considering the Chancellor Village precinct is nearing completion and the Sippy Downs area is currently undergoing major expansions including the development of a new shopping complex.
“Sippy Downs is a thriving community, with various childcare, hospitality, commercial, retail and recreation facilities on offer, which render the area a popular choice amongst those moving to the Coast.”
“The development is also just a 10 minute drive away from the $4 billion Sunshine Coast University Hospital, making it a highly sought-after location for health workers and medical students looking to live close to the hospital.”
Mr Kollanyi said The Parks was situated in the heart of the action in Sippy Downs, with walking trails located on its doorstep and various shops as well as the University located nearby.
One two-bedroom apartment remains at The Parks, with settlement scheduled for May.
For more information regarding the development, visit www.theparks.net.au or contact Peter Kinchin from Insite Realty on 0418 736 424.
Ends.
[1] ‘Matusik Property Report: 10 Things You Need to Know About Emporio,’ Michael Matusik, 2012
[2] ‘Sippy Downs: Investment Opportunity Analysis,’ Resolution Research Strategists, 2012
Media contact: Maya Gurry – Fresh PR & Marketing
P: 0410 109 102 E: maya@freshprm.com.au
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