Brisbane real estate: Demand for Rochedale land grows
A suburb in the “growth corridor” in Brisbane’s south has buyers chomping at the bit to score themselves a piece of land.
Southeast
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A 4.069ha development site in Brisbane south’s “growth corridor” has been sold for $10.08 million.
The Rochedale land, which was owned for more than 27 years by the same local family, was picked up by aged care and retirement living operator TriCare.
The 20 Ford Rd property was sold by JLL Senior Executive’s Sam Byrne via an expression of interest campaign.
REIQ director John Newlands told the Southern Star the proximity to Brisbane’s CBD and the Gold Coast, as well as the Port of Brisbane and Brisbane Airport made Rochedale an extremely appealing location.
“It is a great growth area and it was a great opportunity to secure that site that has been held by the family for such a long period of time,” Mr Newlands said.
“Land is really a bit of scarcity in this central-type area close to amenities, the population is picked to really skyrocket and we got a lot of people from interstate migration, so I think areas like that are trophy locations.
“And because of the infrastructure of what’s around it, it’s driving people toward them.
“They are always valuable sites, and the population brings on the demand.”
Mr Newlands said the whole of southeast Queensland was in a really good position in the marketplace, as opposed to say some of our southern neighbours.
“They’ve had the market pretty strong for many years and we’ve missed out on a little bit of that, so it’s our turn to shine,” he said.
“From the Sunshine Coast working back south is very strong.”
Mr Byrne said the “interest was very strong” for the Rochedale land sale.
“We received over 80 inquiries from local, interstate and offshore developers, which eventuated into five competitive bids being received,” he said.
“The purchaser, privately owned residential aged care and retirement living operator TriCare, moved swiftly to acquire the land holding which neighbours their proposed retirement community.”
Mr Byrne said that since the rezoning of Rochedale, there had been a major transformation of the suburb with multiple new housing estates proposed and completed, which has attracted further attention for development.
He said Rochedale had undergone extraordinary population growth, which according to the government’s statistician’s office, was forecast to triple by 2036.
“The suburb’s median house price is in excess of $1 million; this is the same range as some of Brisbane’s most affluent suburbs such as Hamilton and Hawthorne,” Mr Byrne said.
The Coles-anchored Rochedale Town Centre is currently under construction and is due for completion in late 2019. The centre will include specialty tenancies along with various entertainment, dining and parkland facilities which will bolster amenity for local residents.
“The Rochedale Town Centre being developed by Coles Property Group will help attract new residents to the suburb,” he said.
“There are many domestic and offshore developers with active mandates to enter the Rochedale market, looking to capitalise on the strong demand for land and new houses within the suburb.”
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