Queensland-based Orchard Property Group has defied the market downturn to amass more than $18 million in sales across its land lot releases in just four weeks.
The company has witnessed no slowing in activity across its four currently selling land estates, finding a hot pocket of demand across several outer-Brisbane suburbs.
Aurora Ripley, Pebble Creek South Maclean, Willow Logan Reserve and The Junction Narangba have been bombarded by buyers who have been quick to secure land lots across each development.
Almost half of these purchases have been attributed to first home buyers, which Director of Orchard Property Group, Ted Cronin, says has been a major driving force behind their strong selling spree.
“We’ve seen a large influx of first home buyers seeking our land releases. Often this is because they’ve been priced out of the inner city market and they see great value in the space and amenity in our developments,” said Mr Cronin.
“We spend a lot of time determining our potential buyer profile before we launch to market, and this allows us to deliver a product that is priced well while catering to specific needs – be it proximity, amenity or flexibility.
“I think a key reason we have seen strong sales despite rising interest rates and inflation is because our buyers understand the long term value in their purchase.”
Lots at Aurora Ripley have sold for an average price of $282,500, while lots at Pebble Creek South Maclean have sold for an average of $268,370, Willow Logan Reserve for an average of $339,600 and The Junction Narangba for an average of $301,500.
Brisbane has been an anomaly among the nation’s property market. Recent data from CoreLogic has revealed home values in Sydney are down 3% from their peak in February and are down 1.8% in Melbourne from their peak in March. Meanwhile in Brisbane, housing values rose a further 1.7% in April, taking the three-month growth rate to 5.7% – the fastest quarterly growth rate of all the capital cities.
“We’re certainly not seeing a slowing in buyer activity, in fact, we’ve seen an escalation in recent weeks. I think South-East Queensland has been undervalued for sometime compared to its southern counterparts which has allowed a larger portion of first home buyers to be able to access high quality product at an affordable price,” said Mr Cronin.
“The common solution to the supply shortage of available property at the moment is to deliver large volume apartment developments which aren’t always suited to family living. Our land estates target aspirational buyers who are looking for affordable, spacious living for families, with all the amenity you could need close by.”
Source: The Courier Mail