INDUSTRY NEWSNEWSQLD

Land sales spike in South East Queensland

Demand for land in South East Queensland remains elevated with sales up to 10 times higher than pre-pandemic levels in some areas, while just seven suburbs have a median price under $300,000.

According to property services group Oliver Hume, land around Logan and Ipswich boast nine of the 10 best-value suburbs in South East Queensland.

South McLean in Logan is the most affordable location to buy land with a median price of $226,000, followed by Walloon, in Ipswich at $230,500.

Other sub-$300,000 suburbs include Collingwood Park ($275,000) and Deebing Heights ($280,500) in Ipswich and Logan Reserve ($267,000), Greenbank ($273,500) and Jimboomba ($273,950) in Logan.

Also making the top 10 best value list with median prices between $300,000 and $340,000, were Redbank Plains ($304,000), Blackstone ($310,000), Morayfield ($310,000), Ripley ($314,050) and Caboolture ($339,450).

Oliver Hume Chief Executive Officer Project Marketing Julian Coppini said there were still opportunities for buyers to find affordable homes across South East Queensland.

“The land market is adjusting to the new interest rate environment but there are still plenty of great opportunities for people to get on the property ladder,” Mr Coppini told realestate.com.au.

“Many buyers are weighing up the rising rents with rising mortgage payments and deciding it is still a better option to buy. 

“This is especially the case over the medium-long term as we expect that rents will continue to increase given the exceptionally low vacancy rates and housing shortages we are seeing.”

Mr Coppini said buyers were also still looking to Queensland for opportunities to buy given its affordability, especially compared to Sydney and Melbourne.

“We are continuing to see plenty of buyers from south of the border chasing that value and, of course, the Queensland sunshine and lifestyle,” he said.

Winten Property Group Queensland Director Karl Rameau said there was a land supply crisis across the Gold Coast, which had now spread to popular tree-change locations.

Mr Rameau said in Canungra, the average annual sales had gone from 12 pre-pandemic to between 120 and 150 homesites recently.

“The pandemic has created a real demand for people looking to escape the Gold Coast market and set-up in the hinterland,” Mr Rameau told realestate.com.au.

“But we are very quickly running out of land.

“Canungra has always been an attractive destination for people seeking a tree-change, but that trend really accelerated during the pandemic and our Canungra Rise project has really exceeded all of our expectations.”

Mr Rameau said the final lots at Grand Views were expected to sell quickly and leave the local market without any substantial new land available for development.

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Rowan Crosby

Rowan Crosby is a freelance journalist specialising in finance and real estate.