MIRVAC'S "HIDDEN GEM" IN BRISBANE

MIRVAC plans to capitalise on Everton Park being touted as Brisbane's latest residential hot spot, with its new $30 million urban community.

The real estate group started construction on Greystone Terraces at Russell Street, the first development of its size to be delivered in the suburb.

The master-planned neighbourhood will comprise of 56 terrace homes starting at $515,000 and a central entertaining area with swimming pool.

Mirvac Queensland development director of masterplanned communities Russell Berlee says the development will cater to the underlying demand for new properties in Everton Park.

"It has been designed to appeal to the broad demographic moving into the area, with homes featuring plenty of room for the family to grow, while offering a low maintenance lifestyle," Berlee says.

"Buyers are drawn to the suburb because it ticks all the boxes in terms of employment, transport and lifestyle options, and with new developments such as the Woolworths and Masters project underway its appeal will only gain momentum.

"The proximity to the CBD, just eight kilometres away, is another major drawcard, particularly for young professionals who work in the city and want a suburban lifestyle."

Berlee says the region is one of Brisbane's "hidden gems" with more than $60 million in retail and transport infrastructure projects in the pipeline.

According to property analysts, Urban Supply Intelligence (USI), Everton Park's proximity to key social and recreational activities was driving growth.

USI principal Peter Bell says the suburb was a particular standout in the city's property market for a number of reasons.

"There is a significant amount of money being spent on infrastructure and facilities in the suburb, and all at a time when the area is being discovered by a range of market segments, including young families and single professionals resulting in historically high population growth," Bell says.

"Brisbane is generally far more affordable than Sydney and Melbourne, with the median price for a house in Brisbane approximately $280,000 less than in Sydney, and the Melbourne differential $120,000 as at September last year.

"As a result, we believe Brisbane is well positioned for a growth phase, with the suburb of Everton Park set to be a standout."

He says population growth will continue to drive housing prices, with the suburb expected grow at a rate of 1.8 per cent until 2016 and 2.4 per cent onwards until 2021.