Housing development to bring 150 families to Somerset town
MORE than 150 residential lots are planned for Fernvale, but according to one sales agent in the area, the demand isn't there.
"Sales volume compared to last year is down considerably," Freedom Property agent Colin Moore said.
"Demand is beginning to increase, but it has been a bit slow."
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Mr Moore has lived in Fernvale for 18 years, and been in the real estate industry for 12 years.
He said the limited residential growth in Fernvale was due to financial difficulties in the town.
"The economy has been quite tight for a while. I think businesses in general have been doing it tough," he said.
"Some of the agents who've been active in the area have been quiet for a while."
But at the latest council meeting, Somerset Regional Council reviewed three of the developments that are already underway in Fernvale.
From a large property, 108 lots will be developed between Fox, Clive, and Chaplain streets behind the Woolworths precinct.
The development was initially approved in May 2010, with the first stages of operational works approved in 2012.
The operators sought an extension to the currency period of the development application to prevent the approval from lapsing in the middle of the work.
Council made several requests to support the extension, including Ecological and Bushfire Hazard Assessment reports, and the addition of a pedestrian footpath to connect the development to the adjoining Brisbane Valley Rail Trail.
Two further developments are slated for Banks Creek Road.
The first of these involves dividing three existing lots into six properties, and was approved without issue.
The final application involves the division of two existing lots into 43 residential lots.
This development was originally approved in 2008, with the application undergoing a range of changes and extensions since then.
While finalising a survey plan for the site, it was discovered the developers had allowed the approval to lapse.
Despite stage one works already completed, council were not able to extend the application.
The developer was advised they would need to take their case to the Planning and Environmental Court.
Council offered to submit a letter of support, to be presented to the court.