These rural blocks north of Brisbane don’t have sewerage or water, but developers are snapping them up for millions of dollars. The latest project will transform one block into a mini housing estate.
OWNERS of acreage blocks just north of Brisbane are making millions from developers desperate to get a foot in the door of the proposed Caboolture West Development.
@Realty’s Acreage, Lifestyle and Residential Sales Specialist Gail Bernardin said interest had spiked after the massive 27,000 homes project was officially approved by state and local governments.
The $9.5 billion development, to be formed over the next 40 years, is bounded by the D’Aguilar Highway to the north, Caboolture River Road to the south and west of Old North Road.
It is proposed to be home to 69,000 people when complete.
Ms Bernardin said every rural, acreage block and farm in the Caboolture West catchment area was “going”.
“There has been interest around for several years but it has been up and down until the development was approved,” Ms Bernardin said.
“Now it is confirmed there is plenty of interest out there.
“Everyone is keen to have a chunk of it.”
A 2.07ha block at 23 Craig Rd, at Upper Caboolture, right on the boundary of the new Caboolture West precinct sold for $1.1 million in November last year (settled in May).
Blocks at 29, 35 and 34 have also sold.
While the sale details are not available RP Data shows the land at 35 Craig Rd was most recently valued at $3.5 million.
Developers have lodged housing estate applications for most of these lots with Moreton Bay Regional Council.
The most recent was lodged on July 7, by Portfolio Projects, for 29 Craig Road.
They hope to transform the 2.028ha block into 38 homes – with most lots ranging from 300sq m to 420 sqm in size.
Gold Coast company Baycrown has lodged an application to transform the sites at 34 and 35 Craig Rd and land it owns at 531 Caboolture River Rd into a 634-lot development.
The vast majority of the lots proposed in a concept plan were between 400-450 sqm, with some as small as 300 sqm and a handful above 580 sqm.
Three other developers; Villa World, Orchard Developments, and Foreverlen/Lenvest Holdings have also lodged development applications for the first stage of Caboolture West.
All applications are yet to be assessed by Moreton Bay Regional Council.
SOURCE: The Courier Mail and Caboolture Shire Herald