Teviot Downs development final release

Lateral Properties have finalised the construction of its residential development Teviot Downs, an acreage estate in Greenbank, Queensland.

Built over a decade, this last release completes the 1200 lot community. 

Lateral Properties bought the partially developed 900ha Greenbank site in 2002.

It started selling blocks in July 2003. The estate has been sold over 34 stages, with the last remaining stage selling now.  

The final stage features a total of 47 lots ranging in size from 2,500sqm to 7,000sqm which are selling from $285,000 to $500,000. Over 30 per cent of the stage has already been sold.

“This is the last chance you will get to build a new home in one of Australia’s great acreage estates only 40 minutes to the Brisbane CBD,” commented Clinton Trezise, associate director of residential at Colliers International.

“The introduction of the SEQ Regional Plan in 2005 restricted the further release of acreage homesites, so these types of communities close to Brisbane will soon be a thing of the past,” he said.

Land values at Teviot Downs have recorded strong growth with an average of 10 per cent annual price growth over the last 10 years, due to the scarcity of acreage estates within the greater Brisbane region. 

“In recent years 10 per cent of the sales have been to existing residents of Teviot Downs who are upgrading their homes and re-purchasing in the estate. This is a huge testament to the quality of the development and the friendly established community it is,” Trezise added.

According to Trezise, the majority of buyers in the estate have been 3rd or 4th homeowner occupiers that live within the 10km radius, and are moving from densely populated, growing urban centres for a bigger house and more open space.

In 2005, the project was awarded Queensland’s UDIA Award of Excellence for the Best Parkland Residential Estate.

He noted due to the scarcity of acreage land, this award no longer exists, leaving Teviot Downs as the final recipient.