Thursday 11 May 2006

$18-Million housing estate planned for Burpengary

Hot on the heels of announcing a $20-Million residential development at Morayfield, Devine has secured another significant site on Brisbane's northern fringe.

The progressive developer has purchased 7.5-hectares of land at 24-54 Pitt Road, Burpengary on which it plans to build an $18-Million residential estate called 'Wattle Park'.

The level site - 34km north of the Brisbane GPO - has DA approval for 56 lots, and is just a few kilometres south of the similar-sized site Devine purchased last month at Morayfield.

Devine paid $3.13-Million for the strategic purchase from Walkers Construction Pty Ltd.

Devine's National Acquisition Manager Luke Hartman says lots at 'Wattle Park' will average 700 square metres, with new home and land packages likely to range from $290,000 to $340,000, including landscaping. Site works are expected to start in June, with a 1.6-ha reserve as its centrepiece.

Australian Bureau of Statistics show that 5,650 new residents moved into the Burpengary-Morayfield area in 2004, and nearly 4,400 last year.

Devine is confident of tapping into the growing demand, and believes now is a financially prudent time for Queenslanders to be considering a home purchase, despite the recent 0.25% rise in official interest rates.

"Rents are increasing, new house prices are stable and interest rates are still reasonably low so, in certain instances, mortgage repayments are only marginally higher than rents," said Paul Nash, National Manager of Housing-and-Land at Devine.

"Now is a time for people to escape the rent spiral and buy, particularly First Home Buyers who are eligible for Government benefits including the First Home Owner Grant and Stamp Duty concessions."

Mortgage products requiring low or even no deposit are also making it easier for first home buyers to enter the market.

Mr Nash says research shows Queensland rents will continue to rise for the next few years, along with South-East Queensland's continued strong population growth.

"Rising rents, and the good financial news announced in the Federal Budget, will also contribute to increased purchaser demand," said Mr Nash. "Devine's strategy of providing quality value-for-money residential subdivisions close to established amenities continues to attract strong buyer demand for the company's developments and is keeping home ownership within reach."

Released by: Devine, 3 Westmoreland Blvd, Springwood, Queensland 4127
Contacts: Paul Nash, National GM Housing & Land, on (07) 3380 2500, (0439) 730 424
Luke Hartman, National Acquisitions Manager, on (07) 3380 2488, 0437 633 775

Prepared by: Barry Hyland, PR Plus, Level 1, 272 Pacific Highway, Crows Nest 2065;
Ph: (02) 9439 9191, (0412) 354 992; Email: pluspr@ozemail.com.au