One of Australia’s leading developers has cemented its commitment to north Queensland residents, offering two well-connected, diverse masterplanned communities as population growth and a lift in buyer confidence in new home construction continues to drive strong demand.
Townsville’s property market has shown consistent growth and stability, making it an appealing choice for real estate investment and new buyers entering the market. The housing challenges faced in the north Queensland capital largely stem from limited availability in the existing market.
Despite these challenges, there has been a notable surge in new home buyers and investors eyeing opportunities in new home construction. This trend is fueled by the region’s affordability and high rental returns.
General Manager of Urbex Realty, Craig Covacich has experienced a boost in market confidence and sales volumes in 2024 within its development portfolio since the pause on interest rates, the stabilisation of build costs and the available Government grants.
“The demand for new homes is on the rise due to the lack of existing dwellings in the market and build supply costs steadying,” Craig said.
“In February alone, we saw increased interest for land at The Reserve in Bohle Plains, with six properties sold within seven days.”
Anticipating Townsville’s population growth, which is expected to contribute to 3.1 per cent of Queensland’s overall growth over the next 22 years, national award-winning developer, Urbex, part of BMD Group, has committed to delivering over 1,000 homesites in Bohle Plains and the Upper Ross Region over the next 15 years.
Urbex’s commitment to the region aims to address the influx of residents and investors, and foresaw the impending shortage in land supply and consequently, strategically acquired the 80-hectare site in the Upper Ross Region in May 2022.
Townsville’s national award winning builder, Keir Constructions, has been inundated with new requests from buyers to build their own home due to an increase in buyer confidence, along with the available grants in the region.
“Building supplies and contractors are much more readily available now than the last few years, and whilst costs are increasing, it is at a much slower pace than previously,” Keir Constructions Owner and Director, Brad said.
“Our average build time is currently at five months, which is leaps ahead of construction timelines during covid, and with Government grants now available to first home buyers, we are seeing more and more enquiries for new builds.”
As an innovater in residential development, Urbex is focused on providing regional Queenslanders with diverse, well-connected communities at Bohle Plains and in the Upper Ross Region. The Reserve is currently selling stage three of the eight stage development aimed at first and second home buyers, and is now gearing up to launch the Somers and Hervey development by the end of this month.
Urbex’s Project Director, David Argent, is pleased to see the progress of Somers and Hervey and the opportunity to offer yet another modern masterplanned community as the region forecasts an additional 63,382 residents by 2046.
“With construction advancing well in our newest development, Somers and Hervey, we are excited to provide the region with a new community located in the Upper Ross region,” David said.
“Over the next 15 years our aim is to deliver 850 new homesites at Somers and Hervey alone to keep up with the growing demand for new builds.”
Published: Smart Property Investment 14/03/2024 ‘Townsville gets ready for 2 decades of growth’ (article link)
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