Luxury is coming to Mitchelton sooner than expected. Construction has kicked off in August on apartment complex “Signature on Mitchelton”.
Signature is very well designed, aesthetically appealing & fully functional, providing quality compact living. Upon completion, there will be just 93 apartments across two four storey buildings, consisting of two bedrooms & two bathrooms. The developer, Pacific Enterprises Group, is Brisbane based & has developed several medium density projects across Brisbane over the past 15 years. They place substantial equity in each project; complete developments on time & produce quality product. The organisation, which cares for 1,800 aged care residents in Queensland and Victoria, won the award for its pilot dementia church service initiative.
Signature on Mitchelton is an architecturally designed luxury residence located just 8 kilometers from the city it will be completed by late 2016.
“It offers urban convenience with Brookside shopping centre across the street and public transport (both Bus and Rail), less than 300m away.” From top to bottom, wall to wall, the apartments are designed for liveability, with spacious kitchens, high ceilings, and a private balcony. They feature “stone bench tops, porcelain tiles, invisi-gard stainless-steel screens to all windows and sliding areas, instantaneous hot water, fully air conditioned and blinds. The apartments are only minutes away from quality day-care, primary and secondary schools, sporting facilities, parklands and of course the Brookside shopping centre with over 120 retailers. They are only two blocks away from the very trendy Blackwood Street café precinct.
Signature on Mitchelton is a Matusik pick, receiving top honours in the Project, Location, Value, Demand and Design categories. The area also remains undersupplied with new housing stock. Brisbane’s middle north is undergoing urban gentrification – incomes are rising; household types are changing; local employment is increasing, as is the population. More compact housing is needed. Two-bedroom/two-bathroom apartments should be in high demand. This helps facilitate tenant sharing & local older households to downsize.
In terms of sales price, the Signature apartments have valuation support & are priced between $399,000 to $450,000. Signature on Mitchelton has also been reviewed by several independent parties & has received a rental appraisal averaging $430 per week for the two bedroom product. Mitchelton is 7km from the Brisbane GPO & the suburb is serviced by both rail, major regional bus routes & the recently renovated Brookside regional shopping centre. Other important amenities needed to support compact living are also within a short commute – a lifestyle café precinct; several schools; medical facilities & childcare. The Enoggera Military Camp is also a short commute away. DHA housing has taken an allocation of 8 units in Signature.
As at late February 2015, the typical dwelling in the Mitchelton postcode sells for $495,000. As the chart suggests, dwelling prices are rising across postcode 4053. They rose $45,000 on average during 2014, or up 10% on calendar 2013.
One out of three local area households (31%) rents. There are 20,500 private rental properties across the middle-north, of which 25% are apartments. A similar proportion applies to the 4,300 private rental properties across postcode 4053. Despite an increase in new rental supply, local rents within postcode 4053 are increasing. The more consistent rental increases have been for apartments. Weekly rents are increasing, particularly for apartments. Again, this helps position the middle-north & postcode 4053 on the property clock. Local, new, unfurnished, two bedroom apartments are currently attracting rents between $430 & $480 per week.
New housing supply, whilst increasing elsewhere across middle Brisbane, remains tight In Mitchelton. Housing demand still exceeds supply, even across Brisbane’s middle-north. This suggests that the local market is still in its recovery phase of the property cycle.
Local dwellings are showing high gross rental returns³, exceeding 5%. This is, again, better than the Brisbane average. Local incomes are rising, which our research has found is one of the more reliable predictors of future house price appreciation. Local homes are affordable & somewhat undervalued when compared to income & rental returns.
Disclaimer
This report has been prepared based on data provided by Matusik Property Insights Pty Ltd. This content has been prepared without taking into account the objectives, financial situation or needs of any particular individual. It does not constitute formal advice. For this reason, any individual should, before acting, consider the appropriateness of the information, having regard to the individual’s objectives, financial situation & needs, and if necessary, seek appropriate professional advice.
Visit us at signatureonmitchelton.com.au
or contact Joe Leonardi on 0439 919 707 to see what can be yours.
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