DESPITE buyer concerns around the property market and economy due to COVID-19, a 30-unit development in Redland Bay is going ahead.
Carbone Developments have decided to push forward with the construction of Bay House, their third residential apartment project in the area as a result of achieving a significant level of sales.
Economists at ANZ Felicity Emmett and Adelaide Timbrell said the housing sector is turning a corner and after falling flat in October, looks set to rise over coming months. Brisbane house prices are expected to rise 9.5 per cent next year.
"The strength is largely being driven by owner-occupiers with low interest rates appealing to buyers in secure employment. This is the case for upgraders as well as first home buyers," the economists said.
Bay House apartments are located on the waterfront at 143 Esplanade, Redland Bay and launched in March this year, approximately two weeks before COVID-19 restrictions were enforced.
Marketing and sales manager at Carbone Developments Heidi McCoullough said initially it impacted project sales.
"However over the last few months we have seen strong enquiry and demand has increased. The project is now over a third sold.
"Ultimately, the reasons why buyers are wanting to purchase is because they need or want to downsize or upsize to a more manageable, low maintenance home. Pandemic, or no pandemic, their needs have not changed," she said.
According to ANZ's latest housing outlook report, an early COVID-19 vaccine rollout and the resulting lift to sentiment could drive larger price gains than currently anticipated.
Mrs McCoullough said there was a range of units to suit different buyers, with prices ranging from $360,000 up to $1.2 million.
Construction on Bay House has commenced, with completion expected around late 2021.
"Some developers would have chosen to build more apartments on this prime site, but that's not what we wanted for Bay House," she said.
