One of South Australia's largest developers, The Urban Construct Group, believes Brisbane's apartment market is poised for revival in what it refers to as a "once in a lifetime opportunity".
The company has acquired major development sites in the urban renewal suburbs of Woolloongabba, South Brisbane and Fortitude Valley and is targeting apartments priced from $350,000 to $650,000.
Urban Construct has approximately 2,000 inner-city Brisbane apartments in its current project pipeline, with a further 2,200 apartments, townhouses and allotments to be delivered in the broader South East Queensland corridor over the coming years.
Joint Managing Director Todd Brown (pictured) says the Queensland property market is bouncing back.
“Queensland is once again the state of opportunity. With a stable local political environment, solid population growth, high infrastructure spend, low interest rates, strong Melbourne and Sydney markets and some noticeable pent up demand, all the fundamentals point to strong years ahead,” Mr Brown said.
“Owner occupiers are now starting to take advantage of the incentives on offer and low interest rates are forcing investors out of cash and chasing yield, with residential property the preferred investment,” he said.
The company has also appointed former Stockland Chief Operating Officer Jay Hogan as Chairman. Hogan will also oversee the company's Queensland expansion plans.
“As an Australian award winning developer, we look forward to consolidating in Queensland and creating exciting opportunities for buyers and all of our business partners as we continue the Urban Construct journey in Australia,” he said.
Urban Construct is building on its $2.5 billion completed Adelaide portfolio which includes over 3,500 units and 80,000m2 of commercial development.
It is behind two of South Australia’s most significant developments, including the completed $600 million 'Holdfast Shores’ redevelopment of the cosmopolitan Glenelg foreshore and the $1 billion ‘The Precinct’ project, Adelaide CBD’s largest mixed use redevelopment.