Vacant lot values in Brisbane have jumped 9% in 12 months

first_imgMedian price per square metre. Quarterly Market Insights report – Oliver Hume Oliver Hume are the sales and marketing agents for a number of projects around SEQ, including Tribeca’s OTTO project at Coomera; Carver’s Reach project at Park Ridge for Golden Gate Property, the Arcadia Park Ridge project for developer Goldengrove; and a soon-to-be-launched project at Ripley. They will also be launching a new campaign for Oliver Hume Property Fund’s The Verge project at Logan Reserve.Locally, Oliver Hume Queensland general manager Matt Barr said southeast Queensland, like most major markets, was seeing an increasing demand for smaller lots.Mr Barr said declining lot sizes meant the median price for any one market does not always reflect the true scope of price changes. To get a more accurate picture of prices, Oliver Hume tracked the average value rate of land, or the price per square metre for sales.As at the March quarter the average in the Brisbane LGA was $961 a square metre, which was up 0.4 per cent for the quarter and 11 per cent for the year. Oliver Hume national head of research George BougiasMore from newsParks and wildlife the new lust-haves post coronavirus12 hours agoNoosa’s best beachfront penthouse is about to hit the market12 hours ago“The improvement is gradually helping to lift the state’s share of national output with the state returning to trend as one of Australia’s faster growing jurisdictions,” he said. “These factors have been the only thing supporting the southeast Queensland market in recent times.”Greater certainty following the election coupled with expectations of a rate cut, the decision to wind back the serviceability criteria imposed on banks and the promise of a new federally-funded first home buyer incentive is also expected to create momentum in the market, Mr Bougias said.“These factors combined with robust population growth and a stable employment market create the perfect recipe for some solid growth in volumes and sales.” Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 1:50Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -1:50 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD540p540p360p360p180p180pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenDifferences between building in new or established estates01:50HOUSE values may have dipped, but vacant lots of land remain a property gold mine.Buyers are even snapping up old, rundown houses in bluechip suburbs only to knock them down and build their dream home. New research from Oliver Hume has revealed that the median price for a vacant lot in the Brisbane local government area increased 9 per cent in the past 12 months. You’re not dreamin’. Land values in the Brisbane LGA have jumped 9 per cent in 12 months.Not far behind with 7 per cent growth was the Gold Coast LGA, where the median lot price has risen to $341,200.Land in Ipswich (3%), Logan (2%) and Redland (1%) also experienced price growth, while the Moreton Bay property powerhouse saw its median price for lots fall 3 per cent over the quarter, and 5 per cent over the year.Oliver Hume national head of research George Bougias said the Queensland economy was continuing to improve, buoyed by gas exports, tourism and population growth.center_img Vacant land close to the Brisbane CBD may be scarce, but it hasn’t stopped buyers from snapping up available land on its outskirts The Ipswich LGA was the most affordable region, with an average value rate basis of $498 a square metre.While the Brisbane LGA experienced the greatest increase in average value rates (11%), the Moreton Bay LGA experienced the greatest relative decline in lot sizes, which were down 8 per cent. Land ranging from 300 to 400sq m continue to be the most popular lot sizes. “In recent years an increasing share of smaller lots have been sold. For example over the period from the December quarter 2017 to the March quarter 2019 the share of lots sold sized 601 tp 1000 sqm has decreased from 14 per cent to 9 per cent,” Mr Barr said.“Over the same period the share of lots sold sized below 300 sqm has increased from 6per cent to 10 per cent.” Oliver Hume’s Quarterly Market Insights (QMI) report, to be released today, will reveal that the median price for land has continued to edge higher in the March quarter, adding to the gains achieved over the last 12 months. The Brisbane LGA recorded the strongest growth, with the median lot value increasing 9 per cent from $352,375 to $385,375 in the year to the end of March. last_img

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