Blocks sell on the cheap in latest estate construction stage
ALMOST every block in the latest stage of construction at Brookview Estate has sold, bringing new life into the once-failed $90 million housing estate.
Four new homes have been built, with many set to follow in an estate turnaround that has boosted confidence in the real estate and building sectors.
Original developer the Gold Coast's Latitude Development Group went into receivership in early 2016, when less than half of the homes at the Glen Eden Estate had been built.
Bishop Chase purchased the balance of the estate in September 2017, with plans to sell 23 blocks in its first stage of construction.
Knight Frank Gladstone principal Ron English has sold 19 of the 23 blocks for between $78,000 and $90,000 each, with the majority going to first home buyers.
Mr English said the Sydney developer would be in Gladstone today to discuss how many blocks would be involved in the next stage later this year.
"We're not trying to jam in a heap of small blocks into the estate, they're after nicer, bigger homes with good-sized yards," Mr English said.
"The first stage of blocks moved pretty quickly because they were price-pointed, it was a good opportunity for young people to buy their first home."
When the development halted in 2016, the estate was home to 77 tenants, with almost every property bought by investors during the boom.
Mr English said it was great the new buyers were likely to live in the estate.
"The whole town has been struggling as we keep seeing more businesses close," he said.
"It's good to just have activity in that space again, it puts confidence back in the market for builders."
GJ Gardener Homes, Absolute Homes, Tenheggeler Homes, Chris Irwin Homes and Dixon Homes are constructing the estate's homes.