It is no secret that the Queensland property market is flourishing, and with owner occupier purchases on the rise, one development consultancy is setting a new benchmark in this dynamic industry.
The past 12 months have been an incredibly busy time for Brisbane based Property Development Consultancy, Marquee Projects their apartment and land projects are setting a new benchmark in the owner occupier market.
With more than 100 years’ combined experience in property development, across a broad range of sectors including aged care, retirement, and tourism the Marquee Projects team offer a complete development management service, and can assist in formulating property development strategies to fit their client’s goals, aspirations, and risk profiles. Marquee Projects use a unique development partnering approach with a proven track record in negotiation, planning, construction, management, and marketing, they have formed a strong footprint in the industry.
The Queensland property landscape is ever-changing and Marquee Projects have certainly proven versatile, with a portfolio of successful apartment and house land developments including the iconic Haven apartment that adjoins both Newstead River Park and the historic Gasometer in the heart of the Gasworks precinct at Newstead.
In recent years, we have seen a shift in the Queensland property market. What was once an investors dream is being claimed back by the owner occupier market, a trend Marquee Projects CEO, Mark Spedding, says has been the driving force behind a market shift in the development of apartment projects across the South-East.
“The owner occupier trend is on the rise and is also a function of the general housing market, which is positive. As new projects are built in amenity rich areas, it is then desirable for owner occupiers to make their largest investment during their life. As Brisbane is evolving this only adds to the argument for more owner occupiers. The challenge then is the price level and the product and hitting the right mix.”
Marquee Projects latest development is Haven, a 25 floor apartment project featuring 229 one and two bedroom apartments and three, four and five bedroom penthouses in Newstead. Situated on Skyring Terrace opposite the Gasometer, Haven offers residents exceptional views of the Brisbane River and city, premium amenity including ground floor retail from the creators of James Street, infinity pool, and entertainment zones featuring barbecues, pizza ovens and dining areas and for penthouse resident’s concierge services and priority lifts.
Haven is a prime example of the strong demand for high density living within the owner occupier market. Savvy buyers have already spent more than $27 million on the exquisite 23 3, 4 and 5 bedroom penthouses located on levels 21-25, over a three month period, with all buyers being owner occupiers.
“Our penthouse buyers at Haven were aged in their late 50’s to early 60’s with the majority of them being empty nesters, ready to downsize from the family home and live within a 5km radius of Haven. They are attracted to having a low-maintenance lifestyle surrounded by premium amenity within walking distance and having city and river views. They certainly don’t want compromise on space, storage or comfort so the penthouses have been designed to have all of the features of a large family home including butler’s pantries, walk in robes, generous kitchens, entertaining and living spaces with superior finishes. Some buyers have chosen to amalgamate two penthouses to create five bedroom, three and a half bathroom supersized penthouse.”
Mr Spedding said that the apartments in the lower levels at Haven have suited both investors and owner occupiers. “At Haven the focus was to have the upper 4 levels 100% owner occupiers which is 23 apartments. In most other projects we try to achieve about a 50/50 mix although it depends on the sub-market. ”
The decision making process for investor and owner occupiers are very different. Said Mr Spedding “Owner occupiers are extremely picky in what they want and spend hours and hours investigating and considering how it suits them. Design aesthetics and location are critical”. An investment buyers approach is more about buying an apartment to secure their financial future and there is little emotion involved. It’s more about the sales pitch, how the development presents and data such as increasing capital growth and rental return to support their decision making.”
Mr Spedding says the key to on-going project success is to promote a healthy balance between investor and owner occupier buyers. “Owner occupiers and Investors enable the industry to provide employment opportunities and at this time with the mining downturn is more important than ever. However, there is always going to be a percentage of people who due to affordability or choice prefer to rent and investment buyers are meeting this demand. Having an increase in owner occupiers is positive, otherwise everybody is building the same product that is focused heavily on returns and less about livability.”