Acreage lots in demand close to highway and CBD
Larger acreage lots close to Brisbane’s CBD will become harder to find with families and tree changers expected to drive demand.
Colliers International residential director Daniel Hirst said in the second half of 2018 the wider market for house and land slowed due to tighter lending restrictions by banks.
However, buyer demand for acreage lots in Karalee, 30km southwest of Brisbane’s CBD, remained strong.
Mr Hirst said at Aspect they had sold 30 blocks averaging 4300sq m since launching mid last year, which was a great result that had spurred on the release of another stage.
“And we expect another acreage estate in Karalee, The Crossing, to be sold out this year, with only 30 of the 160 blocks remaining for sale, averaging 2800sq m in size,” he said.
“Second home buyers are active in this market and they are drawn to the space and lifestyle that acreage living offers. It is the Australian dream to live on half an acre, especially for those living in built up urban areas where large lots are scarce.
“We are seeing old farmland on the outskirts of Brisbane being divided into 400sq m lots on average, whereas in the Karalee peninsula the small acreage size lots remain, in a beautiful location along the Brisbane River and within 40 minutes drive of the CBD.”
Kylie Gallagher and her family bought a 4000sq m lot in Aspect and are due to move into their four-bedroom, four-bathroom home in May.
“We have been in the market for three and a half years looking for acreage lots in the southwest of Brisbane,” Ms Gallagher said.
“In our search we mostly came across lots that are 1000sq m in size but we really wanted more space and required a location within proximity to the highway and the city. It was important to us as we have teenagers and they wanted easy access to the city, university and high school.”
Lots around 4046sq m within Aspect are selling from $328,000, while The Crossing offers fully serviced larger lots which are selling for an average of $338,000 and will soon release its last riverside precinct.