QLD VACANT LAND SALES

Jul 06, 2017
Michael Matusik

We finish this week with a review of the Queensland vacant land market.

For those who have been on some R and R, given the school holidays, go here and here to catch up on our house and attached dwelling market summaries.

Location Sales this year Change on last year Market size Median price his year Change on last year
Cairns 733 -24% 5% $195,000 9%
Townsville 463 -28% 3% $151,500 -4%
Mackay 313 -18% 2% $155,000 -13%
Gladstone – Rockhampton 445 -20% 3% $165,000 -2%
Hervey Bay – Bundaberg 990 6% 6% $132,000 -4%
Sunshine Coast 1,871 -27% 12% $263,000 3%
Moreton Bay 1,947 -2% 12% $246,500 8%
Brisbane 2,802 -9% 18% $315,000 -6%
   Inner city 81 -18% 1% $545,000 -8%
   Northern suburbs 355 -17% 2% $370,000 12%
   Western suburbs 206 -19% 1% $430,000 1%
   Southern suburbs 747 -1% 5% $365,000 -15%
   Eastern suburbs 1,413 8% 9% $245,000 -6%
Logan – Beaudesert 1,072 -4% 7% $223,000 10%
Gold Coast 2,552 -14% 16% $250,000 4%
Ipswich 1,936 -8% 12% $194,000 2%
Toowoomba 401 -48% 3% $180,000 3%
Darling Downs area 215 -4% 1% $68,500 -10%
Outback Queensland 112 -2% 1% $32,500 -19%
Total 15,852 -13% 100% $231,000 4%

Some observations:

  • Mixed bag here regarding results. However, one trend that is apparent is that falls in land sales are often accompanied by increases in end prices.  In contrast to houses, and especially apartments, where supply is high and often increasing, vacant land is somewhat undersupplied across the state.
  • Areas which best fit this undersupplied scenario include Cairns, Moreton Bay and Brisbane’s northern suburbs. To a lesser extent, this situation also is relevant to the Sunshine Coast, Logan, Ipswich, the Gold Coast and Toowoomba.
  • Another trend is the decline in average allotment sizes. For example, the average new vacant allotment was 630m², ten years ago, across south east Queensland.  Today, it is less than 450m².  Whilst the average price per m² was $320, a decade ago, today it averages $545/m².  So, land sizes have dropped 30%; land values per square metre have increased 70% and overall end land prices have increased from $200,000, ten years ago, to $240,000 today.

Yawn.

Now, on hi-rotation this week and fitting a somewhat solemn series of Missives of late, we have been listening to Diana Krall’s Turn Up the Quiet; Tex, Don and Charlie’s You Don’t Know Lonely and Daniel Lanois’ Goodbye to Language.  A great winter trio.

Keen to hear your thoughts.

Until next time,

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Michael Matusik

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