November 16, 2009

LAND sales at Queensland development company Devine Communities continue to boom despite the reduction to the First Home Owners Grant last month.

Devine Queensland has sold over 150 homesites at its Queensland estates since the reduction of the First Home Owners grant on September 30.

Devine's Operations Manager Peter Ryan said the cut to the First Home Owners grant had had no negative impact on sales, and the market had continued status quo for Devine Communities.

"Interest rates are still very low despite recent rises by the Federal Reserve and most lenders. It also remains fact that across Australia there is a shortage of housing. For both of these reasons the market has continued to show an appetite for new land releases by Devine," he said.

"According to a new report*, house prices in Brisbane are set to rise by 15 per cent by 2012. It's excellent news for home buyers who will be able to see a good return on their investment."

Mr Ryan said Devine estates appealed to many different sectors of the housing market from first home buyers, to investors and those looking to upgrade because they offered value for money and were located in family-friend communities close to all amenities.

"Many builders are now offering turnkey home and land packages on our estates to capture buyers in all of these markets," he said.

"We aim to create places that people love to call home, filled with parkland and amenities for all generations of the family."

Devine Communities currently has homesites starting from $149 900

Devine is one of Queensland's most respected property developers with an established track record of excellence across south east Queensland and beyond and over the last 25 years has helped in excess of 17,000 families achieve their dream of home ownership.

Devine estates in Queensland are: River Parks in Townsville, Sandstone Lakes at Ningi near Bribie Island, Mountview at Redbank Plains, Alberi Park at Holmview, Arcadia Woods at Pimpama.

*QBE's Housing Outlook Report by economic forecaster BIS Shrapnel

Media enquiries to Ben Ready on 0415 743 838