Leah (surname withheld), a home owner in Dawn Walloon estate in Walloon, worked her way back onto the property ladder after a long stint renting. Picture: David Clark.
Land sales have spiked more than 10 times pre-pandemic levels in parts of South East Queensland, with only seven suburbs showing median prices of blocks under $300,000 in latest data.
The Logan and Ipswich growth corridors are now SEQ’s main hotbed for affordable land, holding nine of the ten best value suburbs in latest sales data compiled by property services group Oliver Hume.
South McLean in Logan is the most affordable place to buy into for land in SEQ, with the average entry price at $226,000, followed by Walloon, west of Ipswich CBD on $230,500.
Two other Ipswich suburbs were under $300,000 – Collingwood Park ($275,000) and Deebing Heights ($280,500), with the rest in Logan – Logan Reserve ($267,000), Greenbank ($273,500) and Jimboomba ($273,950).
Also making the top 10 best value list were suburbs where land median prices were between $300,000 and $340,000 — Redbank Plains ($304,000), Blackstone ($310,000), Morayfield ($310,000), Ripley ($314,050) and Caboolture ($339,450).
Oliver Hume chief operating officer Julian Coppini.
Oliver Hume CEO project marketing Julian Coppini said “the land market is adjusting to the new interest rate environment but there are still plenty of great opportunities for people to get on the property ladder”.
“Many buyers are weighing up the rising rents with rising mortgage payments and deciding it is still a better option to buy. This is especially the case over the medium-long term as we expect that rents will continue to increase given the exceptionally low vacancy rates and housing shortages we are seeing.”
He said southern buyers were also still looking to Qld for opportunities to by given “the south east remains very affordable, especially relative to Sydney and Melbourne”.
A17 hectare land parcel of land was listed for sale earlier this year on Ripley Road.
“We are continuing to see plenty of buyers from south of the border chasing that value and, of course, the Queensland sunshine and lifestyle.”
The data comes as Winten Property Group – developer of the $80m Canungra Rise project – warned the Gold Coast land supply crisis had spread to popular tree-change hinterland suburbs, some of which saw sales spike 10-fold.
In Canungra average annual sales had gone from 12 pre-pandemic to 120-150 homesites post-pandemic, according to data from Winten Property Group Qld director Karl Rameau.
Canungra Rise estate, Canungra. The 55-lot first stage of the 318-lot estate which nestles beside the Mt Tamborine escarpment.
“The pandemic has created a real demand for people looking to escape the Gold Coast market and set-up in the hinterland,” he said. “But we are very quickly running out of land.”
“Canungra has always been an attractive destination for people seeking a tree-change, but that trend really accelerated during the pandemic and our Canungra Rise project has really exceeded all of our expectations.”
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Mr Rameau said the final lots at Grand Views were expected to sell quickly and leave the local market without any substantial new land available for development.
Residential developer Orchard Property Group has laid plans for a $23m land release
at Calamvale in Brisbane’s south, which if approved, would deliver 32 lots on a 2.3ha site at 2236 Beaudesert Road.
Orchard Property Group is planning a 32 lot residential development in Calamvale. Image supplied.
“The opportunities to develop new residential homesites in Brisbane are extremely rare in
today’s market,” said Orchard Property Group CEO Ted Cronin.
Dawn Walloon homebuyer Leah (surname withheld) thanks her lucky stars that she was able to get back on the property ladder after years spent renting – buying a brand new house during the pandemic.
“We decided to buy in Walloon due to affordability and the country feel that the area provides. Somebody from Melbourne I believe had built the house and they were unable to come over due to Covid-19 so we were lucky enough to purchase the property brand new.”
Location of the Dawn Walloon Estate, Walloon.
“We had no government assistance as previous homeowners, but I would do it again with no regrets.”
The price range she was in was $400,000 to $500,000, but their home has already surpassed that with spikes in value that occurred across Greater Brisbane last year.
“It was just before the market boomed that we bought, so great timing. The property value now, looking at what things are selling for in the area, is around the mid-$500,000s for a similar property.”
Source by www.realestate.com.au
