Almost 200 new apartments in an exclusive West End peninsular precinct have sold out in a little more than 12 months, further evidence of Brisbane’s surging property market.
Project marketing group Position Property said the demand for apartments at Montague Markets & Residences was testament to the development’s designs that were tailored specifically to the needs of owner-occupiers.
Position Property worked with developer Pradella during the design and development phase to accommodate the increasing trend towards downsizers, first home buyers and other owner-occupiers seeking an inner-city lifestyle.
“We worked closely with Pradella to ensure the product mix, apartment designs, size and inclusions at Montague Markets would meet the quality and price expectations of the project’s target market,” Position Property director Richard Lawrence said.
“The changing demographic of apartment buyers is very evident at West End.
“We had foreseen a shift from investor-style developments to an increase in demand from local owner-occupiers eager to be part of this new lifestyle destination with everything they need on their doorstep.
“Bringing a new development to market takes time. By identifying this trend early, we were able to design and deliver the most appropriate homes and achieve this rapid sell-out success.”
Montague Markets & Residences is part of Pradella’s $1-billion Riverside precinct it says is transforming West End’s popular peninsula.
The development included more than 2000sq m of exclusive resort-style facilities, including a lagoon pool, gym, open-air cinema and luxury rooftop retreat.
Lawrence said considering the needs of owner occupiers should be the number one priority for developers.
“In our 21 years of project marketing in Brisbane, we enjoy pushing the developers’ boundaries based on what we’re seeing when dealing with buyers face to face,” he said.
“You cannot expect to attract buyers because of the location and price alone.
“Smart investors also know that the first rule of a successful investment property is that people must want to live there, so designing for the owner-occupier and getting the product right is absolutely paramount.”
After a record $366-million-plus in sales for 2020, Position Property has sold out another 10 projects since the start of 2021, ranging from a boutique freehold development of five town homes to apartment buildings of 100-150 dwellings and other staged developments.
Lawrence founded Position Property 21 years ago and has grown the agency from a property-marketing group to a multi-faceted real estate company with three Brisbane offices and a fourth to open soon in Teneriffe.
“Our leadership team draws on extensive property and marketing experience to offer a diverse range of expertise for each new project,” he said.
“We take a holistic approach to project marketing, from working with developers on site selection and product design to sales and marketing strategy to ensure a sell-out success.
“This is evident in the number of developers we have worked with over many years, including some that have partnered with us for the past two decades.”
Position Property was recently recognised as Agency of the Year for Project Excellence for the third consecutive year at the Australasian Real Estate Results Awards (ARERAs), where the group picked up three awards. The annual awards recognise the achievements of the leading independent real estate professionals and agencies across Australia and New Zealand.
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