MOSAIC'S $200M PIPELINE FOR BRISBANE
Written on the 22 April 2015
MOSAIC Property Group is poised to deliver a $200 million pipeline of residential projects to capitalise on increasing demand in Brisbane's city-fringe suburbs.
The property group has 14 developments planned for 2015, in areas that have benefitted from investment in infrastructure and growth of suburban business districts.
Mosaic managing director Brook Monahan says there has been strong buyer interest in areas within 10km of the CBD.
"Brisbane is following in the footsteps of its southern cousins as we start to see a shift away from CBD-based living, with a number of city-fringe suburbs establishing their own business precincts and employment hubs," Monahan says.
"Over the past 15 years, Brisbane's city-fringe suburbs have demonstrated stronger capital growth than the CBD, with an annual growth rate of 6.6 per cent, compared to 5.5 per cent in the CBD fringe area.
"We have seen significant demand for high-end, boutique developments close to employment and transportation hubs at Ashgrove, Indooroopilly, Greenslopes, Holland Park, Norman Park, Morningside, Chermside, Upper Mount Gravatt and nearby areas.
"These suburbs have all seen a rapid increase in commercial activity as organisations move from the CBD to suburban business centres, leading to demand from professionals looking to live closer to local entertainment, shopping and lifestyle precincts."
Monahan says two of Mosaic's projects, Evoke at Chermside and Liberty at Upper Mount Gravatt, have received strong pre-sales interest from buyers.
"Chermside and Upper Mount Gravatt have been identified as key areas for employment growth in South East Queensland, forecast to generate around 6700 and 9000 jobs respectively in retail, government, health and community service sectors," he says.
"Following the same trend, Indooroopilly has seen an increase in interest from buyers following the recent $450 million shopping centre redevelopment and upcoming opening of the $1.5 billion Legacy Way tunnel.
"Indooroopilly's population is forecast to increase by more than 5000 people over the next 20 years, creating demand for an additional 2200 dwellings."