Construction has begun on a new town in Queensland where sections are available for less than $300,000, potentially giving young Australians the chance to own their own homes.
A major earthmoving project is underway to develop Waraba, a new town located an hour’s drive north of Brisbane that could eventually house up to 70,000 residents.
Formerly known as Caboolture West, Moreton Bay City Council unanimously approved the development of the town on 14 June.
The council estimates 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 neighborhood, Lilywood Landings, will feature a childcare center, a gas station and 228 residential parcels.
Each plot will be at least 4,000 square feet, large enough for a four-bedroom, two-bathroom home, and will start at just $280,000.
Developers Lennium Group have received more than 1,000 enquiries and anticipate the first residents will move into Waraba by mid-2025.
“This will offer buyers a very affordable entry into the new housing market with a site suitable for most three to four bedroom family homes,” said development manager Ian Worthington.
Construction has begun on a new town in Queensland, where sections are available for less than $300,000
A major earthmoving project is underway to develop Waraba, a new town located an hour’s drive north of Brisbane.
Queensland’s population is expected to grow exponentially over the next five years as more than 100,000 people move there from other parts of Australia in search of warmer weather and more affordable housing.
Budget documents predict that over the five years to 2028, Queensland’s population will grow by 110,900 people.
Maree Kilroy, senior economist at Oxford Economics Australia, said strong interstate migration to south-east Queensland would boost property values across the state.
“Demand fundamentals are expected to remain strong, with Queensland positioned at the forefront of population growth,” he said.
‘The weak near-term supply outlook means that pressure on the housing stock will continue, creating a solid foundation for further growth once the current cycle of monetary policy tightening is reversed.’
Brisbane’s property market has seen a surge in recent years, with prices increasing by more than 55 per cent since the Covid pandemic.
Lilywood is just the first of seven planned neighborhoods in the new city.
