PHOTO: FILE
Construction has begun on a new town in Queensland, offering sections for less than $300,000, providing young buyers a chance to own homes amidst rising prices elsewhere.
The major earth-moving project is developing Waraba, a town an hour north of Brisbane, which could eventually accommodate up to 70,000 residents. Previously known as Caboolture West, the City of Moreton Bay Council approved the development unanimously on June 14.
The council plans to build 30,000 dwellings across the 3,156-hectare site over the next 40 years, making Waraba comparable in size to cities like Coffs Harbour and Bundaberg. Waraba’s first neighborhood, Lilywood Landings, will feature a childcare center, a service station, and 228 residential plots. Each plot, starting at $280,000, will be at least 375 square meters, suitable for a four-bedroom, two-bathroom home.
Developers Lennium Group have already received over 1,000 inquiries and expect the first residents to move in by mid-2025. Development manager Ian Worthington stated, “This will offer buyers a very affordable entry into the new home market with the land suitable for the majority of three to four-bedroom family homes.”
Construction has started on a new town in Queensland, where sections are available for less than $300,000
A major earth-moving project is underway to develop Waraba, a new town located an hour’s drive north of Brisbane
Queensland’s population is projected to grow significantly over the next five years, with over 100,000 people moving from other parts of Australia for the warmer weather and more affordable housing. Prices in Sydney and Melbourne have reached levels that make home ownership difficult for many, reserved primarily for the wealthy or those willing to take on substantial debt.
Budget papers predict Queensland’s population will grow by 110,900 people by 2028. Oxford Economics Australia’s senior economist, Maree Kilroy, noted that strong interstate migration into southeast Queensland will boost property values across the state. She said, “Demand fundamentals are expected to remain strong, with Queensland positioned at the forefront of population growth. The soft near-term supply outlook means pressure on the housing stock is set to continue, creating a solid foundation for further growth once the current monetary policy tightening cycle reverses.”
Lilywood is just the first of seven planned neighbourhoods across the new town
Brisbane’s housing market has surged in recent years, with prices increasing by more than 55% since the Covid pandemic.
SOURCE: THE DAILY MAIL