As property prices continue to skyrocket, developers are diversifying projects to provide new opportunities for first home buyers to enter the market, with Cedar Woods Properties launching the first apartment building in its highly sought after Greville community, in Wooloowin.
The release of Francis Apartments coincides with Wooloowin becoming one of the latest Brisbane suburbs for houses to average a million dollars, with research by Corelogic showing the median price of a home reached $1,006,561 in March 2021.
After four successful releases of terrace homes at Greville, Cedar Woods Development Director Peter Starr said the new Francis Apartments would appeal to first time buyers seeking affordability and proximity to business hubs, along with downsizers and retirees wanting a low maintenance lifestyle and access to local amenities.
Francis Apartment’s 58 one, two and three bedroom apartments are now selling, priced from just $380,000.
“Greville is a masterplanned, integrated housing community which, upon completion will feature a mix of terrace homes, apartments and heritage residences, alongside a 4,000sqm community park and dedicated residents’ recreation precinct with a pool and lush landscaping,” he said.
“We debuted Greville with the release of terrace homes and feel now is the right time to introduce our apartment residences. There are many first home buyers and young professionals who want to buy but are finding it difficult to do so because the property boom is putting upwards pressure on pricing, especially in attractive city fringe locations such as Wooloowin.
“Statistics* show Wooloowin is one of the north Brisbane’s ‘younger’ suburbs, with an average age of 33, compared to neighbouring Ascot, where residents average 40.9 years and Hendra at 39.5 years.
“Young professionals love the area because it is just five kilometres from the Brisbane CBD, with the northern bikeway leading into the city at the doorstep and it’s just a short stroll to local train and bus stations, as well as an array of great restaurants, cafes and shops.
“We have had strong enquiry from young buyers, many of whom felt they were being priced out of the Wooloowin market, so we know there is pent up demand for well-designed apartments in this location.
“There are still incentives available for purchasing a new home over an established property, particularly for first time buyers, who are generally eager to avoid the repair and renovation costs associated with older properties.”
Mr Starr said Francis Apartments was a unique addition to the area.
“Francis Apartments is a rarity in such an established suburb and has the bonus of being part of a masterplanned community, which provides a number of benefits, including certainty about what is being built in the immediate area,” he said.
“We have worked with award winning architects Rothelowman to create a range of floorplans designed to suit different lifestyles and an aesthetic that complements the historic charm of Wooloowin.
“This includes free flowing indoor-outdoor spaces with balconies or courtyards, spacious open plan living areas and north-south facing aspects, with many apartments boasting stunning city views.”