Vistas St Lucia apartments popular with first home buyers as construction finishes
The construction of Barber Property Group has finished construction of Vistas St Lucia, its newest apartment development in the leafy Brisbane suburb.
And the development of 32 apartments has been a hit with first home buyers so far, who have been taking advantage of Vistas one-bedroom apartments, the first one-bedroom apartments built in the suburb for five years.
The rest of the apartment sales so far has been to investors who are looking to leverage the prominent student rental market given Vistas proximity to the University of Queensland.
Barber have a solid case study in the area, having completed Eton, a boutique development of just nine apartments, nearby. Investors are now seeing seven per cent rental yields.
“The numbers stack up very well for investors looking to capitalise on St Lucia’s unique market, as it benefits from a range of buyer types at different stages of their lives," Barber Property Group boss Paul Barber says.
“Although the student market has sat dormant for the last 12-months, with the current roll out of the COVID-19 vaccine, interest is picking up, so we anticipate a rush of international students at the end of the year, ahead of the first semester in 2022.
“Still, with many international students out of the equation, demand in St Lucia’s has remained high with recent occupancy rates as low as 1.7 per cent.”
Raymond Barber Architects, in collaboration with CG Design Studio, designed the apartments with earthy colour palettes and natural timbers that integrate with the St Lucia aspect.
There are nine one-bedroom apartments, 14 two-bedroom apartments and nine three-bedroom apartments, as well as communal facilities including a large open-air terrace and BBQ area with city views.
Barber said the company anticipates strong demand for Vistas St Lucia, as the area’s lifestyle factors play a big drawcard, with the proximity to the city and river, abundance of cafes and restaurants, and quintessential ‘Queensland feel’ high on buyers’ wish lists.
“Prior to completion, approx. 40 per cent of the luxury apartments had sold, really reiterating the market’s desire for new inner-city stock,” Barber said.
“We’re noticing a resurgence in demand for one-bedroom apartments, with a mix of downsizers and young professionals wanting to get into the inner-city suburbs, as well as demand continuing for larger two and three-bedroom properties.