BUYER INTEREST SPIKES AS BOOST COMES TO END
High-rise developers happy as bargain-seeking investors make a late rush to beat new deadline on $10,000 Building Boost
BUYERS hoping to take last-minute advantage of the State Government's Building Boost scheme have entered the market, several projects have reported.
The scheme, which offers up to $10,000 for unit buyers, is scheduled to close on April 30 . The cut-off date for the scheme was an extension from the original January 31 deadline.
Simon Pressley, managing director of Propertyology, says the Building Boost scheme has achieved its goal of encouraging buyer confidence.
That confidence has taken a hit in the past 12 months due to the flooding of Brisbane's riverside suburbs and the global economic downturn, he says.
"However, properties like The Milton, The Albion Mill and the Wexford Green [also at Albion] are selling well," says Pressley.
"Consumer confidence has slowly been on the rise since Christmas, as the economy picks up slowly."
The Milton, on Railway Terrace in the heart of the inner west suburb's business and shopping precinct, has reported a recent spike in interest from potential buyers.
The project is the work of award-winning architects DBI Design.
Bryce O'Connor, of 360 Project Marketing, says the surge in interest was a repeat of the strong demand in the lead-up to the original January 31 Building Boost deadline.
More than $80 million in apartments have now been sold at The Milton.
"In the last two weeks before the original deadline there was a big rush of new enquiries and we're already beginning to experience a similar level of interest," says O'Connor.
Property analyst Michael Matusik recently pinpointed Brisbane as being at the bottom of the property cycle, which provides enticing opportunities for cashed-up buyers.
"We're seeing both investors and owner occupiers looking to secure property in the city," says O'Connor.
"Along with strong interest from buyers already living in the surrounding area, we also have those from interstate who are keen to take advantage of the Queensland Government initiative."
Developed by property group FKP, The Milton is expected to be complete by November 2013.
The building will comprise 298 apartments along with a range of resort-style facilities, including a rooftop 'sky deck' and a podium deck with pools, gymnasium, residents lounge, landscaped barbeque retreats and sauna.
It will also feature a street-level retail precinct, adding to the eclectic mix of restaurants, cafes and boutique shops already on offer in nearby Park Road.
The building is within walking distance of Milton Railway Station.