Mirvac's Tennyson Reach community doubles in sales

Sales in Mirvac’s Tennyson Reach community doubled in the past financial when compared to the previous financial year, with a total of 22 apartments selling, totaling $16.7 million.

In the previous financial year, Tennyson Reach sold $9.9 million worth of apartments.

Located seven kilometres south of the Brisbane CBD, the 12-hectare site comprises of three residential apartment buildings, totaling 207 apartments.

The Sofstone and Lushington building are sold out, with 14 luxury apartments remaining in the Farringfold building.

Three-bedroom apartments with river views and European appliances start from $865,000 and range in size from 207 square metres to 238 square metres.

"There are a number of reasons that we have seen such a spike in buyer demand over the past financial year," says Mirvac’s national CEO residential development, John Carfi.

"Most importantly, confidence has returned to the market, and buyers are also recognising the great value on offer here at Tennyson Reach. Buyers have also responded positively to the addition of new lifestyle amenities, including the new Buzz Cafe and the 2.9 hectare Ken Fletcher community park,” says Carfi.

Majority of sales have been to those already living in the nearby southwest Brisbane suburbs, who are wanting to make the move to a lower maintenance property.

“Many are empty nesters moving from large family homes and with all of the apartments at Tennyson Reach having a spacious luxury design, they feel they can downsize without compromising on living space,” says Carfi.

Tennyson Reach was impacted by the Queensland floods in 2011, with Mirvac reporting flooding to the basement of the building affecting nine ground-floor apartments and landscaped areas.

The median apartment price in Tennyson is $782,500, a 47.1% decline in the past five years, according to RP Data.