Rare vacant land close to the city on offer
June 18, 2012
| Development Sites
A new land development is about to hit the market in the established suburb of Oxley, situated just 12 kilometres from the Brisbane CBD.
Colliers International is marketing the project, Parkvue at Oxley, which will provide a rare opportunity to acquire vacant land in an established suburb so close to the city.
Oxley, located in Brisbane’s southwest next to the prestigious suburbs of Sherwood, Chelmer, Corinda and Graceville, is undergoing continuing urban renewal, with several residential developments in the area and a new retail development, the Oxley Village Shopping Centre, consisting of a new Woolworths supermarket and several specialty shops, being built opposite the suburb’s train station, adding to the amenity in the area.
Clinton Trezise, Colliers International Residential Associate Director, said there had been smaller residential developments at Oxley, but Parkvue at Oxley will be the biggest vacant land development that has been on offer in the area in recent times.
“In fact, it is one of the last available residential development sites of any size north of the Ipswich Motorway,” he said.
“It is not often that a development like this comes along offering vacant land less than 12 kilometres from the CBD, in such a well-serviced location. With many new developments in Brisbane being much further out from the city, this is a rare find and as such, we are already experiencing great levels of buyer interest since construction has commenced.”
Mr Trezise said Parkvue at Oxley was well-located to the city, public transport and established amenity.
“The development is only one kilometre from the train station and the Oxley Village Shopping Centre site and a bus stop is literally across the road from the estate’s entry on Douglas Street,” he said.
“Not only is it surrounded by everything one could possibly need – in an area that’s improving every day –it is still within reach of the majority of buyers.”
Parkvue at Oxley will have 137 lots of vacant land, ranging in size from 350sq m to 775sq m, with an average of 470sq m. Pricing is yet to be confirmed, but prices for land lots in the development are expected to range between $255,000 and the low $300,000s, with house-and-land packages starting from around $450,000.
Mr Trezise said the Parkvue at Oxley would allow for a range of buyers, from entry-level to aspirational upgraders.
“The variations in lot sizes will allow for more affordable housing options,” he said.
“The 15.52ha Parkvue at Oxley site has a unique offering of a 3.75ha parkland, which is over eight football fields in size and will feature open space, playground and recreational areas. As such, the development would suit a wide range of buyers, including families, especially with childcare facilities and the Oxley State School also being within a kilometre of the site.
Colliers International is currently registering expressions of interest for vacant land in the development, with pre-sales expected to start around July and the 40 lots in stage one expected to be completed by the end of the year.
“Demand for land in this location is strong and because we are experiencing such strong interest we are encouraging buyers to come in and register early,” said Mr Trezise. “First in, best dressed.”
The Parkvue at Oxley site was bought by developer Unison two years ago for $13 million and is expected to have an end value of nearly $100 million. Parkvue at Oxley is one of three developments Unison is launching this year – the other two are at Griffin, north of Brisbane.
Andrew Scriven, Colliers International Residential Director, said there had been a lift of activity for new residential land projects across South East Queensland, with not only renewed confidence from developers, but more enquiry from buyers, which is translating into greater sales volumes.
“We have seen significant turnaround in enquiry and sales volumes of vacant land across our portfolio of 16 Queensland estates,” he said.
“Consumer sentiment is clearly on the improve and is most likely due to many factors, including the recent 75 basis point reduction in the cash rate by the Reserve Bank of Australia, a recent change in the Queensland State Government and Brisbane and Gold Coast City Councils and of course the impending reintroduction of stamp duty concessions for homebuyers.
“Fundamentals such as a growing population in Queensland will continue to place pressure on the residential property market in the coming years, and with predicted state economic growth the property market in South East Queensland is expected to see both volumes and median prices lift rather than decline in the mid to long-term future.”
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