Record Land Sales on the Gold Coast
Vacant residential land sales and median land values on the Gold Coast have reached record highs while lot approvals were at the highest level since 2011, according to a Ray White Commercial report.
Ray White Land Marketing Director, Jamie Martin, said the Gold Coast City Council LGA residential land market has seen strong results in the year to June 2016 with median values for both vacant land and house and land packages on the rise.
“Vacant land sales rates reached their highest level recorded at 2,973 lots, from a previous record high of 2,408 in 2015, while median land values are a record high of $578 per sqm,” Jamie Martin said in the Between the Lines – Gold City Land Market Report February 2017.
“There have been four consecutive years of increases in lot sales activity.
“Lot approvals increased over the 12 months by 18.40 per cent to 1,911 which represents the highest number since 2011 and still ahead of the longer-term trend of 1,646.”
Jamie Martin said the increases in approvals translated into a sizeable increase in the total number of projects with 97 in the 12 months to June, 2016, up from 75 the previous year.
“The Gold Coast City land market has shown robust results over the last few years and continued into the year to June 2016 period,” he said.
“The volume of vacant land sales has shown a significant uplift and translated into an increased median price across the region. While this level of growth may be minimal the continued lot size reduction has kept the median price and affordability in check.
“The true growth on a per sqm basis has been consistently positive and shows encouraging signs for the market. DA approval levels continue to grow in line with these increased demand levels, similarly the steady increases in registration levels highlight the depth of this market.
“Other indicators include the high number sales we have had to builder groups, which emphasises the ongoing demand for housing in this location.
“Gold Coast City provides 3,370ha of land suitable for residential development, with potential to deliver over 45,000 dwellings, representing an important growth corridor of South East Queensland with significant scope for future residential land development opportunities.”