Mirvac has officially opened LIV Anura, its fourth Build to Rent project and first in Queensland, with rents starting at $800 per week for a furnished one-bedroom unit without parking.

Located in Newstead, an inner suburb of Brisbane, the 396-apartment complex includes 99 discounted units for essential workers under the Queensland Government’s BTR pilot. A two-bedroom furnished apartment (no parking) will cost around $59,000 a year or $1,135 per week.

With full Age Pension payments at $1,051.30 per fortnight for a single person – and only 39% of older Australians receiving the full amount according to Rice Warner – LIV Anura is unlikely to threaten retirement village or land lease community operators.

Backed by Mitsubishi Estate Asia and the Clean Energy Finance Corporation, the $1.8 billion project is owned and managed by Mirvac, which also owns 40% of land lease operator Serenitas.

The launch follows the federal Build to Rent tax reform bill’s passage, which is designed to drive further investment in the BTR space. The legislation is reducing withholding tax for foreign investors from 30% to 15%, and lifting capital works deductions from 2.5% to 4% to allow expenses to be depreciated over a 25-year span instead of the current 40 years.

As of mid-2024, just 5,000 BTR units had been completed nationwide, with another 11,000 under construction. More projects are in the pipeline, including:

• Stockland’s approved 510-apartment Triniti Lighthouse in North Ryde, 15km northwest of Sydney's CBD;
• Coronation’s twin towers (500 plus another 541 units) in St Leonards, 5km northwest of the Sydney CBD; and
• Goodman Property Services’ proposed 736 units across seven buildings in Macquarie Park, 33km northwest of the city centre.