A south-east Queensland property developer is asking its counterparts to take action amidst the national housing crisis, and to create affordable, low-maintenance apartment stock that is of a benefit to the wider public.
TOTAL Property Group, operating out of the SEQ region for over two decades, believes there is a golden opportunity for fellow developers to create fast-selling quality apartment developments. The company cites recent research it has conducted, which it believes outlines what the future holds within the sector.
“While we are currently seeing unprecedented demand for high-end luxury apartments in Southeast Queensland’s prime locations, and will continue to see growth in this market, we are now seeing demand increasing for smaller, more affordable apartments in the outer suburbs of Southeast Queensland’s cities,” says TOTAL Managing Director Adrian Parsons.
“The apartment market is strong at both ends of the spectrum. Investors are coming back and homeowners now consider apartments a more obtainable and convenient option to traditional house and land living, so we encourage developers to think about providing smaller affordable apartments in some of the outer areas that have untapped potential.
“Developers need to look outside the inner city, river and beachfront to suburban areas with the infrastructure that will support new apartment communities and sites large enough to create exciting residential apartment developments.”
Parsons cites the recently completed Summerlin Banyo in Brisbane’s northeast, developed by TOTAL, as an ideal development that is mindful of current context. Comprising 188 residences designed by an array of practices including Rothelowman and Ellivo, the development met market demand with smaller, yet generous-sized apartments and resort lifestyle amenity.
“By looking at the broader picture, developers can gain an understanding of what the market will look like in three to five years from now so they can get ahead of the game. A property developer can no longer just look at historic data to make decisions, as the property market changes quickly, but we have the tools and expertise to guide them and ensure the best outcome for their developments,” he says.
“Over the last decade, particularly with rising costs of living, we have seen a shift in the housing market away from the traditional house and land, and apartments have become the more attractive option by many sectors of the market. For some it’s simply about affordability, while for others it’s the convenience of a low maintenance lifestyle and for the majority it is about being able to live in a certain location.
“We have had a lot of population growth in Southeast Queensland, and all indicators are pointing to this continuing, which gives developers an opportunity to incorporate developments that will meet demand from owner-occupiers requiring more affordable housing solutions and investors seeking good rental returns.”
