Greenfield sites in our cities play a vital role in establishing new communities. Recent data from suburbs that started as a greenfield site, provide interesting insights as to what these suburbs evolve into.
What is a greenfield site?
Undeveloped land that has not been used before so the term “greenfield” implies that the land is in its natural state, typically covered in grass or other vegetation. To make it liveable, it needs a developer to create a masterplan that encompasses the civil works, infrastructure and service.
For larger masterplanned communities, a town centre, shopping, education of varying levels, commercial and key services are positioned in the estate to service the population and create another drawcard.
Sometimes investors feel that a greenfield site is too underdeveloped but it depends on the balance of supply and demand, the owner occupier and investor ratio, as well the uniqueness of the block or house that can keep it competitive e.g. walking distance to the train, town centre or waterfront.
Key findings from the 2021 Census on greenfield sites based on a recent analysis by Gapadvisory:
- Above average income growth – the highest rate was in Werribee at 24 between 2016-2021.
- Average age is 31.5 years below the Australian average of 38.9 years.
- Retail and commercial – most areas are undersupplied as populations boom in these greenfield suburbs, so it’s a big opportunity for retailers and services.
Check out the type of greenfield site that the API team has approved that features a strong balance of owner occupiers, services and amenities along with location as a key point of difference being on the Brisbane coast!
If you would like to learn more about these opportunities or others from our team, please feel free to contact your friendly property consultant or call 1300 449 974.