- Pradella dominates West End in Brisbane with another project
- Building approvals up 19% year-on-year, but down 19% from the last month
- Premium riverside properties popular, with a number of other developments close by
The Brisbane property market has been “hot”, The Property Tribune recently reported the Queensland capital recently had one of the highest auction clearance rates in the country.
Premium apartments have also been the order of the day, Brookfield announcing riverside opportunities in January, another waterfront development in the CBD at Eagle St Pier announced in February – albeit to less than impressed locals.
Another block of riverside apartments have now been earmarked for development, Pradella has the call.
The Brisbane property developer will be building in the trendy suburb of West End, Brisbane locals told The Property Tribune the eclectic suburb was Brisbane’s answer to Sydney’s Newtown, or Perth’s Leederville.
Called Enclave, the development will be the company’s 16th project in the suburb, located only 10 minutes away from the CBD.
This development follows in a continued trend of buoyed business for builders, Australian Bureau of Statistics Building Approvals data states building approvals for the whole country are up 19% since last year, only as government grants wind-up at the end of this month, have Queensland building approvals dropped by 19% since last month.
The value of buildings approved have also dropped somewhat, ABS data states new residential buildings are down $5B, down by 17%, including alterations and additions to residential buildings to the numbers bring it to $5.85B.
Enclave will include two residential towers as part of the development, including a number of “resort-style” amenities. Pradella said the apartments will include a wellness and fitness centre, orchard, and lagoon pool.