The Brisbane marketplace is going through significant change and in next fortnights Blog we will go into more detail on the reasons why we are recommending selected suburbs in Brisbane to our clients.
In this Blog, we will be covering one of the Suburbs Nyko believes has the greatest prospects for growth in Brisbane. Richlands is a south-western suburb approximately 13km from the CBD and fits within the Nyko research framework perfectly.
It’s a gentrifying suburb that is going through a lot of change. There is over $40 billion worth of infrastructure and new development planned in and around Richlands and the demand for housing from both owner occupiers and renters is extremely high. The vacancy rate in Richlands is currently at just 1.9%, over 1% less than that of Brisbane’s and even lower than Sydney’s (2%).
Richlands also offers great access to amenity. There is a train station (Brisbane’s train network is limited so this is a considerable benefit), shopping centre and extensive parklands including Oxley Golf Club.
Nyko Property currently has a town house project named Villas on Brentford which has been selected to take advantage of these benefits. Villas on Brentford contains a mix of 3 bedroom, 2 bathroom, single car garage town houses with over 130 square meters of internal space plus courtyards.
The great thing about gentrifying suburbs in the middle ring suburbs of Brisbane, such as Richlands, is that they are extremely affordable. Villas on Brentford offers town houses at just $389,000 (yes you heard correctly those of you reading from Melbourne and Sydney) which provides fantastic value so close to the CBD. Being just a 24 minute drive from the CBD, Villas on Brentford offer small families, single parents and young professionals access to large living areas and low maintenance living with great access to amenity and the CBD. These factors made it an obvious choice for us when we conducted our research.
As many of you know, the final step of Nyko’s research is conducting the valuation on the property to confirm/set the prices. We were comfortable with the $389,000 price point and expected them to value comfortably – with over half already sold by another group at that price point. Unfortunately for the developer (fortunately for us) the valuers did not agree and brought the valuations in at below that value.
With valuations a deal breaker for Nyko, the developer has now agreed to offer Nyko Property’s clients a discount of over $16,000 (in the form of a rebate) for these properties – this is only available through the Nyko network. This is a huge benefit which significantly reduces valuation risk at settlement and provides immediate opportunities for capital growth.
Thanks for taking the time to read our blog, if you have any questions on Richlands or Villas on Brentford please contact your Business Relationship Manager or the office.