MIRVAC STEPS UP PACE AT GAINSBOROUGH GREENS

MIRVAC (ASX:MGR) has brought forward the release of new land at its Gainsborough Greens development in Pimpama after settling 89 sales for $22.5 million in the past six months.

The sales rush has seen the first stages of the project's Eco Gully precinct, which backs on to a nature reserve, snapped up within a matter of weeks.

The latest Eco Gully release comprises 58 home sites, sized from 363sqm to 702sqm and priced from $215,000.

Mirvac also recently released a new golf-front land precinct in Forest Green, off the back of an increase in demand for home sites close to the Gainsborough Greens fairways. The Forest Green precinct features an exclusive on-site residents' recreation centre.

Sales in the project have been buoyed by Mirvac accepting $5000 deposits on new releases that will settle later this year.

"The sales momentum has continued from the end of last year and we have seen an increase in traffic recently," says Russell Berlee, Mirvac's development director of master-planned communities in Queensland.

"We are bringing forward the release of new land to ensure we continue to have a pipeline of new land available, and have monitored our recent buyer demographics to make sure we are delivering product in line with buyer demand.

"The majority of our recent sales have been to owner-occupiers looking to secure an affordable new home, with roughly 80 per cent of those purchasers being second-home buyers and the balance predominately first-home buyers.

"We recognise the majority of second-home buyers need to sell an existing home before purchasing, so we have introduced the $5000 low deposit offer to allow them time to secure the home site of their choice while still having access to funds during the process of selling.

"It will also be a positive for first time buyers, as it gives them a bit longer to save before settlement." 

Berlee attributes Gainsborough Greens' popularity to an increase in infrastructure in the area, including new schools.

When complete, Gainsborough Greens will comprise about 2200 homes across a series of interconnected villages and parklands.