$100 million Somerset Park Mackay estate releases second stage following near sellout

Mackay’s latest multi-stage residential development Somerset Park has started to release house and land packages from its second release into the market.

Stage one at the $100 million masterplanned estate by Trinity Property Consultants was a knockout, securing $29.3 million in total sales, with only one house and land package remaining.

“Based on the rapid uptake in stage one and the level of enquiries received, we can expect to see a quick take up of stage two properties,” says Total Property Group managing director and Somerset Park marketing manager Adrian Parsons.

“We have already recorded strong interest from prospective buyers and investors for stage two.

Stage one experienced a fast uptake for its 40 homes and 32 duplexes, which indicates the estate is in major demand and generates buyer interest particularly for its quality, location and value,” says Parsons.

Stage two will comprise of 21 new house and land packages and 12 duplex sites.

mackay-nov-27-one

Artist impression of Somerset Park, Mackay

The first release of stage two, known as 2a features 10 new house and land packages starting from $415,000 for three- and four-bedroom configurations.

The first release, 2A, will feature house and land packages with architecturally designed three, four and five bedroom homes.

“As there is only a limited number of home and duplex properties available for purchase in stage two, we anticipate the available blocks will be quickly snapped up by buyers as they are released to the market across several stages.

“Mackay is one of the fastest growing economies in Queensland, and as a result – there is persistent demand for new housing product.

“Over the past decade the regional centre of Mackay has boomed, experiencing consistent population and economic growth as a result of its strong mining, agricultural and tourism industry.

“There is also a limited supply of new residential housing in the area, which is positioning Somerset Park as a hotspot for future buyers.

“Investors are particularly attracted to the estate due to its strong rental yields and solid capital growth potential, while living in a new master planned community close to Mackay’s major amenities and CBD is a significant drawcard for owner occupiers and first home buyers.

“Stage one features an equal mix of home owners and investors, which is an ideal balance for the estate.

“With building of homes well underway in stage one and civil works completed for stage two, prospective buyers can now see the development take shape and as a community begins to form, we anticipate interest will only continue to grow across the next stages,” says Parsons.

Somerset Park is located six kilometres north of the Mackay CBD.

The median house price in Mackay in $399,000, a 15.7% change in the past five years, according to RP Data.

Nicola Trotman

Nicola Trotman

With a penchant for the written word, Nicola has built a career doing just this – now Creative Director at thriving Melbourne-based PR agency, Greenpoint Media.

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