This article is from the Australian Property Journal archive
PARTNERS Honeycombes Property Group and MaxCap are taking advantage of the low stock on the market by launching 82 residences, as part of its $140 million mixed-use development in Brisbane’s northwest.
The Fernery, as part of the Ferny Grove Central development, will provide one-, two- and three-bedroom residences to the master planned project.
The residences will be designed to enhance cross ventilation, with large internal and external spaces, with timber floors, stone benchtops and access to a rooftop lap pool and dining and entertaining areas with views of the mountains.
“With limited supply of stock in the market and a low vacancy rate, the market is experiencing significant demand and price growth. As a result, buying off-the-plan has become an increasingly attractive proposition, enabling purchasers to lock in the price at today’s value,” said Andrew Scriven, residential director of Colliers.
Prices for the Bureau Proberts designed residences at the Fernery start at $352,500 for a one-bedroom, $480,000 for a 2-bedroom and $620,000 for a 3-bedroom.
Ferny Grove Central is a transit orientated development, adjoining the Ferny Grove Station, with more than 5,000 passengers per day moving through the station and will also include a 12,000sqm shopping, entertainment and retail precinct.
The precinct will include a Woolworths, Dan Murphy’s and Cinebar, with retail parking, a recreational deck and improved pedestrian and cyclist connections.
According to Scriven, there has been “unprecedented interest in the residences with a dozen of the apartments under contract to local owner-occupier buyers eager to the unique lifestyle opportunity”.
Colliers/REA research reported that listings on the northside of Brisbane are the lowest level in two years, while enquiries per listings have increased.
CoreLogic’s records also suggest a 4% increase in prices in Ferny Grove to $628,700 in the past 12 months.
Plans for the development were unveiled after receiving approval from the Brisbane City Council, as well as receiving $9 million by the state government, with an additional $11 in million in funding coming from the federal government.
Honeycombes currently has a development portfolio of current and completed projects totalling more than $2 billion over the past 25 years.
