Information supplied by Australand
AUSTRALAND is tapping in to demand for inner city apartment living at Kangaroo Point, with research suggesting scarcity of land will soon lead to demand outweighing supply.
According to a recent Urbis analysis report on the riverside suburb, Kangaroo Point is one of the most sought after suburbs in Brisbane in terms of location.
The report states Kangaroo Point’s close proximity to the CBD, ease of access to the Brisbane River and central location to the business and entertainment hubs of Woolloongabba, Fortitude Valley and Bowen Hills have made the area a popular choice for young professionals and high paid executives alike.
Co-author and Urbis associate director of property economics Jon Rivera said the report found limited land for new development and existing land already at high densification had resulted in a low supply of stock in Kangaroo Point.
It also found buyers were prepared to pay a higher premium for new apartments, apartments that were situated on riverfront, were located within close proximity to the CBD or had city views.
“Purchasers are prepared to pay top dollar for dwellings that offer premium views (either river or city through elevated location) and are located in close proximity to amenity and are in a prestigious suburb,” the report said.
The findings follow the recent completion of the first stage of diversified property developer Australand’s $150 million flagship development Yungaba, in prime position on the banks of the Brisbane river at Kangaroo Point.
Promontory is the first of three residential offerings taking shape on the iconic Yungaba House site and features one, two and three-bedroom dwellings ranging in size from 74sqm to 286sqm.
Apartments at Promontory, boast views of the Brisbane River across to New Farm and of the private gardens of the 1.9 hectare Yungaba site.
Mr Rivera said the report spelt good news for both owner-occupiers and investors.
Australand general manager, Queensland residential division Richard Fulcher said buyers were drawn to Yungaba’s idyllic location, coupled with sophisticated living options located close to the CBD, with never to be built-out river views.
“Kangaroo Point is very much in demand for those looking for modern, inner-city living options and buyers are finding that ideal mix at Yungaba,” said Mr Fulcher.
“Apartments at Promontory offer generously sized living spaces, expansive river or garden views, protected heritage surroundings and complete connectivity to the Brisbane CBD with the Cross River Ferry in close proximity.”
Designed by Brisbane-based Ellivo Architects, a limited number of two bedroom apartments remain for sale at Promontory, ranging in size from 104sqm to 150sqm.
Resident facilities include a recreation centre, 25m infinity lap pool and an alfresco entertainment area with BBQ facilities.
Australand plans to restore the iconic 123-year-old Yungaba House to its former glory and transform it into 10 luxury residences in a later stage of the project.
Promontory’s on site display apartment is now open for viewing. Inspect by appointment daily between 11am and 6pm. To make an appointment, contact 13 38 38.
Disclaimer: Information provided by Australand. While due care is taken, the viewpoints expressed by sponsors do not necessarily reflect the opinions of Your Investment Property.
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