20-Aug-2007
Fernbrooke Bucks First Home Buyer Trends
Despite the housing affordability crisis cited by the Housing Industry Association index, first home buyers in Queensland are still taking the plunge into the property market.
Figures recently released by the HIA indicate mortgage repayments now account for 30.7 per cent of total first home buyer income yet at one of Urban Pacific’s flagship developments Fernbrooke, it appears these statistics are not deterring first home buyers.
“The key to maintaining consistent property sales is to identify and develop sites that can meet the short term needs of the first home buyer, while creating an investment for the future,” Urban Pacific Project Director Geoffrey Flook said.
“Increasingly buyers are demanding a convenient location with an affordable pricing structure. Fernbrooke’s rare offering of flat, affordable land has seen first buyers and astute investors snap up around 127 available blocks worth $19.8 million in just six months, bucking all property forecasting trends.
Fernbrooke is a $376 million masterplanned community being developed at Redbank Plains by Urban Pacific Limited. The Fernbrooke masterplan provides around 1,000 homesites in a variety of sizes ranging from 320sqm to around 900 sqm; a 20 hectare linear park alongside Six Mile Creek; the rejuvenation of Six Mile Creek; extensive parklands and recreational areas, a seven hectare medium density site, a and a proposed local retail precinct.
“It is well known that South East Queensland is experiencing a vacant land shortage and for first home buyers affordability is paramount. Fernbrooke’s offer of diverse blocks are priced from around $140,000 setting the project apart from its competitors, a point of difference that is translating into steady sales from owner occupiers and investors, “Mr Flook said.
Fernbrooke has also captured the attention of the Master Builders Association and the building community. 15 of Queensland’s most respected and award winning home builders will open 25 display homes as part of the largest display village in the western corridor. More than 10 display homes are already open with the remainder to open over the coming months.
Alliance Homes, Auzland Homes, Adenbrook Homes, Bella Qld, Coral Homes, Colonial Building Company, Cavalier Homes, Impact Homes, Kerdic Homes, Newport Homes, Newstart Homes, Orbit Homes, Plantation Homes, Santo Correnti Homes and Sunstate are all taking advantage of Fernbrooke’s topography to showcase their home designs and deliver affordable housing.
Mr Flook said Fernbrooke’s location in the heart of South East Queensland’s western growth corridor and close proximity to current and upcoming community infrastructure had also emerged as a key reason for purchase.
“In the past affordable housing communities have been isolated from transport and services. But Fernbrooke is an exception to the rule. The extension to the Centenary Highway is now underway, the Orion Shopping Centre has opened and the proposed rail link to Springfield is progressing.
“In April 2007 the $1.4 million Gumleaf Park recreational reserve was opened providing Fernbrooke residents and the broader Redbank Plains community with state of the art play equipment, seating and BBQ areas and an open-air amphitheatre.
“A key piece of infrastructure coming online in Fernbrooke in early 2009 is the Christian Educational Services “cradle to aged” community, which will include a Prep to Grade 12 school, a child care centre, a community church, an aged care facility, a public pool and fitness centre and affordable housing.
“In these times of land shortages and rising land prices we will continue to deliver affordable quality house and land product with amenity to the first and second homebuyer market,” he said.
Fernbrooke, which is 32 kilometres south west of the Brisbane CBD and nine kilometres south-east of the Ipswich CBD, will be developed over 12 stages with completion scheduled for 2013.
For more information visit the website at www.fernbrooke.com.au or call 1800 677 899.