Toowong has been identified as one of Queensland’s most tightly held suburbs, with just 3.68 per cent of all homes in the region listed for sale over the past 12 months, according to research by realestate.com.au
The riverfront suburb was in the top six per cent of ‘tightly held’ markets across the state in 2015, ranking 19th out of 326 Queensland suburbs.
Those who do sell their homes are helping to bolster apartment sales in the region, according to Ideal Property director John Li, who is the developer of Banc – a boutique owner-occupier styled community boasting just 33 residences on the river in the heart of the suburb.
Banc has already recorded more than $26 million in sales, with a third of its home-sized apartments snapped up and remaining apartments priced from $899,000 to $2.9 million. A full floor, 455sqm sky mansion is also available, with price on application.
The majority of recent sales at Banc can be attributed to locals who are downsizing but do not want to leave the neighbourhood.
Statistics from realestate.com.au show 32 per cent of residents in Toowong are mature professionals, older couples, families and independent retirees, meaning there is a growing demographic potentially looking to transition to apartment living.
Mr Li says local purchasers are capitalising on the opportunity to secure an apartment off the plan to take advantage of anticipated growth in values, while providing time to sell their current properties, with Banc expected to reach completion in late 2018.
“Some of our purchasers are long term locals who have lived in Toowong for more than two decades, and they simply don’t want to leave the community they know and love, but they recognise it is time to part with the family home,” he said.
“Banc has appealed to these purchasers because its apartments are very spacious, offering up to 231sqm of living space and boasting additional facilities including a dedicated wine cellar, swimming pool and barbeque terraces which are considered lifestyle upgrades.
“Those who are familiar with Toowong know it is a tightly held area, which bodes well for price increases, so they are purchasing at today’s prices so they can reap the rewards of expected capital gains while the project is being built.
“We are planning to commence construction early next year, with a view to completion ahead of Christmas 2018, so this gives people time to sell their existing home and prepare to make the move to Banc.
“It’s a huge compliment to have so many local purchasers driving sales at Banc, because it means we are delivering apartments that match what people are looking for in the next chapter of their lives.”
Mr Li says he believes he will sell the remaining apartments ahead of completion, considering the high demand for property in tightly held Toowong.
According to realestate.com.au, there are 408 visits per property in Toowong, compared to the Queensland average of 250 visits per property.
“I think Toowong’s location – on the riverfront, close to the CBD and within proximity to universities, hospitals and retail centres – means it will always be in high demand,” he said.
“Banc is being developed on the last remaining riverfront site on Coronation Drive, which has intensified interest and increased urgency from those who realise that this is likely to be their final opportunity to secure a front row seat to the river in Toowong, in a brand new community.
“All of the remaining apartments provide panoramic views across the river, city and hinterland from generous outdoor entertainment spaces, which include built in barbeques and a wine fridge.
“Banc’s display apartment is now open to give purchasers a first hand look at the quality of fittings and finishes, and is fully furnished so people can see how the apartments have been designed to mirror a traditional home.”