Aurora Release at 224, Flagstonian Drive, Flagstone has blocks from $345,000.
A patch of dirt in southeast Queensland is $100,000 more than it was 12 months ago with buyers battling soaring prices in Australia’s fastest-growing region.
Oliver Hume’s latest quarterly data reveals the median price for a block of land in the southeast is $483,600, up $102,900 (27 per cent) over 12 months.
Calli at Rangeview Road, Upper Coomera on the Gold Coast has blocks from $800,000.
Southeast Qld annual price growth. Source: Oliver Hume
Almost half of that growth was over the September quarter, with the southeast market up $43,600 when comparing the September and June quarters.
Rising real estate values, interest rate cuts, and first homebuyer incentives are behind hikes with buyers now paying a premium for land.
A 798 sqm waterfront block at 78 Paradise Parade, Jacobs Well on the Gold Coast is on the market at $1.5m.
The most expensive region was the Gold Coast with a median of $609,000, up a staggering $190,000 (31.2 per cent) over the year.
Brisbane recorded a median of $685,000 and was only up $10,000 (1.5 per cent) over the same period.
The River City was the only region to record a drop over the last quarter — land prices were down $24,000.
Ipswich and Logan recorded the cheapest medians at $445,900 and $420,500 respectively.
Over the year, Ipswich was up $86,450 (24.1 per cent) while Logan jumped by $75,500 (21.9 per cent).
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Oliver Hume chief economist Matt Bell.
Eden’s Crossing in Redbank Plains in Ipswich is offering land from $498,000.
Moreton Bay was slightly more expensive at $499,000 and up 25.2 per cent over the past 12 months while Redlands recorded a median of $595,000, up 19.6 per cent.
Oliver Hume chief economist Matt Bell said Ipswich and Logan would continue to attract buyers searching for affordable blocks of land.
“In a state experiencing a shortage of new dwellings for new population, Ipswich and Logan LGAs are some of the few councils doing their part,” Mr Bell said.
“Even though they’re experiencing strong price growth, they’re delivering more new land lots than any other councils.
Eden’s Crossing in Redbank Plains is offering land from $498,000.
Aurora Release at 224, Flagstonian Drive, Flagstone in Logan has blocks from $345,000.
“They remain the most affordable corridors in SEQ, at least $50k below the next most affordable.
“We know that most of the internal migration to Logan and Ipswich are from councils that are doing particularly poorly supplying new housing, like Gold Coast and Brisbane.
“Logan get movers from both Brisbane and the Gold Coast, while Ipswich relies primarily on movers from Brisbane, reflecting their relative distance to each of the larger job markets.
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