Metro Property Development launched the first high-rise residential tower in its $450 million project Central Village in Fortitude Valley, Brisbane, amidst the weekend's stormy weather conditions.
The project has notched up 73 off-the-plan sales since launching worth around $30 million.
Metro, headed by David Devine and Ken Woodley, have the prime site earmarked for 1,000 apartments along with commercial, retail and green space.
The weekend offering was in the first of six towers, the Cambridge, which has 163 apartments in 18 storeys.
The prime 12,845-square-metre corner site – at Water and Brunswick streets – cost $30 million.
It is close to the RNA Showgrounds, where Lend Lease is undertaking its $2.9 billion regeneration of the Ekka site. Lend Lease has sold about half of the apartments in its first tower, called The Green.
Investors were driving the current growth of Brisbane prices, according to Australian Property Monitors senior economist Dr Andrew Wilson.
"Falling interest rates are a driver of increased investor activity," he said underpinned by the highest gross rental yield of all capital cities at 5,4%," Wilson says.
"Construction of new apartments continues to feed investor demand in Brisbane," he says, with 2350 units approved in the inner city over year ending June 2012.
Wilson says the most popular locations for new units are Hamilton, Newstead Kelvin Grove, Fortitude Valley and South Brisbane.