Monarch, Coronation Drive to boost apartment sector

Consolidated Properties Group is preparing to release 233 apartments at its Monarch. Coronation Drive community in Toowong as it looks to address a projected surge in demand for apartment living this year.

Consolidated Properties Group announced plans for the multi-tower Monarch community in November last year, with a mix of one, two, three and four-bedroom apartments and villas, anticipated to be priced from $550,000.

Development approval is expected mid-year, with the first release to follow.

Consolidated Properties Group Head of Residential James MacGinley said it was working to bring Monarch to market as soon as possible, with the apartment sector expected to gain increased attention this year from a wide cross-section of buyers, including first-time buyers, downsizers, upgraders and investors.

“We see growing demand for new apartments coming down to a number of factors,” Mr MacGinley said.

“They include rising interstate migration now that border restrictions have been removed, the growing popularity of inner-city living especially from young people, and the relative affordability of an apartment compared to a house.

“When you throw in the rich level of amenity in Toowong, the upcoming 2032 Olympic Games and new infrastructure such as the green bridge that will be built to Monarch’s doorstep – it is a compelling picture.”

Mr MacGinley’s comments followed the release of the latest REA’s PropTrack Property Market Outlook 2022, written by Cameron Kusher, which pointed to several key factors that are tipped to boost the apartment market this year.

They include investors returning to the market in force and banks tightening lending in response to the booming housing market.

“We may see a pick-up in demand and price growth for units relative to houses over the coming years,” the PropTrack report reads.

“Especially given their prices are now significantly lower than the price of a house.”

This is especially true in suburbs such as Toowong, where the price gap between a house and apartment widened significantly in the past year.

According to RP Data, the median sale price of a house was $532,500 more than an apartment in November, 2020.

By October 2021 the gap was a massive $836,000.

Another factor that may bring more attention to the apartment market, according to PropTrack is the fact inner city living is becoming more attractive in the wake of Covid restrictions being lifted and the gradual reopening of the economy, including the return of international travellers.

Consolidated Properties Group plans to build Monarch on a 1.5-hectare site at 600 Coronation Drive, formerly home to the ABC, which includes 100 metres-plus of direct river frontage.

While the Development Application (DA) specified three towers, CPG has flagged one of the tower sites is likely to be resumed for the construction of the Toowong/West End Green Bridge.

Hutchinson Builders is expected to begin construction of Monarch in the second half of the year with both towers to be built simultaneously over a two-year period, along with the restoration of the Heritage listed Middenbury House.

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