The sale of 118 resort style villas is underway at the junction at north Ipswich with almost 70% already sold before construction has even started.
And Queensland-based developer, Geoffrey Booth, is already planning another 900 homes close by.
Preliminary site works at the junction officially began on Thursday may 26 with a sod turning ceremony at Riverlink shopping centre.
Once complete, the state’s “first regional city” will comprise 118 villas and townhomes, 4.8ha of green space, and numerous park and recreational facilities including a swimming pool.
“We have already sold 80 townhomes to (a) mix of future residents and investors,” Mr Booth said.
“We are also very excited to incorporate a number of special disability accommodation under the national disability insurance scheme to cater for mobility impaired participants. All of the villas will be single-occupant homes.”
With such extraordinary demand for homes at the junction, it is perhaps no surprise Mr Booth is looking to invest further in local housing.
“The flagship project we are currently in discussion with the council (about) is an 896-unit build-to-rent project,” Mr Booth said.
“Build-to-rent provides tenants the ability to lock in long-term rental agreements rather than the traditional six-month terms.”
The project, if built, will link to stage 6a of the brassall bikeway network and a number of parks and amenities.
Mr Booth said the mammoth project would see hundreds of jobs created in the construction phase and deliver “much-needed” housing supply.
“With Ipswich rental vacancy rates at a 10-year low, this project needs to be accelerated to help reduce the housing crisis that exists now, not just the predicted future demand,” he said.
“Ipswich has consistently been one Australia’s fastest-growing cities and the North Ipswich area holds the key to supplying significant housing to sustain this future growth and provide the residents that will drive the CBD redevelopment.”