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
|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
|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
|Supply #3||Total supply status in years|
|Supply status in years|
|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!
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.