How on the ground insights helped create 33 Manning in Br…
Scriven says downsizers are actively looking for lifestyle areas that offer connectivity and a village atmosphere
Joel Robinson January 29, 20230 few read
National developer Goldfields’ first foray into the Brisbane apartment market was no snap decision.
It took the prominent diversified developer years to put together the plans and seek local market insights from the Colliers QLD team on the correct product mix for current market conditions.
Colliers International Australia’s Andrew Scriven, who will head the sales team for 33 Manning in Milton, believes the landscape has shifted significantly in residential property over the past two to three years.
Scriven says developers must now be “smarter and more considered, not only in finding opportunities, but in seeing them through”.
“COVID has brought changes that we didn’t expect, but also presented opportunities that we didn’t see, initially in the home and land space, but then in the apartment space, as people chose to change the way they live ,” he says.
“It could be moving state or downsizing from a bigger house. This created opportunities for developers and one of them was to tap into previously underserved markets.”
As part of the consulting team behind 33 Manning, Scriven points out that a combination of data insights and deep geographic and sector expertise is more valuable than ever.
In-depth data analysis formed a critical part of the development of the new 18-story, 131-apartment building. The insights gained helped inform the location, design and presentation of the residential tower.
“Population growth is a key indicator of changing consumer behavior and it is hard to ignore the opportunities presented by the explosive population growth in South East Queensland and Brisbane over the past two years,” says Scriven.
“Net interstate migration exceeded 30,000 people in 2021 and population growth in Queensland was recorded at 1.6% 1.
Viewed alongside the lack of available stock in Brisbane’s western suburbs, Goldfields, development partner Icon and Colliers saw an opportunity to capitalize on the post-COVID market.
Scriven believes few fully understood the potential value of Brisbane’s western suburbs.
“The western suburbs have been undersupplied for some time, and local migration continues to increase at a faster rate than the supply of new homes on this side of the city,” he says.
“We identified that buyers wanted to live in the western suburbs and as such we needed to deliver a diverse range of products to meet a wide variety of buyers and occupiers. 33 Manning does just that with its mix of one, two and three bedroom apartments and penthouses with river and city views.”
Scriven says downsizers are actively looking for lifestyle areas that offer connectivity and a village atmosphere.
“These buyers are looking to stay close to the things they know while enjoying new experiences and unlocking value,” he says. “For investors, the fundamentals of the market presented in Milton are its relative affordability compared to other states, as well as the population and job growth in the area.
“With the Olympics around the corner and low supply levels due to construction and supply chain issues, we don’t see any of these fundamentals changing significantly for some time.”
For Scriven, the city’s low vacancy rate, which is currently under 0.7%, is another indication why suburbs like Milton will experience increasing demand for housing.
Apartment revival
The combination of actionable data and deep expertise is critical for developers looking to find value and stay ahead of the market. Similarly, collaboration with leading consultants and experts is invaluable.
“We started to realize that while sea changers and tree changers initially started buying land to build bigger homes at the height of the pandemic, affordability and confidence led to a recent resurgence in apartment living.
“In addition, many owner occupiers have unlocked equity as house prices rise, downsizing their home while improving their lifestyle,” he said.
In Brisbane there is currently a 46 per cent difference between the average house price and apartment price; the largest gap in the country, and the most significant in 10 years. Apartments in the city currently offer the most value for owner occupiers and opportunity for investors.
