Frasers exit provides Queensland entry for Melbourne developer Moremac

He added that Moremac would continue to pursue new sites and opportunities across the state, as part of its Queensland expansion plans.

Lot sales at the Deebing Heights site are expected to kick off in the final quarter of the year, with construction due to begin in the first quarter of 2023.

Less enthusiastic about the site was the vendor Frasers, which put it up for sale via select tender after clashing with the local Yuggera Ugarapul people, over concerns about its proximity to a heritage-listed Aboriginal mission and cemetery.

However, the Queensland government rejected calls to buy back the land, stating the Deebing Creek Cemetery site would not be impacted by the development.

Despite its early exit from the project, Frasers made a tidy profit on the land sale, having paid just over $13 million in 2015 for the freehold site which forms part of the Ripley Valley Priority Development Area just south of Ipswich.

The Deebing Heights site lies just 15 kilometres west of Greater Springfield, the country’s biggest master-planned community being undertaken by Rich Lister Maha Sinnathamby and his family.

Despite the move into SE Queensland, Mr Moore said Moremac was not abandoning the Victorian market “by any means”.

However, he acknowledged that inquiries across its Melbourne estates had fallen away “quite a bit” since the Reserve Bank lifted interest rates in May and June.

“There’s still a good level of sales activity, but I expect a fairly significant reduction in sales is on the horizon, perhaps not as far away as that,” he said.

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