Median SEQ Vacant Land Prices Up in All Areas
The median price of vacant residential land in South East Queensland has increased in all local government areas (LGAs) for the first time in eight years, says the latest SEQ Land Market Report by Ray White Commercial.
The report for the 12 months to June, 2016, found Brisbane retained top spot with a median price of $375,000, while Ipswich has the most affordable land in SEQ with a median price of $192,500.
The strongest price growth was in the northern and southern growth corridors of Moreton Bay and Logan City. Both LGAs achieved their highest median price in more than eight years, with Moreton Bay rising 9.78 per cent to $247,000 while Logan City rose 8.98 per cent to $213,600.
“The facts and figures certainly back up what we have been experiencing in the market place,” said Ray White Land Marketing Director Jamie Martin in the SEQ Vacant Land Market Report March 2017.
“We have found that demand has been very strong from a wide range of purchasers for new land across the board in South East Queensland.
“This increase in the median sale price, also translated to an increase in the dollar per sqm paid for land in every LGA for the third consecutive year. Redland City recorded the greatest increase rising 14.63 per cent to a new high of $666 per sqm while Gold Coast also recorded a significant increase rising 10.73 per cent to a new high of $578 per sqm.
“The SEQ vacant residential land market will continue to be buoyant throughout 2017, and estates offering a point of difference from an affordability angle, superior amenity or a greater sense of place will be in high demand.”
The report also found land remained in high demand in SEQ, with 11,513 settlements being recorded across the seven LGAs. This is 22.8 per cent above the average annual sales for the last five years, but is still significantly below those reached at the peak of the market in 2007/08.
Development activity was also strong throughout the 12 months to June 2016, with a total of 1,190 approved land projects in SEQ and 73 projects of over 50 lots. This resulted in 15,770 lots being approved and a 12.27 per cent rise in registrations with 13,427 lots being registered.
“We have certainly noticed an increase in transactional and development activity since the middle of 2015,” said Ray White Special Projects Qld Director Mark Creevey.
“We consider that this is a good sign as it underlines the confidence that developers have in the SEQ land market.”