Mosaic Property projects among best-selling in Australia

Brisbane-based, privately-owned Mosaic Property Group has delivered two of Australia’s top 10 sales results for off-the-plan apartment projects, according to Urbis’s latest Apartment Essentials report, the country’s most comprehensive new apartment market survey capturing sales and supply data across five cities.

The $120m, 115-apartment Bela by Mosaic in Mermaid Beach ranked 5th in Australia, and 2nd for the Gold Coast region, recording 40 sales at an average price of $880,000. In Brisbane, the $34m, 56-apartment Sayre by Mosaic in Windsor was the highest selling project in the city, accounting for 20% of total sales in the region with an average sale price of $601,000 and ranked 7th in the country.

In both cases, it was owner-occupiers who dominated sales.

Mosaic Founder and Managing Director Brook Monahan said while there is a continued appetite for lower maintenance apartment living in well-serviced locations, there is a clear, driving emphasis on quality and owner-occupier appeal.

“The feedback we constantly receive from the market is that we are creating homes that people genuinely want to live in, whether you are an owner-occupier or renter, in blue-chip locations. This means exceptional architecture, larger floor plans, generous ceiling heights, having at least two bathrooms, premium quality appliances and finishes, and a heightened level of amenity within easy reach of shopping, dining and entertainment precincts.”

“We also manage and maintain our buildings for at least 25 years post-completion and buyers take great comfort in knowing it’s in our best interest to keep the property in excellent condition – essentially future-proofing their investment.”

Mr Monahan added this approach is also resonating with investors who see it being key to strong value uplift.

“There is no shortage of feedback from astute investors that owner-occupier designed product is delivering a stronger result in terms of appreciation and rental yields, which has also been evidenced by the performance of the 40+ projects we have already delivered since 2012 alone.”

“We have several recent stand-out examples where buyers of Mosaic property in the Sunshine Coast and Brisbane have achieved a 17% resale uplift in less than 12 months and a 50% resale uplift in 36 months, while a high number of our rental properties are commanding an average of $60 per week above market rents.”

Urbis Director Paul Riga reiterated this sentiment, saying that was a distinct trend emerging away from traditional investor-led design.

“We are seeing a noticeable shift where developers are putting more effort into their projects, and this is being reflected in the product being launched and subsequently in solid sales results.”

“More expert consultants are being used and more time is being taken to ensure the product fits the buyer brief. Importantly, figuring out the end user and what they want is being referred to in this process more than it ever has.”

Construction is due to commence on Bela and Sayre in the second half of 2019.