Brookfield Residential Properties, in partnership with Multiplex, has commenced with the construction of the Gallery House, a 20-storey residential building just next door to Portside Wharf and within six kilometres of the Brisbane CBD. It comprises 169 residences, including apartment units ranging from one-, two-, and three-bedroom types and penthouses ranging from 58 sqm to 669 sqm.
Credit: Portside Wharf YouTube
Construction has proceeded amidst the latest estimates from the QBE Australian Housing Outlook 2017-20. The outlook for the next three years is that unit prices for apartments will fall due to stricter lending standards. Specifically, the report shows that Brisbane will see a seven percent fall for unit prices, followed by Melbourne at five percent and Sydney at four percent.
While apartment prices fall however, the housing market are set to increase in the next three years. Brisbane house pricing is also set to increase by 7 percent. As a result, people are leaning towards buying apartment units than houses.
“With so many Australians priced out of the housing market, the Australian Dream of owning property is increasingly turning to high- and medium-density apartments,” says QBE Lenders’ Mortgage Insurance CEO Phil White.
It appears that Brookfield Residential Properties is geared towards taking advantage of this demand.
As of press time, 80 percent of the Gallery House tower has already been sold. Tower Two is set to be launched before the end of October.
“Demand for riverfront apartments remains high and the success of Gallery House is testament to the fact that well-designed and positioned properties continue to perform strongly,” says Brookfield Residential Properties General Manager, Lee Butterworth.
The firm also provides choices for its residents. They can choose between two kinds of units: the Sky Collection and the River Collection.
Credit: Portside Wharf YouTube
The Gallery House is strategically located within a close distance from various lifestyle hubs. It is just within a 3-minute walk to the Eat Street Markets, 10-minute walk to the Eagle Farm Markets and an 8-minute drive to the James Street in Fortitude Valley.
Credit: Portside Wharf YouTube
Major transportation are also within the surrounds of the Gallery House in Hamilton. Nearby terminals are Brett’s Wharf CityCat Terminal, Doomben and Ascot Train Stations, International and Domestic Terminals, Gateway Motorway, Kingsford Smith Drive, Airport Link Tunnel and Inner City Bypass.
More information about the Gallery House can be found here.