Sydney Australia, Oct. 28, 2020 (GLOBE NEWSWIRE) -- Leading Australian property developer Crown Group has opened a new office in fast-growing West End, headed by Development Director Trent McLauchlan, who will launch the group’s first Brisbane project there in September 2021.
Mr McLauchlan came to Crown Group earlier this year with nearly 20 years’ experience in the Queensland property industry having held senior development roles with some of Australia’s leading ASX-listed and private residential property developers.
Crown Group is renowned for premium apartment projects that have set new design benchmarks in Sydney. It has become globally recognised for its iconic Arc by Crown Group and Infinity by Crown Group recently, setting new benchmarks in residential and retail design.
The West End development will be Crown Group’s first in Queensland, with beautifully designed luxury apartments set on 1.25ha 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. Crown Group’s signature resort-style facilities include a 25m pool, cabana and poolside lounges, barbecue facilities, gym, community room and breakout spaces for yoga and relaxation.
Mr 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 showed Brisbane unit prices dropped only 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.
“All the indicators show Brisbane is set to return to a state of housing undersupply and it will push apartment prices up,” Mr McLauchlan said. “The signs are there that it is set to 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.”
He said the city was set for a strong decade ahead as major projects came 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,” he said. “Its accessibility to the city as well as to cultural attractions including Queensland Performing Arts Centre, Queensland Art Gallery, Gallery of Modern Art and the Boundary Street spine as well as recreational drawcards such as Southbank and the river promenade make it highly appealing in terms of liveability.”
West End also has easy connections to South Brisbane Train Station, and convenient bus services, as well as two proposed green bridges and a proposed ferry terminal at Victoria Street. West End State School is currently undergoing a $25 million expansion to cater for population growth and the Queensland Ballet headquarters is undergoing a $35 million transformation.
“All indicators point to growth ahead in West End and we expect that this luxurious riverfront sub-tropical escape will sell fast,” he said.
https://www.crowngroup.com.au/brisbane/
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