Testament to high quality design, five star resort style amenity and one of the best locations in Brisbane we have experienced unprecedented demand for our Chester development in Newstead, as reported by The Australian Financial Review.
Original article below.
Melbourne-based residential developer Kokoda Property has shown a surprisingly strong sales result in the arguably oversupplied Brisbane apartment market, registering $95 million of sales at its new “Chester” development in Newstead.
In just seven weeks the developer, which is just starting in Brisbane, sold 135 apartments.
The project had initially launched in June, but according to the developer, the federal election and regulatory changes including property taxes had contributed to a slower than anticipated sales rate at first.
Kokoda Property’s sales and marketing director Sam Tucker said the project’s recent sales success came as the “fog appeared to be lifting” on market uncertainty.
“The dust is settling, and we are seeing a return to high levels of demand,” Mr Tucker said.
“While market research suggests a stalling interest in smaller investment stock, what we are seeing is growing demand for architecturally designed off-the-plan residences that offer tenants a superior lifestyle.”
Market observers have forecast that Brisbane apartment prices could fall as much as 25 per cent over the next 12-18 months as Asian buyers walk away from settlements.
But other groups have placed big bets in the market, including Invesco which provided the debt for what will be Brisbane’s next tallest tower the residential Skytower.
According to Kokoda Property, 70 per cent of the recent sales in the Chester development were derived from the Brisbane and Sydney market.
Designed by Hayball and with interiors by Singapore firm, Ministry of Design, the project includes one, two and three-bedroom apartments ranging in size from 60 sq m to 120 sq m priced from $430,000 to $1.1 million.
The three and four-bedroom penthouses range in size from 158 sq m to a substantial 430 sq m and are priced from $1.78 million to $3.5 million with secure car parking for multiple vehicles.