Melbourne developer ID Land has established a base in south-east Queensland, buying the remainder of a 1800-lot project for about $70 million.
The 177ha Waterlea Estate in Walloon was sold by RBG Services IDA Property Group near Ipswich and the Amberley RAAF base.
The Walloon estate, with an end value of $300 million, has 1400 lots yet to be developed.
The estate has a childcare facility and 30ha of green space with a Catholic school proposed for the precinct.
ID Land joint managing director Matthew Belford said the acquisition strategy mirrors the one they ahd followed in Melbourne which began in 2009 with a 30ha land parcel in Mernda.
“What we’re seeing in Queensland at the moment is the same high level of demand that has sustained our growth and expansion in Victoria for the past 10 years,” Belford said.
“We believe the state is on the cusp of a strong decade, and this acquisition will allow us to cater to that.
“Waterlea fit the bill, with multiple lifestyle amenities both within the project and nearby, so we moved quickly to secure the remainder of the development.
“The important acquisition sets us up to anchor our team in Queensland, not just for ID Land but longer term for home construction through Shape Homes, funding opportunities through Title Capital and the whole ID Corp group.”
On the other side of the RAAF base, Aniko Group is working on a 229-lot project which gained approval in March.
According to the developers, buyers were attracted to the area due to the city’s relative affordability.
REA Group data shows the median house price in the Ipswich area is $425,000, compared to the Brisbane housing market at $692,214.
In central Ipswich a state record was set for an office building outside of Brisbane when the nine-storey Icon building sold for $144.9 million.