$2 billion development has beach appeal
One of Queensland's largest masterplanned communities launches to market this weekend in a $2 billion investment in the Bundaberg Region that will see 3200 homes built.
South Beach at Elliott Heads is a 246 hectare parcel of land just three streets from white sandy beaches and the Great Barrier Reef Marine Park.
The farming land has been in the Manero family for generations and is being developed in a joint venture between the Manero family and Sydney-based developer Stan La Vin who has worked on the development for 12 years.
The house and land packages are priced from $395,000 to entice first-home buyers as well as interstate buyers and almost 3000 people have pre-registered sales interest ahead of the launch.
"Out of those registrations there's a lot of interstate interest with people wanting a sea change," PRD Bundaberg agent Ainsley Driver said.
"But even in previous dealings before this development, a lot of people moving in to Elliott Heads are from interstate. It's the sleepy little coastal town.
"Elliott Heads is truly reminiscent of the old Noosa Heads or Byron Bay of the 1970s and we expect it to become one of the most sought-after residential hot spots in the years to come."
Stage one of the four or five stage development, which includes a shopping complex, will cost $100 million and include 233 homesites starting at around 450sq m.
Operational works will begin by the end of December and depending on how well the first stage sells, owners will be able to start building on their new homesite in June next year.
Queensland is facing the tightest rental market since the Global Financial Crisis in new figures released by the Real Estate Institute of Queensland and Bundaberg, a four-hour drive north of Brisbane, has reported a less than one per cent vacancy rate, so the injection of new housing that is targeting entry level as well as more advanced budgets, comes at a welcome time for people seeking a home or an investment opportunity.
"Young couples need to get into the property market, this is the chance. With all the government grants out there at the moment, it just makes sense."
The community will promote homes with a Hamptons-style and has been designed by Bureau Proberts lead designer Brian Toyota.
"You can walk to the end of the block and see the ocean and there's half a kilometre of white sand, it's a beautiful spot," Mr La Vin said.
"I don't know any masterplanned communities this close to the beach."
Originally published as $2 billion development has beach appeal