Apartments in the boutique Windsor-based Mint Residences are selling quickly, with buyers snapping up 10 units for a total of $5 million in recent months.
Mint Residences boasts a collection of 32 apartments priced from $389,000 to $570,000, located just 3 kilometres from the city and within easy reach of the Royal Brisbane Hospital, local shops, schools and transport.
With a third of the apartments now under contract, construction is expected to commence shortly with the six-level building slated for completion by 2017.
According to the developer, early purchasers at Mint are already reaping the rewards of pent-up demand for quality apartments, with developer Ideal Property already realising a $30,000 increase in Mint apartment values within just six months.
Ideal Property Australia director John Li says Mint has been well-received because all aspects of the project have been designed with end-users in mind.
"Success is always the sum of many factors, and for Mint those factors are a strategic location and a design that appeals to a wide variety of people at different stages in life," he said.
"Mint appeals to a broad demographic. At one end of the spectrum we have young professionals securing our entry level apartments to capitalise on Mint's location just 500 metres from the Inner City Bypass, Airlink and train station, meaning the CBD is less than 10 minutes away.
"There's also plenty of activity from purchasers who have taken up our larger apartments in the $500,000 bracket, which have been popular with families, mature age purchasers and medical professionals who work at the Royal Brisbane Hospital which is within easy walking distance."
According to Mr Li, the appeal for buyers of all ages is that Windsor is such a highly accessible and vibrant neighbourhood, residents are well connected to the city but don't really need to travel for work or entertainment, with an array of trendy retail precincts, cafes and expansive parks at their doorstep.
Mint is being marketed by Lisa Cowan of McGrath Real Estate, who says the variety of floorplans available is another drawcard for purchasers.
"Mint's starting price of $389,000 is for a one-bedroom apartment which includes a dedicated study or multi-purpose room, ample storage and large balconies, which represents great value and an ideal opportunity for buyers who may not be able to purchase a two-bedroom but want as much space as possible," she said.
"Mint's two-bedroom apartments have been designed to cater for shared living arrangements, with separation between the two bedrooms which each have ensuited bathrooms, allowing couples or friends to share the space with maximum privacy and comfort.
"Mint also boasts a collection of one and two-bedroom courtyard apartments which have expansive terraces, ideal for mature couples who want to downsize without losing the amenity of a private garden, and those who want a home-style alfresco space to entertain guests."
Ms Cowan says Windsor's potential for growth over the coming years means there is plenty of upside for both owner occupiers and investors at Mint.
"There's a strong case for investment in Windsor, with capital growth trending above 6 per cent and vacancy rates currently at 2.5 per cent and decreasing setting a platform for solid yields. Windsor is also experiencing an above average population growth of 17 per cent, which means demand for property will only increase so investors can feel confident they will be able to find and retain quality tenants," she said.
Ideal Property Australia is also developing the luxury Banc development in Toowong, with prices for three-bedroom River Homes starting from $1.39 million, ranging up to $2.9 million for three-bed Sky Homes.
Mr Li said both projects are boutique with high quality finishes and have been designed to meet market demand in their respective locations.
"In the Toowong area there are a number of high-end downsizers who are looking to move from their family home to an apartment without compromising their lifestyle, and Banc is tailored towards this demographic with its home-size apartments and specialty inclusions like a winebanc with a private storage facility and tasting room," he said.
"Windsor capitalises on its convenience to transport and employment hubs, and that's why it has become a hotspot for people looking for an address that represents excellent value close to the city.
"Both Banc and Mint have been created to suit their locations, and in turn the people who live in these areas. This market-led design approach is the reason both projects are proving very successful."