Waterfront unit scarcity proves a winner with high price growth

first_imgJonathan and Brianna Parsons are among the first to purchase at Gallery House in Northshore Hamilton.HAMILTON is proving to be one of the top performing Brisbane apartment markets with median sales price increasing by 9.8 per cent over the past 12 months.Property Research and Advisory analyst Paul Broad said Hamilton’s relation to the river and access to major infrastructure had made it a standout performer. “Whether it is located near an ocean, lake or river, people pay a premium for waterfront property because waterfront land to build upon is scarce,” Mr Broad said.“The basic principles of supply and demand dictate that prices go up for any desirable item for which there is a limited supply.“The old adage that the three secrets to real estate are ‘location, location, location’ holds true in that being on the water is typically the best location available.”Mr Broad said that not only was Hamilton a riverside suburb, but it had also been one of the prime beneficiaries of major infrastructure spending, with all of Brisbane’s major arterial routes immediately accessible through the city’s network of tunnels. Gallery House at Hamilton“The suburb’s winning combination of location, amenity and infrastructure is something investors cannot ignore, particularly in the absolute riverfront developments like Brookfield Residential Properties’ Gallery House,” Mr Broad said.More from newsMould, age, not enough to stop 17 bidders fighting for this home3 hours agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor8 hours agoJonathan and Brianna Parsons were among the first to purchase at Gallery House, priced from $362,000, which will sit on a prime riverfront site in Hamilton.Mr Parsons said he and his wife weren’t looking to buy an investment property, but when they saw what was on offer at Gallery House, they seized the opportunity.“An apartment on the absolute riverfront by such a high calibre developer was too good to pass up,” he said. “Our one-bedroom apartment will be spacious and we will also love the breakout spaces like the rooftop pool and barbecue area, which will be great for entertaining.“The thing that really struck us while walking on the site was the peace and quiet of being tucked away from the traffic.” Mr Parsons said he believed the two most important things when it came to property value were location and lifestyle. Gallery House at Hamilton“Gallery House has been designed with lifestyle in mind and living in the heart of a precinct, where you can enjoy your leisure time and access to so many amenities by foot, provides a certain freedom,” he said.“We are buying for the long term and over the years we have observed that riverfront apartments are always in high demand and are much more resilient to market fluctuations than non-riverfront locations.”Gallery House will boast three ‘Collections’ offering varying levels of luxury — City, River and Sky — all with spacious apartments, large balconies and many with two secure car parks. The 20-level Gallery House has one, two and three-bedroom apartments, as well as six penthouses and sub penthouses.Pre-sales in Gallery House have already reached $70 million.last_img

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