WHEN it comes to hunting down sites, developers are flocking to Chermside in Brisbane’s north according to leading Australian development site portal DevelopmentReady.com.au.
The company cited a study by research company, District Data, which identified the five Queensland suburbs most researched by developers to August this year, being:
1. Chermside
3. Broadbeach
4. Southport
5. Windsor
Development Ready managing director, Nick Materia, said unit developers were particularly interested in Chermside because of its proximity to services and facilities, ready access to the CBD and appeal to the right demographic.
“Dwelling approvals for units far outweighed dwelling units for houses in Chermside,” Mr Materia said.
“There were five house approvals in the 12 months to June 2017, as opposed to 202 unit-based dwelling approvals,” he said.
According to the findings by District Data, Chermside’s average resident is aged around 35 years, with 60 per cent of residents being renters.
“With (a) median sales price for units at $420,000 and median annual rent for units at $19,240, it shows there’s a great opportunity for developers and investors to find success responding to the needs of buyers who are looking for affordable dwellings that suit their needs and are close to the city’s offerings, like employment opportunities,” Mr Materia said.
District Data managing director, Daniel Slomoi, said Chermside projects appealed to young professionals and downsizers
“This is likely a sign of affordability constraints,” Mr Slomoi said
The second most researched suburbs was Surfers Paradise on the Gold Coast with units again being the dominant development type.
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