The amount of construction on Bribie Island is at an all-time high at present with more than a dozen buildings under construction or being renovated in Bongaree, Woorim and Bellara. This is in addition to the regular construction seen at Pacific Harbour as it reaches its final stages.
Land on the island is scarce and the advent of housing developments on the mainland side of the bridge has increased the value and appeal of an on island location. Woorim, especially, has seen almost every vacant lot sold and now developed into luxury homes and apartments.
The Esplanade and Welsby Parade at Bongaree have seen at least three new apartment complexes built recently and a number of houses built and renovated to take in water views.
The cost of this construction is huge, however the return on investment potential has increased lately to give confidence to developers. While there is always a lag between price rises and statistics from real estate data sources the latest figures indicate a 6% rise year on year. This will ultimately become higher as the current economic recovery unfolds.
Real estate agents are having real problems getting listings as demand outstrips supply and you may have noticed your letter box containing more offers to value and sell your home of late.
All of this is a double-edged sword for those who value the quiet life, are in the rental market or looking to buy for the first time. Let’s hope that there is a balance between profit taking and affordability for everyone locally.