New estate on prime Warwick land to target high-end buyers
WHAT may be the last piece of prime residential land in Warwick hit the market on Tuesday and it is earmarked for high-end family homes.
The estate is on Hawker Rd, between Matthews St and Stonewood Cres and backs onto Pennant Park. Developer Henri Stevens bought the block about 12 years ago and he sub-divided it into 15 lots, each between 750sqm and 22025 sqm.
"I thought the timing is right to sell. It's probably the last prime bit of real estate in Warwick that is left to build on, it's elevated, in a good location and suited for owner-occupiers who want a prime spot to live," he said.
While there are plenty of half-full housing estates in Warwick, most are on the town fringe, but this new block is in the middle of Glennie Heights.
Real Estate agent Doug Rickert will handle the sales and said the location meant the lots would be more expensive than the average Warwick house block.
"It's pointing towards the prestige home market and they range from $130,000 upward," Mr Rickert said.
It is hoped this higher price point will discourage investment buyers.
"Developers often do this, once you do allow blocks for less than $100,000 you get spec builders who put in rentals houses," he said.
"The owners are going to build $340,000 houses, not $200,000 houses."
This would make the future estate the home to the more affluent Warwick residents.
According the Australian Bureau of Statistics, the Southern Downs median house price is about $259,651 or just under half the statewide average of $459,353. At the last census about 37.6 per cent of Southern Downs residents owned their home, 26.9 per cent were rentals and 26.8 per cent were looking to buy. If they have the cash the Hawker Rd development could suit.
"There's only 15 blocks so it's not a big estate and they are heading toward the bigger family homes," Mr Rickert said.