RESIDENTIAL developer Cleighton Clark can’t see a reason to stop building in Sippy Downs as his firm’s projects sell out.
The managing director of Brisbane-based Habitat Development Group was on the Coast yesterday for the start of construction on a 104-unit development in a residential precinct across the road from the University of the Sunshine Coast.
Mr Clark said Habitat had built 600 units in Sippy Downs in the past six years.
“Vacancies in our completed projects are tracking between zero and 0.5 per cent which provides a lot of confidence to keep building,” Mr Clark said.
He said his company sought local buyers but also targeted Brisbane, interstate and international investors.
“We can deliver units more affordably than houses so most of our buyers are first home buyers or investors.
“Typically, as an investor you can get more than five per cent gross yield in this area, which is quite good, particularly for people from down south.”
He said he believed there was enough infrastructure in Sippy Downs to support more residents.
“Sippy Downs Drive is being upgraded so we don’t think there is a shortage of infrastructure but obviously any more infrastructure would be great.”
He said his developments had a lot more car parking than typical apartment projects.
“So we are trying to get cars off the road.”
Mr Clark said Habitat’s three apartment projects currently under construction represented about $75 million in work.
Unit prices range between $360,000 and $450,000, which he said was more affordable in comparison to other areas of the Coast.
“The median house price in Sippy Downs is $505,000 – $160,000 less than neighbouring Buderim, while the median unit price is $365,000 which is $55,000 less.”
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