- To be known as Yarrimbah Heights.
- Is a JV with the existing landowners and McRae Investments.
- Will be spread across 491 hectares.
Western Australian-based Qube Property Group has announced it will be developing a new estate in Bullsbrook, to be known as Yarrimbah Heights.
Homesites will be a minimum of two hectares and provide a mix of open parkland cleared sites with a large number of elevated, scarp side lots offering uninterrupted city and valley views.
The land will ultimately be divided into 173 lots, with a limited first release of 18 lots, scheduled for release in September.
QUBE managing director, Mark Hector, said the first release was limited in terms of the number of lots available with the intention of potentially bringing forward the release of subsequent stages according to buyer demand.
“Bullsbrook is an increasingly popular location for those seeking the sort of acreage to enable them to build their dream home, complete with space for their toys but still within easy reach of the city,” he said.
A JV with the existing landowners
Backed by BNI Group, QUBE entered into a 50% joint venture with the Park family, who have farmed the Bullsbrook land for the past six decades, and McRae Investments Pty Ltd (The Clough Family Company).
The Park family intend to continue farming on land that has not been set aside for development.
The new estate will cover 491 hectares and is zoned Landscape.
“The site’s elevated location with views back to the city, across to the Walyunga National Park, west to the coast and north to the hills is one of its key selling points as is the access to the growing Bullsbrook town centre, Tonkin Highway and the city,” said Hector.
“It’s also located in close proximity to the soon-to-be-opened Stock Road, making it incredibly accessible while retaining its semi-rural appeal.”
He added that QUBE will be contributing to a second access route for residents providing an important connection to Clarkson Road to the east.
This access provides the residents of the adjacent Shady Hills View Estate an alternative access into and out of the estate in the case of a bushfire emergency and has been well supported by both the broader local community in general and residents of Shady Hill, according to Hector.
The second access road is jointly funded by the City of Swan and the WA State Government with the developer paying a pro-rata contribution towards the cost of the road as lots are developed.
A popular destination
Both the local government area and the suburb are well credentialled.
KPMG analysis found the City of Swan was the fastest-growing region in WA, and the ninth in Australia.
Bullsbrook recorded annual sale price growth of 16.9%, putting the suburb in Perth’s top ten best-performing suburbs; the median sale price is $450,000.
Hector said he expected buyers to be predominantly second and third home buyers upgrading from surrounding areas or ‘tree changers’ moving from the suburbs or the coast to take advantage of the location and lifestyle that Yarrimbah Heights would offer.
“There has been a surge in buyer demand post-Covid with flexibility and the increase in remote working conditions contributing to the demand for commutable rural residential properties such as this,” he said.
Costs to stabilise this year
Hector said that QUBE had been necessarily cautious and selective about acquisitions over the past few years as construction costs continued to be prohibitively high for many developers.
“We do believe that costs will stabilise in 2023, and potentially we are coming to the end of a long series of interest rate rises which we believe will further stimulate buying activity,” said Hector.
“The WA economy remains robust with strong population growth recorded in WA with continued low unemployment levels.
“Our rental market is still incredibly tight and looks set to remain so throughout 2024, with many now finding, given the elevated interest rates, that it is now more affordable to buy than rent which will help keep our market buoyant.
“The estate is considered to be at the premium end in terms of lifestyle estates and will appeal to buyers seeking a more relaxed, semi-rural lifestyle but with excellent access to existing amenities and infrastructure.”