New data from SEQ confirms Brisbane’s residential house and land market performed strongly over 2017.
Land prices are up more than 11 per cent, the Ray White Special Projects' latest SEQ Vacant Land Market Report indicated.
It reports 10 major Local Government Areas responding to firming conditions with supply of vacant lots showing a sharp 31.82 per cent rise in Brisbane in the year to December 2017.
Ray White Commercial head of research Vanessa Rader found a nine per cent spike in lot approvals which shows developers’ expectations of firming future demand.
Ray White Special Projects Qld executive director Mark Creevey expects to see price growth continue to firm largely in south-east Queensland due to the lack of available land for development and developers focused on owner occupied product.
On the Gold Coast, house and land package sales fell 35.71 per cent to 261 sales in 2017, with the median price rising 3.48 per cent to $505,000. The median lot size is 455sq m with a median vacant land price up 7.54 per cent to $271,000.
Source: Property Observer
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