Construction has begun on a new Queensland town where building plots are on sale for less than $300,000, giving young buyers a chance to buy their own home as prices elsewhere soar.
A large-scale earthmoving project is currently underway to develop Waraba, a new town an hour’s drive north of Brisbane, which will eventually house up to 70,000 people.
Moreton Bay City Council, formerly known as Caboolture West, unanimously approved the town’s development on June 14.
The council estimates that 30,000 homes will be built on the 3,156 hectare site over the next 40 years, making Waraba comparable in size to established cities such as Coffs Harbour and Bundaberg.
Waraba’s first neighbourhood, Lilywood Landings, will feature a childcare centre, a petrol station and 228 residential plots.
Each lot is a minimum of 375 square feet, large enough for a four-bedroom, two-bathroom home, and prices start at just $280,000.
Project developer Lennium Group has already received more than 1,000 applications and expects the first residents to be able to move in mid-2025.
“This offers buyers a very affordable entry into the new home market as the site is suitable for most three to four bedroom family homes,” said development manager Ian Worthington.
Construction has begun on a new city in Queensland, with building parts available for less than $300,000
A major earthmoving project is underway to develop Waraba, a new town an hour’s drive north of Brisbane
Queensland’s population is set to explode over the next five years as more than 100,000 people move to Queensland from other parts of Australia in search of warmer weather and affordable housing.
Prices have skyrocketed, especially in Sydney and Melbourne, leaving home ownership reserved for the wealthy or those willing to take on lifelong debt.
The budget documents predict Queensland’s population will grow by 110,900 people in the five years to 2028.
Maree Kilroy, chief economist at Oxford Economics Australia, said strong migration to and from south-east Queensland would push up house prices across the state.
“Demand is expected to remain strong, with Queensland leading the way in population growth,” she said.
‘The weak outlook for near-term supply means that pressure on housing stock will persist, creating a solid base for further growth once the current cycle of monetary policy tightening is reversed.’
Brisbane’s housing market has seen strong growth in recent years, with prices rising by more than 55 percent since the COVID pandemic.
Lilywood is just the first of seven planned neighborhoods in the new city
