Developer Glen Maidment calls for government support to meet housing demand
A Townsville developer has called for greater government co-operation to boost housing supply after selling 50 blocks of land in a month. See who is snapping up the land.
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As Townsville grapples with a housing shortage, North Queensland developer Maidment Group has called for greater government cooperation to boost supply after selling 50 lots in four weeks at one of its residential communities.
Recently grabbing headlines by announcing the imminent construction of their $65 million Marina Residences luxury apartment tower, Maidment Group managing director Glen Maidment said NQ faced a significant housing shortage.
He said this underscored the urgent need for additional support from all levels of government to unlock the necessary infrastructure to enable housing supply.
“We need support across all fronts – whether it’s for infrastructure, utilities, or streamlined planning process,” Mr Maidment said.
“Developers like us are ready to help meet that demand, but we need the backing from both local and state governments to unlock further development potential and provide long-term solutions to the housing crisis.”
Rolled out in stages since it launched at Mount Low in 2010, $950 million master-planned Sanctum residential community has successfully delivered over 1000 housing lots of an expected total of 3000, when it is completed in two decades time.
With available lot sizes ranging from 330 sqm to 1,434 sqm, land prices starting at $209,000, and house and land packages starting from $550,000, Sanctum was attracting a diverse array of buyers who snapped up 50 lots in the past month.
They include first-homebuyers, second and third-home buyers upgrading to larger family residences, and interstate investors enticed by favourable rental yields.
Mr Maidment said there had been a distinct shift in the Townsville market in recent months, with the variety of buyers underscoring the growing strength of the real estate market in North Queensland.
“Buyers are seeing value when compared to Southeast Queensland and are supported by relatively low unemployment, increasing job opportunities and committed spend on major infrastructure projects across the region,” he said.
“Townsville is certainly offering a unique proposition for investors looking for strong returns in a growing market.”
Underpinned by positive economic conditions that offer ample employment opportunities in Townsville, demand was expected to remain strong from local buyers, interstate and out-of-town investors seeking blue-chip investment properties in the region.
Master Builders Australia released new independent research on Wednesday where 1600 people were questioned by Insightfully about the state of the housing crisis.
It found that 7 in 10 said the housing crisis had gotten worse over the last 12 months and that it was damaging the quality of life in their community.
One in four regarded housing as the most important issue for them – up from 8 per cent in November 2023 – and 90 per cent said it was difficult to afford to buy or rent property in Australia.
For more information, visit: www.maidment.com.au.
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