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Buyer demand causing capital growth in large developments

first_imgHayley Evans and her cat Ma’asi — which is Tongan for “March”, the month Hayley her cat and her partner Leah moved into their new home at Providence in Ripley.FIRST homeowner Hayley Evans said she almost collapsed when she discovered her home had increased $40,000 in value in 18 months and she hadn’t lifted a finger.The Brisbane chef, aged 27, said the bank told her she had made a good investment with her home purchase at Providence in Ripley, with a $40,000 increase in valuation.“I nearly fainted — we’ve never done renovations, and it’s my first home,” Evans said. “It’s pure capital growth.”Evans purchased the land in Providence in late 2015, moving into the new four-bedroom property on 420sq m in March last year with her partner Leah Vi.Providence in Ripley Valley.“We had spent six to 12 months unsuccessfully searching at Springfield and Augustine Heights,” she said.“I was on my way to place a deposit on another estate in Ripley, when I got lost. Luckily, I took the wrong turn and arrived at Providence.”She said the couple couldn’t be happier and were looking to purchase another block and build an investment property.Evans said she liked Providence as it reminded her of her country upbringing, with its mountain views and natural beauty.More from newsMould, age, not enough to stop 17 bidders fighting for this home4 hours agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor4 hours agoThere is currently $4.4 billion worth of residential projects underway between Springfield and Ipswich with research property services group Oliver Hume identifying 11 separate projects in the Ripley Valley, where developers were making the most of demand for affordable land.The projects represent the first wave of development in the Ripley Valley after it was declared a Priority Development Area (PDA) by the State Government in 2010. The area will ultimately have a population equal to that of Toowoomba.The demand for land has seen prices rise rapidly with new lots ranging in size from 238sq m to 700sq m increasing 27 per cent since late 2014 at the Providence master planned community in South Ripley.Providence Adventure Playground.Despite the rises, land still remains affordable, with lots priced from $159,500.The 7,000-lot Providence project being developed by AMEX Corporation, is the largest of several large scale residential projects currently underway in the area.Oliver Hume Queensland joint managing director Brinton Keath said the Ripley Valley PDA was one of the country’s fastest growing economic zones due to its proximity to Ipswich, Amberley and Springfield.“The Gold Coast has always been the largest volume selling local government area within southeast Queensland. Thanks to the opening of the Ripley Valley and the success of projects like Providence, Ipswich will take that title very soon,” he said.“This trend will be the case for the next 20 years due to the number, scale and quality of the major projects that are now being developed along the Centenary ‘road to riches’ Highway.”The area is attracting mostly new, young home buyers with a survey of almost 300 purchasers at Providence showing that 80 per cent of buyers were owner — occupiers and 70 per cent were first homebuyers, with families representing 53 per cent of the total purchasers.last_img

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