South East Queensland land prices hit record high amid development lot shortage

Oliver Hume Queensland general manager, Dan Ross. Picture: Supplied South East Queensland land prices have hit an all-time high despite a drop in buyer demand, with Gold Coast leading the price growth. New research by Oliver Hume Property Group revealed the median price of a residential lot in SEQ rose $9000 (1.7%) in the September quarter to a new peak of $549,000. This pushed annual price growth in SEQ to $64,100 or 13.2 per cent. Oliver Hume chief economist, Matt Bell said land prices were holding up despite a clear deterioration in buyer demand. “We have seen a significant reduction in enquiries and buyer activity as higher interest rates put further pressure on household budgets and borrowing capacity, but that weakness is yet to translate into a meaningful correction in land prices,” he said. “Buyers are becoming more cautious and taking longer to make purchasing decisions, but prices are still rising across most of South East Queensland. “The underlying shortage of available land continues to support prices, even as demand softens. “There is simply not enough supply coming to market to create meaningful downward pressure on prices.” The 611 sqm lot at 11 Melaleuca Drive, Pal...