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AU Housing estates springing up in Brisbane's outer north

Property Here - Tuesday, October 08, 2013

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Brendan Hogan, Colliers International associate director residential, at the Mango Hill subdivision.

Brendan Hogan, Colliers International associate director residential, at the Mango Hill subdivision.

A BILLION-dollar-plus infrastructure program, new retail developments and a growing population has sparked a boom in demand for residential subdivisions north of Brisbane.

Millions of dollars in transactions have been completed in the Moreton Bay Regional Council area as developers snare land while investors and homeowners buy housing lots.

Colliers International's Brendan Hogan said he was involved in about $10 million worth of deals in Caboolture and nearer to Brisbane in North Lakes, Mango Hill and Griffin over the past six months.

"We're seeing renewed interest and real strength in the residential development site market at present," he said.

"To say it's the best sector in the commercial market is probably a bridge too far at present but it's definitely a strengthening market."

Mr Hogan said he recently struck an off-market deal with Trask Development Corporation which paid $2.15 million for a 43-lot residential subdivision at 154 Kinsellas Road East, Mango Hill.

He said the lots were all sold with settlements due to occur on the completion of the estate this month.

"This is clear evidence that the demand from buyers is well and truly there," Mr Hogan said.

"This particular site at Mango Hill is one of the last remaining greenfield parcels in the growth corridor, so the buyer snapped it up as soon as we presented the opportunity to them."

Mr Hogan and colleague Pat George also sold a 3.6ha medium-density parcel at Griffin, a 3.9ha mixed-use residential parcel at Mango Hill, and a 2ha mixed-use site and 9.32ha residential development site both at Caboolture.

He said they were sold on behalf of a variety of vendors and attracted significant inquiry.

According to the Australian Bureau of Statistics the population of the North Lakes-Mango Hill area grew by 10 per cent in the year to 2012 which was the greatest population growth in Greater Brisbane.

With the population growth in the Moreton Bay region, there was plenty of development activity not just in the residential space.

In addition to the infrastructure that has already been completed, new developments include the Bunnings facility in North Lakes is under construction, Westfield North Lakes is undergoing a proposed expansion and Costco is building a $35 million 14,000sq m megastore there.

The $1.147 billion Moreton Bay Rail Link, which will deliver a new heavy rail passenger line between Petrie and Kippa-Ring, is also a massive driver of growth in the area.

"With all this infrastructure being built and employment being created, as well as the lifestyle on offer, especially with the Moreton Bay region being in such proximity to the Sunshine Coast, the residential market in the north of Brisbane is very buoyant, and consequently residential developers are seeing real value in these vacant sites," Mr Hogan said.

"It really is a booming precinct - the North Lakes/Mango Hill/Griffin area is where all the activity is happening, and our residential project marketers are getting plenty of interest from buyers, both owner-occupiers and investors, looking for new homes and townhouses."