A driveway has hit the market in Brisbane in what could possibly be the smallest block of “vacant land” to ever be offered for sale in the River City.
Located at 38 Regent St in Petrie Terrace, it is one of just four vacant blocks left in the inner-city suburb, and spans a grand total of 185sq m.
What is essentially a driveway with a shed on a 185sq m block has been listed for sale at Petrie Terrace
The listing comes as exclusive analysis by Place Advisory has revealed that the number of splitter blocks – blocks large enough to divide into two house sites – within 5km of the CBD were concentrated within just five suburbs over the past 18 months, a sign that land in the city was drying up fast.
The research found just 134 splitter block sales over the past 18 months.
Back in 2020, Place Advisory identified hundreds of potential sites across Brisbane within 10km of the CBD that could be split, but flagged growing scarcity as more blocks were subdivided, redeveloped or tightly held by long-term owners.
Place Ascot agent Nick Moloney recently sold a tightly-held 810sq m property at 35 Brae Street, Wavell Heights, to a developer on May 20 after it was offered to the market for the first time in over 30 years.
It was the only available splitter block in the rapidly gentrifying suburb and also attracted interest from family buyers looking to build their dream home.
35 Brae Street, Wavell Heights
Mr Moloney said Brisbane’s supply of larger redevelopment-style blocks was shrinking rapidly as more sites were subdivided, renovated or tightly held by owner-occupiers.
“There’s a reason buyers compete so aggressively for these blocks,” he said.
“Brisbane simply isn’t producing endless new land in established suburbs, particularly land with this kind of flexibility and future upside,” he said.
“This has become a scarcity play. Buyers understand that and they’re trying to secure these sites before they become even harder to find.”
Mr Moloney said that around 80 per cent of interest in the Wavell Heights block came from builders and developers.
The Wavell Heights block was purchased by HoldCorp, A Brisbane-based company focussed on residential builds and investment.
The company have made 41 written offers on splitter blocks within close proximity to the city sibce December.
“This will be probably our 12th residential development,” Mr Holden said. “We only target splitter blocks where we can demlish the existing house and split the block to build new homes.
“And then we hold as many as we can.”
Dan Holden and his company Holden Capital have snapped up this splitter block at Wavell Heights, Brisbane. pic: Lyndon Mechielsen/Courier Mail
The Wavell Heights property will be HoldCorp’s 12th project, with Mr Holden saying they were undeterred by proposed tax reforms announced in the Federal Budget.
“We build new so it is business as usual for us,” he said.
There are currently just nine listings for residential land within the inner-city on realestate.com.au, with one of those being a 450sq m block at Highgate Hill which is currently under offer after being listed for offers over $1.45 million.
Amond the vacant lots available is 38 Regent St in Petrie Terrace – effectively a driveway and one of just four vacant blocks left in the inner-city suburb.
“With just a carport shed at the rear of the block and a small amount of non-protected vegetation to clear, the vacant block is a blank canvass for your next development opportunity,” the listing by Ray White Paddington agent Nicholas Hall says, adding that the site has utility services that can be connected upon approval.
“And let’s not forget the 2032 Brisbane Olympics main venues many of which will be within a short walking distance.”
It is believed tobe the smallest block ever offered to market in the inner-city
Mr Hall said that vacant land in the inner-city was now “extremely rare” and there had already been around 50 inquiries on the Petrie Terrace property despite a delay due to some things being ironed out with Urban Utilities.
“That has come mostly from developers, builders and a few investors,” he said.
But there has been no shortage of interest
Mr Hall said it was the smallest block he had ever marketed, adding that a slightly bigger block sold in the sought-after suburb for $1.115 million.
“But that was about two years ago,” he said, adding that house had since been built on that block.
A search found just 24 blocks of land across Greater Brisbane between 700sq m and 800sq m, including a 760sq m block at Indooroopilly for offers over $2.5 million.
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Spanning 438sq m, this vacant block at 159 Dornoch Terrace, Highgate Hill, is listed for $1.775m
The smallest block of land sold in Queensland to date was an 89sq m parcel that changed hands for a mind-blowing $550,000 in February this year.
It was bought by a family of three who had been looking to get on the property ladder for six years.
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Catherine Leon has bought a 89sq m block of land at Southport for $550,000 – finally getting into the market. Picture: Nigel Hallett
Looking at the 5km inner-ring of Brisbane, the Place Advisory research found that splitter block sales within 5km of the CBD over the past 18 months were concentrated in West End with 44 sales.
It was followed by Bulimba (23), Hawthorne (17), Toowong (14), St Lucia (12), Auchenflower (7), New Farm (7), Highgate Hill (4), Teneriffe (3), South Brisbane (2) and Milton (1).
It also comes after the latest Oliver Hume Land Index and Residential Market Outlook revealed that South East Queensland land prices continued to surge in the first three months of 2026, lifting 10.6 per cent to $543,400 as the volume of land sales plummeted nearly 30 per cent.
Over the year, the median lot price increased 24.9 per cent across the region, the report revealed.
Oliver Hume Land Index and Residential Market Report – March Qtr 2026
Brisbane had the most expensive vacant land during the March quarter at a median of $1,190,322, a 62.2 per cent increase in 12 months.
Logan ($478,400) remained the most affordable region in the southeast, slightly ahead of Ipswich ($490,900).
Logan prices rose 5.4 per cent in the March quarter and 24.6 per cent for the year.
The price per square metre across South East Queensland rose 11.8 per cent to $1308 per sq m, compared to $953 in Adelaide and $1057 in Melbourne.
Oliver Hume chief economist Matt Bell said South East Queensland’s performance reflected very strong demand and not enough supply.
“Sales volumes fell in every major corridor to contribute to overall SEQ sales being down nearly 30 per cent,” he said.
“At the same time, prices rose in every corridor, with overall median pricing rising by 11 per cent in the March quarter alone, securing a 25 per cent rise annually.
“Some of the more extreme price movements for the Brisbane and Gold Coast corridors reflect small volumes and shifts in sales between regions and projects, and not only underlying price growth.
“But the high-selling corridors of Ipswich, Moreton Bay and Logan all saw prices move between 5 and 10 per cent in the quarter to get them all at 20 per cent or above annual price growth.”
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