- Cedar Woods are launching their first apartment building in Wooloowin, Brisbane
- While the median for the suburb has hit $1 million, Francis Apartments start at $380K
- The dwellings are targeted at first home buyers, retirees and down-sizers
As property prices continue to skyrocket, some developers are looking to provide new projects that allow first home buyers to enter the market.
One such example is Cedar Woods Properties who are launching their first apartment building in the Greville community, in the inner-northern Brisbane suburb of Wooloowin, in Queensland.
The release of Francis Apartments coincides with Wooloowin becoming one of the latest Brisbane suburbs for houses to average a million dollars, with research by CoreLogic showing the median price of a home reached $1,006,561 in March 2021.
SQM Research had Wooloowin (postcode 4030) asking prices reaching $945,000 in February last year.
Wooloowin (postcode 4030)
After four releases of terrace homes at Greville, Cedar Woods Development Director Peter Starr said the new Francis Apartments should appeal to first-time buyers seeking affordability and proximity to business hubs, along with downsizers and retirees wanting a low maintenance lifestyle and access to local amenities.
Francis Apartment’s 58 one, two and three-bedroom apartments are now selling, priced from $380,000.
“Greville is a masterplanned, integrated housing community which, upon completion will feature a mix of terrace homes, apartments and heritage residences, alongside a 4,000sqm community park and dedicated residents’ recreation precinct with a pool and lush landscaping.”
Peter Starr, Cedar Woods
“We debuted Greville with the release of terrace homes and feel now is the right time to introduce our apartment residences. There are many first home buyers and young professionals who want to buy but are finding it difficult to do so because the property boom is putting upwards pressure on pricing, especially in attractive city fringe locations such as Wooloowin.
“Statistics show Wooloowin is one of the north Brisbane’s ‘younger’ suburbs, with an average age of 33, compared to neighbouring Ascot, where residents average 40.9 years and Hendra at 39.5 years.
“We have had strong enquiry from young buyers, many of whom felt they were being priced out of the Wooloowin market, so we know there is pent up demand for well-designed apartments in this location.
Mr Starr said Francis Apartments was a unique addition to the area.
“Francis Apartments is a rarity in such an established suburb and has the bonus of being part of a master planned community, which provides a number of benefits, including certainty about what is being built in the immediate area,” he said.
“We have worked with award winning architects Rothelowman to create a range of floorplans designed to suit different lifestyles and an aesthetic that complements the historic charm of Wooloowin,” he said.
