Brisbane Rental Demand Reaches New Heights As
May xx, 2014
BRISBANE RENTAL DEMAND REACHES NEW HEIGHTS AS
100% OF APARTMENTS RENTED AT MADISON HEIGHTS
DEMAND for inner city rental properties remains strong with Metro Property Development achieving full occupancy at the recently completed Madison Heights development at Bowen Hills.
All apartments added into the rental pool of the project have now been rented at yields of between 5-6%. All 308 apartments are now sold and 290 are now settled. All 274 apartments added into the rental pool are now rented.
Of the leased apartments, 174 are part of the National Rental Affordability Scheme (NRAS), a State and Federal initiative that aims to boost affordable housing throughout Australia.
Metro Property Development Managing Director Luke Hartman said the demand experienced at Madison Heights bode well for the company’s suite of projects currently under construction.
“There have been no problems finding tenants – Madison Heights boasts an excellent location in a thriving inner city suburb and all the amenities you need are at your door,” he said. “We’ve had a particularly strong response towards our allocation of NRAS apartments.”
“It is anexcellent result for the Madison Heights team and a reflection of the development’s quality product offering and excellent value.”
Madison Heights’ Onsite Manager John Bourke said the tenants were attracted to the building’s stunning views, great layouts, central location and affordability.
“Just about every apartment has a view of the city, or towards the bay,” he said. “There are few equivalents in the city at the moment at the same price and we are still receiving regular enquiries from potential new tenants.”
Mr Hartman said Bowen Hills was a popular choice with investors as it was only a few kilometres to the Brisbane CBD, close to employment hubs like the Royal Brisbane Hospital and near the shopping and dining precincts in Fortitude Valley, New Farm and Teneriffe.
“Investors who have purchased at Madison Heights are enjoying some great results – rental returns being achieved on all leases executed to date continue to sit between five per cent and six per cent,” he said.
Resolution Research Director DianaHowes said rental market conditions throughout Brisbane’s inner north corridor remained a compelling investment proposition.
“Our latest research shows that the vacancy rate across the one and two bedroom (unfurnished) apartment market sits at a low 1.7%,” she said. “The prevailing gross rental yield across the area’s rental market sits at 6.1% which ranks in the top three out of the 21 suburbs which make up Brisbane’s inner city.
Resolution Research’s latest study on underlying demand for rental properties throughout the inner north analysed the performance of Madison Heights in Bowen Hills.
This absorption rate at Madison Heights has outperformed the take up of rental units within any new development released to market in more than five years.
Featuring 308 apartments over 30-levels Madison Heights is located in the centre of the vibrant and exciting suburb of Bowen Hills. The development features two Sky Terraces where guests can enjoy views of the Brisbane CBD and Teppanyaki grill barbecues.
Metro Property Development was created in 2010 by Devine Limited founder David Devine and business partners Ken Woodley and Luke Hartman. The company currently has a portfolio of projects concentrating on quality, affordable residential high-rise projects and broad acre land development in Queensland, Victoria and South Australia.
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