In a show of continued strength in demand for quality property in the booming western corridor, a new record of $990,000 was set for a non-golf course frontage home in Brookwater last week.
Located in ‘The Sanctuary’, the 520m2 four bedroom home enjoys breathtaking elevated views over the 14th fairway of the Greg Norman-designed championship golf course.
Springfield Land Corporation’s Deputy Managing Director, Raynuha Sinnathamby, said the demand for quality property in Brookwater continues to outstrip supply and as a result prices keep rising.
“There are only a small number of golf frontage homesites remaining, so there is no doubt prices will continue to grow as couples and families flock to take advantage of the Brookwater lifestyle,” Ms Sinnathamby said.
Brookwater was recognised as Queensland’s top performing suburb for 2007 by the Real Estate Institute of Queensland (REIQ) with median prices soaring by 62.8% in 12 months.
REIQ Chairman, Peter McGrath, said the result reflects the desire of many people to live in a new suburb close to all facilities.
In the eight years since launching Brookwater in 2001, golf frontage land, on average, has appreciated in value by 278% and non-golf frontage land has more than tripled (306%). During the same period a neighbouring suburb, Springfield Lakes, increased by 83%.
The median sale price for golf course frontage property in Brookwater in 2008 was $400,000, while non-golf course frontage fetched a median value of $305,000.
Ms Sinnathamby said ongoing development in and around Brookwater would continue to have a positive effect on the value of property.“
Greater Springfield is set for rapid growth with the current population of 18,000 expected to grow to 86,000 over the next 20 years or so,”
“Weekly enquiries to the Brookwater Sales and Information Centre for 2009 have met, if not exceeded, the figures for the same time last year, so we expect the pricing to remain strong because the product on offer in Brookwater is limited,” Ms Sinnathamby said.
With more than 570 of the 1,250 lots fully developed and 60 homes currently under construction, the opportunity to call Brookwater home is disappearing quickly.
To find out more about beautiful Brookwater living, contact the Brookwater Sales and Information Centre on 1800 888 450.
For further information contact:
Shaun Rigby
Sequel Communications
P: (07) 3251 8140 or 0438 021 936
E: shaun@sequelcommunications.com.au
