Developers circle waterfront site

A large waterfront development site, in one of Moreton Bay’s growth areas, has been launched onto the market.

The 4785sqm block, with direct access to the Deception Bay foreshore, already has approval for 95 apartments across three buildings. This would see one two-storey and two five-storey buildings with a mix of one, two, three and four-bedroom residences and 101 car parks.

Colliers are asking for expressions of interest before 4pm on April 9 for the land at 5–7 Wallin Avenue and 7 Captain Cook Parade.

Colliers Residential Development Sites Director Brendan Hogan said the offering comes at a pivotal time for the growing Moreton Bay market.

“Securing a DA-approved waterfront site of this scale in an established coastal precinct is exceptionally rare,” he said.

“Developers are increasingly competing for well-located infill opportunities that can deliver product into a supply-constrained market.

“We are already seeing strong market interest from a range of local, interstate and offshore developers, as well as investors and high net worth individuals.”

Colliers Residential Development Sites Executive Kristian Brymora said vacancy rates across Moreton Bay were sitting at approximately 0.83 per cent.

This highlights the depth of rental undersupply, while median house prices reached $939,000 in 2025 following sustained growth over the past five years.

“With vacancy sitting below one per cent and population growth accelerating, developers are actively seeking approved projects that can be delivered quickly,” Kristian Brymora said. 

“Current supply is not keeping pace with demand. Listings remain well below historical averages, with available stock tracking 18 per cent under the five-year norm.

“It’s rare to see an approved waterfront site with this level of scale, access and surrounding amenity come to market and we expect the market will respond well.”

Read more about our recent coverage of the site.