Mt Gravatt property market booming with 800 units expected in next two years
Developers look to southern suburbs as demand for apartments increases.
Southeast
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THE Mt Gravatt property market is booming, with hundreds of apartments due for construction during the next three years.
This year, about 200 new apartments will be completed at Upper Mt Gravatt, according to construction information company Cordell.
The building boom will continue with 275 new apartments due for construction at Upper Mt Gravatt next year and 420 in 2017.
The $22 million Liberty by Mosaic apartment block at Upper Mt Gravatt is now 95 per cent sold as people rush to snap up real estate on the southside. The block of 42 apartments is not due for completion until November next year.
Vera Lehpamer, who lives at Upper Mt Gravatt, has bought a three-bedroom apartment in the Liberty block, which she intends to move into.
“I think it is an extremely fantastic location,” Ms Lehpamer said.
“I am attracted to the area mainly due to its amenities, as well as its closeness to the freeway and Gateway Motorway, Westfield Garden City and Carindale shopping centres and Griffith University.”
Mosaic Property managing director Brook Monahan said the company’s $60 million investment in Upper Mt Gravatt and its surrounding southern suburbs reflected the area’s rapid growth and widespread appeal to buyers of all ages and backgrounds.
“In recent years, Mt Gravatt has become increasingly appealing to young couples, families and downsizing households, due to its proximity to the Brisbane CBD, extensive public transport network, as well as education, employment and retail facilities,” Mr Monahan said.
200 units to be built in Upper Mt Gravatt in 2015
275 units to be built in 2016
420 units in 2017
Brisbane City Council’s Mt Gravatt Neighbourhood Plan includes four precincts - Upper Mt Gravatt, Mt Gravatt Central, Logan Rd and Kessels Rd.
The plan means the Mt Gravatt area is becoming the southside’s “answer to the CBD”.
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