Mango Hill Capestone housing development sells out in two hours
A lakeside community just north of Brisbane has just sold out in a record two hours.
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A lakeside community just north of Brisbane, which has been in the works since 2011, has set a new record by selling out in less than two hours.
Developer, Urbex, has set itself a new sales record for the lakeside Capestone Development in Mango Hill, by selling 25 blocks of land within just two hours of their release on March 5.
The Richard Release, within the family orientated suburb, consisted of 25 premium lots ranging in size from 320 sqm to 450 sqm.
Positioned to a centrally located 12.8-hectare lake, prices for the land release started at $520,000, and for a limited number of lots featuring extensive lake views, went up to $750,000.
The release of 25 blocks was a part of the massive Capestone development which has been underway since 2011, and includes 2000 homes and approximately 5000 residents.
The development is located near St Benedict’s Catholic College and Kidz Magic Childcare Centre, Mango Hill East Railway Station.
Peter Sherrie, Urbex General Manager said the location of the land to the near 13-hectare lake, combined with the project’s mature amenity and lifestyle, had proven to be major draw cards for buyers.
Located in the well-connected corridor in Brisbane’s north, 40 minutes to the CBD and minutes to Moreton Bay, house prices in the Mango Hill area have outpaced the national growth average four times (4.40 per cent compared to 16.53 per cent) over the past 12 months.
Craig Covacich, General Manager of Urbex Realty said the sellout result, in the face of extreme weather conditions, reflected Capestone’s popularity as a community.
He said an important function of the lake is to provide flood immunity to the Capestone Development and the lake has performed as expected when tested by recent weather events.
This latest land offer was the first of the final stage of Capestone’s lakeside precinct, with Urbex planing further land releases over the coming months.
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