Victorian communities developer Moremac Property Group is expanding its footprint in the Sunshine State with the acquisition of a 250ha site at Beaudesert.
It’s the second acquisition in Queensland after a strong sales results at its Deebing Heights project, South Place.
Moremac general manager of Queensland Andrew Brimblecombe said the 28 Alice Street site at Beaudesert, 69km south of Brisbane, was a rare offering as it was well located within an existing town centre.
The project, to be called Beaumoor, would yield between 900 and 1000 lots subject to council approval, according to Brimblecombe.
He said the success of the first two stages of the Deebing Heights project, 46km south-west of Brisbane, had brought forward the release of subsequent stages and driven a greater confidence in the robust Queensland market.
“Sales have been terrific out there (at Deebing Heights),” Brimblecombe told The Urban Developer.
“We’re finding it’s a broad range of purchasers, predominantly owner occupiers and residents in the area. It’s been an interesting cross section of buyers.
“Beaumoor is an interesting project, the land is beautiful and it’s almost an infill site.
“It’s really going to pitch itself to the first home buyer market, it will also provide an opportunity for people who want to age in place.”
Brimblecombe said the project would provide affordability for the Scenic Rim.
“We’ve been quite positive about the market up here, it’s certainly bounced back in the past six months,” Brimblecombe said.
“I think the market has normalised … the demand and the levels of enquiry that we’ve seen is certainly back to the levels of 18 months ago in south-east Queensland.”
Brimblecombe said the cost of delivery of lots had also started to come down, but it was varying from project to project.
The underlying demand and lack of supply was driving the market, he said.
Brimblecombe said on-market deals were highly competitive, and securing off-market deals had been more appealing to Moremac Property Group.
The group is looking to acquire more sites in south-east Queensland.
The Scenic Rim region is one of the fastest-growing local government areas in south-east Queensland, contributing to 12.1 per cent of the state’s population growth in 2020-21.
The Beaudesert site would be developed into a new community that will be within walking distance of hospitals, schools, services and entertainment.
Moremac expects demand to increase in Queensland developments following the State Government’s commitment to doubling the first homeowner grant to $30,000 until mid-2025.
