PHOTO: Land lots and townhomes are for sale at Serenity 4212, a new community on the Gold Coast. Render: Keylin Group and Kinstone
Developers are pushing ahead with new housing projects across Australia despite widespread predictions of a property downturn.
While COVID-19 restrictions and warnings of price falls of up to 15 per cent in Sydney and Melbourne have been enough to stop some developers in their tracks, others have decided to forge on.
On the Sunshine Coast, HM Developments is launching a $200 million project that includes 220 land lots, 36 apartments and 16 terrace residences.
Baby Boomer downsizers, the prime demographic of the Pelican Waters estate, seemed relatively immune from the economic impact of the pandemic, said HM sales director Marcus Muir.
“Our average buyer is retired and I would say nine out of 10 don’t have a mortgage,” he said.
“If anything, COVID-19 has prompted them to fast-track that move to downsize and there’s also a big push from the southern migrating market. We find that a lot of people in Melbourne and Sydney have kids or grandchildren who have already come to Queensland.”
The confidence in the downsizer segment of the market has propelled the decision to move forward, he said.
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