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April 2024

Developing Queensland: Demand for luxury townhomes grips Brisbane

Brisbane is experiencing a mini-boom of luxury townhomes, however, industry experts warn of a looming supply shortage. Brisbane is experiencing a mini-boom in luxury townhomes as buyers seek an alternative to traditional houses, but industry experts have warned of a looming shortage across the city. The latest townhome designs are proving highly attractive to everyone from young families to downsizers, with desirable extras such as private lifts, walk-in wine cellars, four-car garages and plunge pools. Don’t miss the Developing Queensland section, every Saturday in The Courier-Mail Many of the modern style of townhomes are built over three or even four levels and feature both courtyards, suitable for pets and outdoor dining, and spacious balconies with city, mountain or parkland views. Sought-after lifestyle precincts around Brisbane include Taringa in the inner west, Spring Hill, Newstead fringe and Bowen Hills, providing easy access to existing transport, shopping, entertainment and employment hubs. Director of leading project marketing and advisory group Position Property, Richard Lawrence said boutique townhome projects were receiving consistently high levels of interest from people wanting a brand-new and easy maintenance alternative to purchasing or renovating a house. “Downsizers are especially attracted to contemporary townhomes after years of living in an older house and love the idea of a private lift for future proofing their lifestyle to age in place,” Mr Lawrence said. “Meanwhile, we are also finding young families priced out of the inner-city free standing house market have also discovered this new style of townhome design. “They still want a home with three or four bathrooms and some outdoor spaces for pets and young children to enjoy, but don’t want the overbearing mortgage required for a house, or hassle and high costs involved with renovating.” However, Mr Lawrence said he was concerned about the future supply of luxury townhome projects due to a shortage of suitable land in prime locations around Brisbane. “Brisbane City Council planning guidelines regarding land sizes has reduced the number of smaller townhome developments in low density and character suburbs, despite a desperate need for this type of infill housing,” he said. “The continual increase in construction costs is also likely to play a role, meaning the current prices of new townhomes on the market will not be repeated in future. “People wanting a new home experience will either be forced into hugely expensive renovations or have to move out of the inner suburban ring. “Anyone thinking a townhome could be right for them will need to act quickly or risk either paying higher prices or simply not finding anything that suits their needs.” According to Mr Lawrence, demand has been overwhelming from local families, given the location and small-lot home equivalent design features. “More buyers are appreciating they can purchase a brand-new terrace or townhome starting in the low $2m range, where a brand-new house in these suburbs would cost at least $1.5m more,” he said. The Gregory Collection at Spring Hill is an exclusive collection of just six luxury four-bedroom residences nearing completion on Gregory Tce and overlooking Victoria Park. Each townhome features a private lift from the lower ground double garage and wine cellar to the top level with kitchen, living and dining rooms, a powder room and balcony. The two middle levels offer four bedrooms, three bathrooms, laundry, study, second living room and generous courtyard. At nearby Bowen Hills on Newstead’s fringe, the Hillview Collection is another townhome project coming soon, featuring four-bedroom plus study dwellings, private lifts, second living room, three garage spaces and wine cellars. Each home comes complete with luxury appliances, fixtures and finishes, and sweeping city views. Across the river at Taringa and also under construction is Beatrice Residences – a boutique set of nine townhomes with a timeless Mediterranean style, three or four bedrooms and up to four garage spaces. Union Taringa is a collection of 10 two-level townhomes currently under construction, each with a private courtyard, large deck, multiple living rooms and butler’s pantry. Read the full article here