State of Markets - QLD December 2012

QUEENSLAND

Mining region Locals snap up released land
Fast-tracked land released by the Newman government in the mining towns of Moranbah and Blackwater has been snapped up by locals, according to the Queensland government.  

Residential developments in the area have exceeded all sales expectations since the recent release of new stages, according to deputy premier and minister for state development, infrastructure and planning, Jeff Seeney.

“Moranbah buyers have responded quickly to the 75 lots released in Stage 3 of Bushlark Grove, with 22 lots already under contract,” Mr Seeney said.
“Expressions of interest have been lodged for another 13 lots, and a further 36 lots have been contracted by the project’s builder partners who are expected to release house and land packages to the market in early October,” he said.

Grant stimulates Brisbane market
Strong apartment sales in the Brisbane suburb of Teneriffe indicate an increase in buyer confidence in the Queensland market, a property development firm has said.

Low interest rates coupled with the state government’s new $15,000 first home owner construction grant for new properties are factors driving buyer demand, according to David Kortlang, sales manager at developer Devine’s DoubleOne 3 project.

He said the first home owner grant was a positive boost for the Brisbane market.

“The $15,000 grant is an enormous boost and opens up Brisbane’s inner city apartment market to a whole new generation of buyers,” he said.

"It has definitely sparked fresh interest for property in Teneriffe, with buyers recognising this unique opportunity to buy into this tightly-held suburb.

"Demand for property in Teneriffe is very high and DoubleOne 3 offers an affordable alternative for buyers in today's current market."

More than 50 per cent of the development has been sold, the company reported.