This article is from the Australian Property Journal archive
Devine has secured another significant site on Brisbane’s northern fringe for $3.13 million from Walkers Corporation.
The developer has purchased 7.5-hectares of land at 24-54 Pitt Road, Burpengary, 34 kilometres north of the Brisbane GPO.
Wattle Park has received development approval for an $18 million residential estate for 56 lots.
Devine’s national manager of housing and land Paul Nash said Devine is confident of taping into the growing demand, and believes now is a financially prudent time for Queenslanders to be considering a home purchase, despite the recent 0.25% rise in official interest rates.
Lots at Wattle Park will average 700 sqm, with new home-and-land packages likely to range from $290,000 to $340,000, including landscaping.
“Rents are increasing, new house prices are stable and interest rates are still reasonably low so, in certain instances, mortgage repayments are only marginally higher than rents.
“Now is a time for people to escape the rent spiral and buy, particularly First Home Buyers who are eligible for Government benefits including the First Home Owner Grant and Stamp Duty concessions,” he added.
Site works are expected to start in June, with a 1.6-ha reserve as its centrepiece.
By Adam Parsons
