Published on April 10th, 2013
Townsville to see new residential development
Townsville is set to see a significant increase in residential real estate after the Queensland government announced the release of large blocks of land for development.
Construction has begun for the Cosgrove Residential Project, which will be located to the west of Townsville city. This is a joint venture between the state government and local property development group Parkside Development.
The project will help to ease the pressure in the Townsville property market, with increasing demands from the large number of people shifting to the area.
"This project promises to deliver much needed housing and infrastructure to Townsville at a time when the city is experiencing growing pressure," said state minister for natural resources and mines Andrew Cripps.
A large number of shops, houses and commercial buildings will be constructed on a total of 2,700 lots released by the state government at the foothills of Mount Louisa.
Along with real estate, there will be a number of parks and open spaces made available in the area for residents in order to produce a thriving community in the suburb of Cosgrove.
"This is an important project for families looking to buy their first home in one of Townsville's fastest growing area, and over the life of this project, I expect to see Cosgrove develop into a thriving community hub," said Mr Cripps in an April 10 statement.
"The first round of land releases will occur in August of this year, and by mid-2014 we hope to have Cosgrove's first residents in their homes."
This project is positive news for the area, and creates a number of great investment opportunities for first home buyers and seasoned property investors alike.
As vacancy rates all over the country have been quite low, the introduction of a large number of residential units will help to meet the demand for both renters and home buyers.