Crown Group has opened a new office in the fast-growing West End in Brisbane and will launch the group’s first project in Queensland in September 2021.
The new West End luxury apartment development will have beautifully designed residences set on 1.25 hectares of prime waterfront land at 117 Victoria Street. There will be a mix of terraces homes through to four-bedroom penthouses, with many taking advantage of the river and city skyline views from the site.
The resort-style facilities at West End will include a 25-metre pool, cabana and poolside lounges, barbecue facilities, gym, community room and plenty of breakout spaces for yoga and relaxation.
Development Director Trent McLauchlan said the Brisbane market was poised for a long-overdue upwards price correction as the city reaped the benefits of a host of major infrastructure and tourism projects.
“Brisbane was set for a surge in property activity in early 2020 and since then housing data has shown the city is set to have the strongest recovery in Australia from COVID’s impact,” he said.
CoreLogic’s Housing Market Update outlined that Brisbane unit prices dropped just 0.6 per cent in May and 0.8 per cent in June but rose 1.81 per cent over the year to 30 June.
Many commentators have long forecast a Queensland boom, but it has taken some time for the growth drivers to line up – Brisbane has had the strongest interstate migration in Australia in recent years as buyers seek it out for its affordability and job opportunities.
According to Mr McLauchlan, all the indicators show Brisbane is set to return to a state of housing undersupply and it will push apartment prices up. He notes that there are signs that the market will rebound in 2021 and 2022, particularly once state and international borders are reopened.
“When conditions start to normalise, we will see demand as interstate buyers who have been waiting to visit start to reappear and act on the low-interest rates and as foreign buyers take advantage of the strong exchange rate,” Mr McLauchlan said.
He adds that the city is set for a strong decade ahead as major projects come to fruition including the $2 billion Queens Wharf development, Howard Smith Wharves, Cross River Rail, Brisbane Airport’s new runway, bringing jobs growth and demand for apartments convenient to the city.
“We chose West End after much due diligence because it is one of the fastest-growing suburbs in Brisbane with the population expected to grow more than 4 per cent each year,” Mr McLauchlan detailed.