Construction has begun at Mirvac's new $30 million Greystone Terraces community in Russell Street at Everton Park.
One of Australia's biggest developers is betting on continued growth in Brisbane with a $30 million project at Everton Park, which is eight kilometres north of Brisbane's CBD. Mirvac has begun construction on its Greystone Terraces community of 56 executive terrace homes, the first development of its size in the suburb. The terraces are priced from $515,000.
Mirvac Queensland Development Director of Masterplanned Communities, Russell Berlee, said the project was catering to the demand for new properties in the suburb, and had been designed for broad spectrum appeal.
"The proximity to the CBD, just eight kilometres away, is another major drawcard, particularly for young professionals who work in the city and want a suburban lifestyle," said Berlee. "We believe Everton Park has been one of Brisbane's hidden gems, and with millions of dollars being poured into major projects and infrastructure in the area, its future is very bright indeed."
Everton Park has more than $60 million worth of retail, residential and transport infrastructure development in the pipeline, as well as a growing population. A report from analyst Peter Bell, principal of Urban Supply Intelligence, found Everton Park had recorded an average annual price growth rate of 8.9 per cent for attached residential, including townhomes and apartments, over the past year. In the same time period, Brisbane had experienced moderate price growth of 6.7 per cent and strong gross rental yields of 4.4 per cent for houses, well above the 3.7 per cent rental yields recorded in Sydney and Melbourne. Bell's research predicts Everton Park will experience an annual population growth of 1.8 percent until 2016 and then 2.4 percent from 2016 to 2021.