Metro Property Development has begun building 90 townhouses in a fast-growing south Brisbane suburb where nearby owners are cashing in strong equity gains and upgrading locally to a new home.
The $100-million Citrine Rochedale project is offering three and four-bedroom luxury townhouses in the suburb, which is rapidly moving from its green-belt past.
But not all the green is gone, and Metro has also handed back 1.59ha of the site to Brisbane City Council to develop a nature reserve and environmental protection zone, which will be rehabilitated under an approved Rehabilitation Management Plan.
According to the developer, $60-million worth (60 per cent) of the project has already been sold to a mix of investors and owner-occupiers.
Prices for the remaining townhouses at 311 Gardner Road start from $1.1 million.
Builder Creation Projects has started work on the site, which is expected to be complete in the second half of 2025.
Metro Property Development general manager for sales and marketing Peter Hobbs said activity in Rochedale had been driven by buyers upgrading from nearby suburbs such as Sunnybank, Underwood and Runcorn.
“Many of the nearby suburbs have experienced strong capital growth over recent years and buyers are looking to cash in their equity and upgrade to a newer home without losing touch with their community,” he said.
“Planning changes in recent years have really accelerated the development of the suburb and buyers are really attracted to the opportunity to buy a new home, close to their old home.”
Developers have certainly revisited the potential of the outer Brisbane suburb of Rochedale in recent years.
Back in May, Kinstone launched a $380-million mixed-use masterplan for the suburb, as well as smaller projects including a low-impact industrial park and another townhouse development on Gardner Road.
