Queensland's shortage of land continues to fuel strong buyer interest in new residential communities with $14 million in contracts inked in just weeks at the Waterlea Walloon community near Ipswich.
The $350 million, 1,500-lot masterplanned community was launched on November 4 and has now sold more than 90 lots.
Waterlea Development Manager Andrew Cook said the initial demand for the community had been overwhelming with strong interest from the local Walloon community and wider Ipswich area.
“Families have been drawn to the large blocks at Walloon where the average lot size is more than 680 sqm,” he said. “In the first two days of sales alone we achieved in excess of $1.5 million in sales.”
Oliver Hume Queensland Joint Managing Director Brinton Keath“Waterlea represents a scenic, well-located residential community offering affordability, connectivity to parkland, recreation areas plus retail offerings including an earmarked organic grocer and coffee shops.
“A full suite of transport, employment, local shopping, restaurants and lifestyle pursuits are offered at the established town of Walloon,” he said.
Waterlea is being marketed by leading property services group Oliver Hume.
Oliver Hume Joint Managing Director Queensland Brinton Keath said the bulk of early sales at the estate were the result of substantial interest from local buyers who had registered their interest in securing prime sites at Waterlea over the last few months as construction ramped up.
“Many buyers – mainly families – had set their sights on Waterlea and were ready to sign a contract as soon as we hit the market, which bodes well for the long term future of the project,” he said.
“The market has allowed aspirational buyers to sell their existing home for a good price and pursue their plans of building their new dream home at Waterlea,” Mr Keath added.
Ipswich Mayor Paul PisasaleIpswich Mayor Paul Pisasale launched Waterlea Walloon on November 4 where a young family signed the community’s first contract on-site. The community is located 10 minutes from RAAF Base Amberley which is set to undergo a $1.5 billion upgrade.
Mr Keath said the bumper land sales at Waterlea reinforced recent research showing the Ipswich growth corridor was one of the fastest growing regions in Queensland.
“We don’t see the demand for land dissipating any time soon with future stages of Waterlea experiencing strong interest due to its affordability and location,” he said.
Mr Cook said buyers referenced Walloon’s affordability and amenity as a key purchasing factor.
“Buyer interest in the south east Queensland land market is strong and developments such as Waterlea represent the ideal package for purchasers,” he said.
The first precinct of Waterlea Walloon, consisting of 300 homes, will be complete by the end of next year, with the next 1,200 lots to be rolled out over the next five years.