Matusik Missive

This week I have included two tables about the south east Queensland vacant land market.

Table 1: Residential land markets, select SEQ local authorities

Local authority area	Vacant land sales	Median value	Median lot size (m2)	Average price $/m2
Brisbane	1,950	$410,000	407	$1,007
Gold Coast	1,520	$290,000	429	$676
Ipswich	1,750	$210,000	420	$500
Logan	2,220	$229,000	424	$540
Moreton Bay	2,430	$274,000	404	$678
Noosa	125	$350,000	671	$522
Redland*	380	$275,000	425	$647
Sunshine Coast	1,890	$280,000	400	$700
Matusik Ready Reckoner Reports, table 5.  Financial 2020. * Excludes postcode 4184.

Table 2: Residential land markets, change over past decade

Local authority area	Median value	Median lot size (m2)	Average price $/m2
Brisbane	38%	-20%	71%
Gold Coast	20%	-36%	88%
Ipswich	18%	-29%	65%
Logan	6%	-30%	52%
Moreton Bay	30%	-27%	79%
Noosa	53%	-2%	57%
Redland*	0%	-36%	55%
Sunshine Coast	12%	-38%	80%
Matusik Ready Reckoner Reports, table 5.  Total change between June 2010 and June 2020. * Excludes postcode 4184.

Some observations

Land sales are now increasing across south east Queensland.  In some cases, this increase is rapid.  Much of this momentum is due to the recent HomeBuilder incentive.  Demand is being brought forward.

Prior to this covid induced builder incentive, land sales were falling across many south east Queensland LGAs.  These falls were most marked in areas struggling with land supply.  This lack of subdividable land supply is the most acute on the Gold Coast, in Brisbane, Redlands and in Moreton Bay.

When casting a wider net, Toowoomba too is facing a lack of new subdividable land.

In all instances the local authorities – in cahoots with the Queensland state government – argue that there are adequate broad hectare subdivision supplies, but ground truthing finds the opposite.

The lack of land supply is evidenced by the rapid increase in the price per square metre of land sold across south east Queensland over the last decade.  Revisit table 2. 

Land is becoming less affordable.  This is part of the reason behind the fall in urban allotment sizes.  Again, revisit table 2.

Table 1 shows just how small lot sizes are these days across south east Queensland.

It amazes me that local authorities – and especially their planning departments – weigh in on land supply, often making the development approval process difficult, if not impossible, on the basis that they think there is enough housing supply.

Managing land supply is really the developer’s realm.  It involves substantial risk.  And by the way more supply typically means more competition resulting in keener allotment, and house and land package, prices.

One would think that the Queensland authorities would be increasing land supply -and given the current economic environment – that this task would have a high priority.

To find out more about the local land markets get a Matusik Ready Reckoner Report – new, improved and just $55 per report or $330 if you buy all eight SEQld reports, saving you 25%.

This week I have included two tables about the south east Queensland rental market.

Table 1: Vacancy rate + Median weekly apartment rents, June 2020

Local authority area	Vacancy rate	Two bed apartments	Four bed houses	Three bed townhouses
Brisbane	2.4% ↓	$415 ↓	$520 ↓	$420 →
Gold Coast	3.2% ↑	$430 ↓	$520 ↑	$450 →
Ipswich	1.2% ↓	$260 ↑	$375 ↑	$325 ↑
Logan	2.3% ↓	$290 →	$400 →	$330 →
Moreton Bay	1.2% ↓	$295 ↑	$430 ↑	$350 ↑
Noosa	2.0% ↓	$420 ↑	$620 ↑	$585 ↑
Redland	1.1% ↓	$365 ↑	$500 ↑	$410 ↑
Sunshine Coast	1.2% ↓	$380 ↑	$540 ↑	$440 ↑
Matusik Ready Reckoner Reports, table 6.  Arrows indicate movement over the last 12 months.

Table 2: Change in median weekly rents over the last ten years

Local authority area	Two bed apartments	Four bed houses	Three bed townhouses
Brisbane	15%	16%	11%
Gold Coast	26%	18%	25%
Ipswich	8%	14%	10%
Logan	21%	11%	12%
Moreton Bay	13%	19%	13%
Noosa	31%	28%	38%
Redland	18%	14%	19%
Sunshine Coast	27%	26%	22%
Matusik Ready Reckoner Reports, table 6.  Total change between June 2010 and June 2020.

Our research has found that a vacancy rate under 2% suggests a significant shortfall of suitable rental accommodation.  Typically, when the vacancy rate is under 2% weekly rents start to rise.

This is lower than the usually promoted 3% to 4%.  This is because many tenants monitor vacancies proactively these days.  Digital technology helps facilitate this.  Gone are the days of a printed ‘for rent’ agency list being the main way renters found out about vacant accommodation.  Many tenants have the ability to pounce on available space; hence the vacancy rate trigger point has dropped to under 2%.

The rental market is also a key driver behind the local property cycle.

For example, during the stagnation phase, the rental vacancy rate is steady.  Yet a fall in rental stock availability is often the first trigger helping push a market into a recovery phase.

During the recovery phase, the rental vacancy rate starts to fall.   Weekly rents may still be falling or stagnant, but typically start to rise once the vacancy rate shows consistent falls and/or falls below 2%.

When the local market is in the upswing phase, the rental vacancy rate is often tight and weekly rents show regular annual growth.

And more often than not, when the vacancy rate rises and remains high, weekly rents start to fall, helping downturn the local housing market.

To find out more about the local rental market and property clock positions get a Matusik Ready Reckoner Report – new, improved and just $55 per report or $330 if you buy all eight SEQld reports, saving you 25%.

The sequel to the film Back to the Future tells the story of Marty McFly and Dr. Emmett “Doc” Brown and their travels from 1985 to 2015 to prevent Marty’s son from sabotaging the McFly family’s future.  Their arch-nemesis Biff Tannen steals Doc’s DeLorean time machine to alter history for his benefit – he purchases an almanac, containing the results of major sporting events from 1950 to 2000 – the duo must return to 1955 to restore the timeline.

Okay enough Hollywood preamble envisage you had a south east Queensland residential property almanac covering the ten years between 2010 and 2020.  Imagine if you could go back to 2010, where would put your housing dollar?

Two tables this post.

Table 1: Detached houses, south east Qld, 2010 v 2020

Local authority area	2020 median price	Ten year change
		$	%
Brisbane	$705,000	$170,000	32%
Gold Coast	$665,000	$152,000	30%
Ipswich	$359,000	$33,000	10%
Logan	$435,000	$55,000	14%
Moreton Bay	$479,000	$70,000	17%
Noosa	$750,000	$230,000	44%
Redland	$665,000	$95,000	17%
Sunshine Coast	$630,000	$155,000	33%
Matusik Ready Reckoner Reports, table 3.

Table 2: Attached dwellings, south east Qld, 2010 v 2020

Local authority area	2020 median price	Ten year change
		$	%
Brisbane	$450,000	$40,000	10%
Gold Coast	$440,000	$60,000	16%
Ipswich	$326,000	$55,000	20%
Logan	$267,000	-$13,000	-5%
Moreton Bay	$347,000	$9,000	3%
Noosa	$686,000	$251,000	58%
Redland	$410,000	$50,000	14%
Sunshine Coast	$435,000	$65,000	18%
Matusik Ready Reckoner Reports, table 4.

No need to comment, the tables speak for themselves.

Get a copy of your own SEQld almanac – a Matusik Ready Reckoner Report – new, improved and just $55 per report or $330 if you buy all eight SEQld reports, saving you 25%.

 

COVID19 has reignited the debate about product size, with some jumping on the bandwagon advocating that there will be a lot more demand for smaller housing products and, in particular, studio and one-bedroom apartments.

Given it costs much more to build and supply small residences when compared to larger housing floorplates, I think it would make more sense to provide more homes that can be satisfactorily shared rather than single roosts.

Also, one place which seems to have escaped much attention is the underutilisation of our existing housing stock.

Three tables this post.

Table 1: Housing utilisation by product type, Australia

Housing product	Bedrooms needed		Spare bedrooms
	One +	None	One	Two	Three +
Detached house	3%	13%	30%	37%	17%
Townhouse, villa or duplex	4%	22%	47%	25%	2%
Apartment	9%	44%	41%	6%	0%
Average	4%	18%	33%	32%	13%
Matusik + ABS 41300, table 7.1.

Table 1 tells me four out of five (78%) Australian households have one or more spare bedrooms.  Even smaller digs have spare capacity.

Table 2: Housing utilisation by tenure, Australia

Housing tenure	Bedrooms needed		Spare bedrooms
	One +	None	One	Two	Three +
Owner resident	2%	12%	31%	37%	18%
Private landlord	7%	31%	37%	19%	4%
Public housing	6%	35%	41%	16%	2%
Average	4%	18%	33%	32%	13%
Matusik + ABS 41300, table 7.1.

Table 2 outlines, as one would expect, spare capacity in our owner resident homes, but private landlords have a lot of spare bedrooms too and many are not maximising their rental returns.

Table 3: Housing utilisation by household type, Australia

Household type	Bedrooms needed		Spare bedrooms
	One +	None	One	Two	Three +
Family, dependent kids	6%	27%	43%	21%	3%
Multi-generational family	26%	35%	21%	12%	6%
Couple	0%	4%	19%	45%	32%
Lone person	0%	13%	30%	40%	17%
Average	4%	18%	33%	32%	13%
Matusik + ABS 41300, table 7.1.

Table 3 tells me that people living alone or in a couple household have a higher proportion of spare bedrooms when compared to families with children at home.

Table 3 also shows that one in four (26%) multi-generational homes want more sleeping quarters to house adult relatives.

End note

There are currently about 10 million households in Australia, which house about 13.5 million spare bedrooms.

We should be exploring housing incentives and relaxing regulations to maximise the use of our existing homes.

It would help if the town planning mindset changed from dwellings per hectare to people per hectare.  If such a measure was a planning benchmark, then we would do much more to capitalise on our existing infrastructure and underutilised existing housing stock.

Many seem to confuse our demographic shape with housing market activity.

A classic example is that baby boomers – due to the large size of this demographic cohort – is a major home buyer group.

Yet an analysis of recent buyer trends tells a different story.

Three tables this post.

Table 1: Recent buyers by product type, Australia

Housing product	First home buyer		Changeover buyer
	New dwelling	Established dwelling	New dwelling	Established dwelling
Detached house	65%	80%	81%	85%
Townhouse, villa or duplex	22%	10%	8%	11%
Apartment	13%	10%	11%	4%
Matusik + ABS 41300, table 9.5.

Table 1 tells me that most buyers still prefer detached houses.  One exception is that more first home buyers are starting to buy something semi-detached or an apartment.

Table 2: Recent buyers by age group, Australia

Age group	First home buyer		Changeover buyer
	New dwelling	Established dwelling	New dwelling	Established dwelling
Under 24 years	3%	6%	0%	0%
25 to 34 years	53%	47%	12%	14%
35 to 44 years	30%	30%	26%	26%
45 to 54 years	12%	12%	20%	23%
55 to 64 years	2%	2%	16%	16%
Over 65 years	0%	3%	26%	21%
Matusik + ABS 41300, table 9.5.

Table 2 shows, as one would expect, that most first home buyers are aged between 25 and 34 years of age.

Most ‘changeover’ buyers are aged under 54 years, with empty nesters and baby boomers make up between 30% and 40% of the housing market depending on the age of the housing being purchased.

Table 3: Recent buyers by household type, Australia

Household type	First home buyer		Changeover buyer
	New dwelling	Established dwelling	New dwelling	Established dwelling
Family, dependent kids	52%	38%	44%	41%
Multi-generational family	5%	12%	9%	17%
Couple	23%	23%	29%	26%
Lone person	20%	17%	18%	16%
Matusik + ABS 41300, table 9.5.

Table 3 tells me that most home buyers are families with children at home.  Lone persons aren’t as active as their demographic shape would suggest.  And in contrast, multi-generational households account for more sales – and especially when it comes to established homes – than their cohort size.

Below are three rare property market indicators – when they fall it is better than when they are increasing.

Chart 1 shows the number of dwellings approved, but not yet started.

Whilst the number of attached dwelling non-starts have fallen – which is a good thing – the 21,500 not yet commenced attached dwellings (which are mostly mid-to-high rise apartments) account for a third (32%) of all new attached dwellings approvals last year.

In contrast, the 9,000 approved but not yet started detached houses accounts for just 9% of last year’s total detached housing approvals.  And with HomeBuilder focusing, by default, on new detached housing builds I expect this spare capacity to drop dramatically over coming months.

Any future extension of the HomeBuilder incentive needs to embrace new attached dwelling supply and especially social housing.

 Table 1: Major SEQ municipalities: Attached dwellings approved, not yet started

Municipality	2011	2019	% change
Sunshine Coast	3,154	7,941	152%
Moreton Bay	5,042	8,020	59%
Brisbane	29,014	57,061	97%
Toowoomba	1,016	1,946	92%
Logan	3,716	7,917	113%
Ipswich	2,875	3,089	7%
Gold Coast	12,213	32,392	165%
South East Qld	59,998	121,578	103%
Matusik + Queensland Government.  Financial years.

Table 1 outlines the number of attached dwellings approved but not yet stated in 2011 and 2019 across the major municipalities in south east Queensland.  The size of these non-starts has doubled across SEQ since 2011, with the Sunshine and Gold Coasts seeing the biggest increases.

The relatively high construction costs of apartments means prices are often higher than the local market is accustomed to, rates of sale are slow, and rental yields generally poor.

In addition, there is a mismatch between the type of new attached dwellings being delivered and what the local market really wants.

As a result, many of these new attached dwelling projects are no longer viable.  They often need a major product and financing overhaul.

My third indicator is the number of new housing projects either postponed or abandoned since the start of the COVID19 restrictions.  Since March this year:

• 488 new residential projects have been put on ice in New South Wales – of which 453 or 93% were for attached dwellings and just 35 involved land projects;
• 512 new housing projects have stopped in Victoria – of which 463 involved attached dwellings (90%) and 49 (10%) were for subdivisions; and
• In Queensland the number of postponed or abandoned new housing projects has totalled 244 since March, of which 204 (83%) involved attached housing and 40 were land based housing estates.

I expect these numbers to increase, as market demand contracts and developers face harder financial hurdles.

In all three cases, less is more.

According to a new release by the ABS, half (54%) of the Australian population think that things will return back to normal within six months.  The result was 51% in Victoria.  Only one in ten (11%) think that things will never return to what they were like before COVID19.

As that survey was a few weeks back, I wonder if we are that optimistic now.

Another survey, this one an established and, for mine, a more trusted poll shows that most of us think that the economy will remain in a poor state for the next 12 months.  Yet this ANZ-Roy Morgan Consumer Confidence sampling suggests that very few think things will remain economically constrained in five years’ time.

So, things look very rough now, but most still believe conditions will improve in the future.  I too think this shall pass.  But when, and under what conditions, have always been important questions.

But for now, it remains hard, especially if you live in Victoria.  I have had to endure a travel related 14-day lockdown over the last two weeks.  It wasn’t a bed of roses.  But it’s all thorns if you have to ensure six-plus weeks of hard isolation.

In my recent Master Class I outlined the issues that experienced property industry practitioners anticipate will have the biggest impacts on the housing market over the next 12 months.  It started quite a debate.

This quarterly survey of 370 individuals by NAB allows for multiple responses and their June quarter poll found:

• 80% believe that rising unemployment and job uncertainty will have the biggest short-term impact on the housing market, followed by
• 76% said lower consumer confidence,
• 60% difficulty in buyers (and developers) getting finance,
• 60% the end (and tampering off) of JobKeeper and JobSeeker payments,
• 48% lower migration,
• 20% increased supply of rental as short-term rentals enter the long-term market,
• 19% increased demand for regional living including lifestyle, sea change and tree change choices,
• 18% downward pressure on construction activity from lower demand, and
• 17% reduced demand for apartments and inner city dwelling due to increased working from home.

It is interesting what the housing industry thinks will have the most impact and which issues they consider to be less serious.

I would have placed ‘difficulties accessing finance’, ‘lower migration’ and ‘downward pressure on construction activity’ higher up my list.

And whilst I do think this impact will be a relatively short-term one in terms of its current volumes – and more concentrated on older households over the medium to long-term – many ‘lifestyle’ regions, aren’t ready for the influx and its potential impact.

In these lifestyle locations properties are currently selling within weeks, many via video inspections and almost all are being bought by eastern seaboard capital city buyers.

The third post of our three part series on SEQ urban land development.

This week I look at new land development supply in more detail.

Another three tables this week.

Table 1: Major SEQ municipalities: Total urban residential allotment approvals

Years ending March	Municipalities
	Sunshine Coast	Moreton Bay	Brisbane	Redland
2016	2,513	6,371	2,639	458
2017	2,727	6,039	2,789	355
2018	1,361	3,585	2,797	660
2019	2,242	1,690	2,908	423
2020	890	1,592	2,230	548
Years ending March	Logan	Ipswich	Gold Coast	SEQld
2016	3,475	3,315	2,189	20,960
2017	3,235	3,651	2,412	21,208
2018	5,418	2,598	2,165	18,584
2019	3,206	2,565	1,202	14,236
2020	4,960	1,205	279	11,704
Matusik + Queensland Government.  Total urban residential allotment approvals between 60m2 to <2,500m2 on a standard format plan intended for detached dwellings.

Table 2: Major SEQ municipalities: Total approved urban residential projects

Years ending March	Municipalities
	Sunshine Coast	Moreton Bay	Brisbane	Redland
2016	79	187	532	89
2017	79	180	535	85
2018	92	144	560	65
2019	78	145	475	79
2020	64	101	471	69
Years ending March	Logan	Ipswich	Gold Coast	SEQld
2016	139	83	117	1,226
2017	160	76	127	1,242
2018	144	92	108	1,205
2019	120	79	103	1,079
2020	77	59	80	921
Matusik + Queensland Government.  Total approved urban residential projects to supply new allotments between 60m2 to <2,500m2 on a standard format plan intended for detached dwellings.

Tables 1 and 2 tell me:  That new land development approvals have fallen substantially across SEQ over the last five years.  The fall in new future land supply is most marked in several municipalities including the Gold Coast, Sunshine Coast, Moreton Bay and Ipswich.

There has been a fall in the number of new approved projects in Logan.

Table 1 outlines total residential allotment approvals whilst table 2 shows that number of new approved land projects.

Table 3: Major SEQ municipalities: Development approvals by size

Municipality	Total approved allotments			Total development projects
	< 10 lots	11-50 lots	> 50 lots	< 10 lots	11-50 lots	> 50 lots
Number of allotments + number of projects
Sunshine Coast	105	157	628	48	8	7
Moreton Bay	199	481	912	77	13	9
Brisbane	663	1,377	190	413	38	3
Redland	104	128	316	61	2	3
Logan	141	75	4,744	55	5	17
Ipswich	93	240	872	43	11	5
Gold Coast	120	159	0	76	4	0
South East Qld	1,425	2,617	7,662	773	81	44
% distribution
Sunshine Coast	12%	18%	70%	77%	13%	10%
Moreton Bay	13%	30%	57%	76%	15%	9%
Brisbane	30%	62%	8%	88%	11%	1%
Redland	19%	23%	58%	89%	7%	4%
Logan	2%	2%	96%	71%	7%	22%
Ipswich	8%	20%	72%	73%	19%	8%
Gold Coast	43%	57%	0%	95%	5%	0%
South East Qld	12%	22%	66%	86%	9%	5%
Matusik + Queensland Government.  Total urban residential allotment approvals between 60m2 to <2,500m2 on a standard format plan intended for detached dwellings. Year ending March 2020.

Table 3 tells me:  That most of the new land projects across SEQ are now small developments, with 86% holding under 10 allotments.  These smaller projects, however, hold just 12% of the total approved allotments.

Most new land – some 66% – is held in larger new projects, holding over 50 allotments apiece.  However, there were just 44 ‘large’ projects approved across SEQ over the last 12 months.

The average size of a new land estate across SEQ is now just 13 allotments!

Round two of our three part series on SEQ urban land development.

This week I look at demand and supply.

Three tables this week.

Table 1: Major SEQ municipalities: Urban land demand v supply #1

Municipality	Allotment demand*	Allotment supply #1	Supply status in years
Sunshine Coast	1,668	3,662	2.2
Moreton Bay	2,076	3,162	1.5
Brisbane	2,558	1,792	0.7
Redland	593	553	0.9
Logan	1,574	5,585	3.5
Ipswich	2,048	6,253	3.1
Gold Coast	2,175	1,402	0.6
South East Qld	12,692	22,409	1.8
Matusik + Queensland Government.  * Average annual urban residential allotment registrations over the last five years – see table 6.  Supply #1, uncertified lots with operational works approval.

Table 1 tells me:  That there is under two years of actual potential new land supply across SEQ and the supply is tightest on the Gold Coast, Brisbane and in Redland.

This supply is way too short!

Table 2: Major SEQ municipalities: Urban allotment demand v supply #2

Municipality	Allotment demand*	Allotment supply #2	Supply status in years
Sunshine Coast	1,668	5,319	3.2
Moreton Bay	2,076	10,018	4.8
Brisbane	2,558	6,641	2.6
Redland	593	1,292	2.2
Logan	1,574	12,984	8.2
Ipswich	2,048	13,900	6.8
Gold Coast	2,175	4,197	1.9
South East Qld	12,692	54,351	4.3
Matusik + Queensland Government.  * Average annual urban residential allotment registrations over the last five years – see table 6.  Supply #2, total allotments approved yet not developed.

Table 2 tells me:  That when factoring in the total approved urban subdividable land across SEQ – being 54,350 allotments – this supply equates to just over 4 years supply.

Total approved allotment supply remains tight on the Gold Coast, Redland and Brisbane.  Logan and Ipswich have more potential supply.

And again, this supply is too short! 

Table 3: Major SEQ municipalities: Urban allotment demand v supply #3

Municipality	Supply #2 status in years	Supply #3			Total supply status in years
		Allotment demand*	Allotment supply	Supply status in years
Sunshine Coast	3.2	1,668	994	0.6	3.8
Moreton Bay	4.8	2,076	3,970	1.9	6.7
Brisbane	2.6	2,558	2,596	1.0	3.6
Redland	2.2	593	827	1.4	3.6
Logan	8.2	1,574	12,917	8.2	16.4
Ipswich	6.8	2,048	8,535	4.2	11.0
Gold Coast	1.9	2,175	4,265	2.0	3.9
South East Qld	4.3	12,692	34,104	2.7	7.0
Matusik + Queensland Government.  * Average annual urban residential allotment registrations over the last five years – see table 6. Supply #3, new urban residential supply over the next five years.

Table 3 tells me:  That the 34,100 new allotments expected to be ready for development over the next five years equates to just 2.7 years of demand.

When factoring in the current potential land supply (54,350 allotments) with these possible 34,100 additional allotments, sees an undersupply of urban subdividable land on the Brisbane and Redland (3.6 years supply), on Sunshine Coast (3.8 years) and on the Gold Coast too (3.9 years).

Even Moreton Bay with 6.7 years allotment supply, just has enough future stock.

This leaves Ipswich and Logan as the only two major SEQ corridors with adequate land supplies.

The third short in a row!

End comment

Facing such limitations one would think that it was high time to open up more land; rethink existing constraints; decentralise the state government workforce; reverse the townhouse development ban in Brisbane City Council and generally encourage middle-ring and suburban infill development including backyard housing solutions.

The HomeBuilder package has helped generate a lot more buyer inquiry for vacant land and new house/land packages.

The month of June was said to be hectic.  It is likely that the interest will remain high for the rest of calendar 2020 as well.

What is yet to be seen is if the inquiry and associated holding deposits turn into contracts.

I suspect that there will be a high fallout rate as lenders look hard to each borrower’s employment status, future earning capacity, lifestyle spending and debt profile.

That said, this week is the first post of a south east Queensland land market trilogy.

My last three part series on jobs was quite popular.  So here we go again.

Two tables this week.

Table 1 looks at the suburban distribution of new land development across SEQ and table 2 looks at suburban vacant land and house/land prices and sales.

Table 1: Major SEQ municipalities: Urban allotment development distribution

Municipality + suburb	Total lot registrations*	Market share
		Municipality	SEQld
Sunshine Coast
Caloundra West	699	47%	6%
Landsborough	285	19%	3%
Nambour	139	9%	1%
Total	1,123	75%	10%
Moreton Bay
Scarborough-Newport	364	17%	3%
Murrumba Downs-Griffin	231	11%	2%
North Lakes-Mango Hill	208	10%	2%
Caboolture South	162	8%	1%
Rothwell-Kippa Ring	118	6%	1%
Morayfield East	116	6%	1%
Bribie Island	101	5%	1%
Burpengary	100	5%	1%
Total	1,400	67%	13%
Brisbane
Pallara-Willawong	473	19%	4%
Rochedale-Burbank	202	8%	2%
Upper Kedron-Ferny Grove	140	6%	1%
Forest Lake-Doolandella	126	5%	1%
Wynnum West-Hemmant	125	5%	1%
Total	1,066	43%	10%
Redland
Thornlands	235	55%	2%
Logan
Boronia Heights-Park Ridge	827	42%	8%
Wolffdene-Bahrs Scrub	346	17%	3%
Chambers Flat-Logan Reserve	224	11%	2%
Edens Landing-Holmview	154	8%	1%
Total	1,551	78%	14%
Ipswich
Ripley	543	40%	5%
Collingwood Park-Redbank	176	13%	2%
Redbank Plains	164	12%	1%
Bellbird Park-Brookwater	125	9%	1%
Springfield	109	8%	1%
Total	1,117	83%	10%
Gold Coast
Pimpama	422	35%	4%
Coomera	299	25%	3%
Ormeau-Yatala	139	12%	1%
Oxenford-Maudsland	104	9%	1%
Total	964	81%	9%
Total SEQld	7,456		68%
Matusik + Queensland Government.  * Urban residential allotment registrations between 60m2 to <2,500m2 on a standard format plan intended for detached dwellings.  Year ending March 2020.

Table 2: Major SEQ municipalities: House + land package & vacant land sales

Municipality + suburb		House + land package sales			Vacant land sales
		No	$		No	$	$/m2
Sunshine Coast
Caloundra West		103	$585,500		253	$247,750	$691
Landsborough		12	$465,000		201	$269,500	$732
Nambour		20	$499,000		122	$250,000	$381
Moreton Bay
Scarborough-Newport		28	$615,500		155	$334,000	$897
Murrumba Downs-Griffin		22	$539,000		167	$285,000	$732
North Lakes-Mango Hill		31	$525,000		160	$292,500	$760
Caboolture South		11	$320,000		74	$204,000	$428
Rothwell-Kippa Ring		8	n.a.		34	$231,000	$769
Morayfield East		7	n.a.		168	$185,000	$485
Bribie Island		5	n.a.		125	$336,000	$575
Burpengary		15	$451,400		83	$239,500	$628
Brisbane
Pallara-Willawong		65	$570,000		241	$305,000	$775
Rochedale-Burbank		25	$1,058,000		234	$470,000	$1,145
Upper Kedron-Ferny Grove		6	n.a.		63	$410,000	$874
Forest Lake-Doolandella		8	n.a.		83	$270,000	$794
Wynnum West-Hemmant		4	n.a.		54	$399,000	$886
Redland
Thornlands		10	$525,000		107	$320,000	$744
Logan
Boronia Heights-Park Ridge		92	$453,500		325	$232,500	$544
Wolffdene-Bahrs Scrub		17	$471,750		210	$221,000	$541
Chambers Flat-Logan Reserve		28	$450,000		180	$215,000	$546
Edens Landing-Holmview		10	$462,500		79	$229,000	$558
Ipswich
Ripley	80		$420,000	340		$205,500	$525
Collingwood Park-Redbank	8		n.a.	132		$188,000	$398
Redbank Plains	12		$367,500	31		$192,000	$456
Bellbird Park-Brookwater	14		$489,000	129		$245,000	$593
Springfield	1		n.a.	17		$275,750	$655
Gold Coast
Pimpama	71		$513,000	341		$271,000	$640
Coomera	12		$610,000	246		$285,000	$678
Ormeau-Yatala	4		n.a.	113		$255,000	$606
Oxenford-Maudsland	6		n.a.	91		$297,500	$450
Matusik, Price Finder + Queensland Government.  Matusik estimates.  A new house and land package are defined as a detached house dwelling on a newly registered block of land between 140m2 and 2,500m2.  Vacant urban land sold between 140m2 and 2,500m2.  Year ending March 2020.

Matusik, Price Finder + Queensland Government.  Matusik estimates.  A new house and land package are defined as a detached house dwelling on a newly registered block of land between 140m2 and 2,500m2.  Vacant urban land sold between 140m2 and 2,500m2.  Year ending March 2020.

Comments

Table 1 tells me: that just under 70% of the new urban allotment registrations across SEQ are held in just 30 suburbs (SLA2 ABS definitions).  There are some 320 such SLA2 areas across SEQ.

These suburbs also dominate land development within their respective municipal areas.  That market share ranges from 43% in Brisbane to 83% in Ipswich.

New land subdivision activity across SEQ is now limited to a few development corridors.

Table 2 shows: that there is a wide range of price points across the SEQ land market with the most expensive land on a $/m2 basis selling in Rochedale in Brisbane.

Yet vacant land can still be bought for under $500/m2 in several outer SEQ suburbs including Nambour, Caboolture West, Morayfield East, Collingwood-Redbank, Redbank Plains and Bellbird Park.