The price for a vacant block of land in southeast Queensland soared by more than $200,000 in 2025 despite home lots undergoing rapid shrinkflation as demand continues to outstrip supply.
And the recent sale of a pint-sized block on the Gold Coast shows the market has gone completely bonkers.
Smaller than the average Aussie apartment, the 89sq m vacant lot at 29A Meron Street in Southport sold for an unbelievable $550,000 on January 28, or about $6179 per square metre.
To put that grassy lot into perspective, the average size of new apartments was just over 118sq m in 2022/23, according the latest data from the ABS and HIA.
The average Aussie house size is roughly 230sq m.
At 89sq m, this vacant lot at 29A Meron St Southport could be the smallest block ever sold in Queensland
Phillis Real Estate agent Bailey Hyland, who marketed the block, said the seller was a Chinese landbanker.
“It was a record sale per square metre,” he said, adding that it was bought by a local buyer who plans to build a home on it.
“We had about 40 people interested, around 4000 online views and two offers.”
It sold for $550,000
Mr Hyland said the strong interest was due to the lack of available land in Southport.
“There is heaps of development going on in that pocket so people want to get their hands on anything they can,” he said.
But it is not the only Smurf-sized lot to sell in Queensland.
Small blocks with big sale prices in recent times include a 197sq m vacant block at 15 Rusden St in Kelvin Grove for $920,000, and a 188sq m block at 8 Lancelin Place in Maroochydore that sold for $605,000.
15 Rusden St Kelvin Grove sold for $920,000
Ray White Rochedale agent Miranda Cheng sold the Kelvin Grove block to a buyer who plans to build a home.
“There was a lot of interest in that block,” she said. “I guess its the location as it is close to the school and there really is no choice as vacant land in Kelvin Grove is rare.”
A search of realestate.com.au shows there is just one other property currently for sale under 200sq m – a private marina berth at Hope Island that is listed from $150,000.
There are 52 for sale under 300sq m and 191 under the more conventional 400sq m.
Exclusive data from the upcoming Oliver Hume Quarterly Market Insights report shows that vacant lot sizes in southeast Queensland have been rapidly shriking.
In 2024, the percentage of lots 400sq m and under was 25 per cent in Logan, Ipswich (48%), Moreton Bay (44%) and Redland (23%).
In 2025, 42 per cent were 400sq m and under in Logan, Ipswich (48%), Moreton Bay (52%) and Redland (44%).
“Across much of southeast Queensland, land supply in the new land market has remained materially constrained, with unsold stock supply at the end of December 2025 sitting below one month in many locations,” the report said.
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SEQ MEDIAN LOT PRICES Oliver Hume QMI
And those that can secure a block can expect to pay $215,000 more now than a year ago in Brisbane, where a vacant lot now costs $935,000, up 29.9 per cent in 12 months.
On the Gold Coast, a vacant block will set you back, on average, $890,950, an increase of 22.9 per cent in 12 months or $165,950.
SEQ ANNUAL PRICE GROWTH Oliver Hume QMI
Research by prop tech firm InfoTrack revealed that vacant land in southeast Queensland recorded the strongest growth of any property type during the last quarter, rising to 15.1 per cent off all sales, up from 13.7 per cent the previous quarter.
Moreton Bay led the trend, with Morayfield the top location for vacant land sales.
“For many buyers, vacant land represents flexibility,” InfoTrack’s chief operating officer Lee Bailie said.
“It offers the chance to enter the market at a lower price point and build later, particularly in growth corridors benefiting from new infrastructure.”
And judging by past sales, size doesn’t always matter.
Back in 2023, a 125sq m block in sought-after Palm Beach sold for a whopping $750,000, or about $6000 a square metre.
And in 2021, a suburban footpath spanning just 129sq m was listed for $400,000 in Caloundra West.
This footpath at Caloundra West was initially listed for $400,000
It sold for $250,000 to an investor who planned to build a three bedroom terrace home.
The shocking sale of the fun-sized Southport block comes after a developer paid $1.25 million for a 4m-wide driveway in the Sydney suburb of Newtown at a recent auction.
The 110sq m site was listed as “development ready”.
A social media post about the sale received many pointed comments.
One user wrote “Just stop eating smashed avo guys and you too will be able to afford a driveway like this!” while another wrote “LOL Australia is cooked”.
This Sydney driveway sold for $1.25 million
A 128sq m block in Dover Heights in Sydney, complete with a utilities box and warped trampoline, also sold for $700,000 in 2025, while a 99sq m block in Geelong West in Victoria also recently sold with the price not yet disclosed.
Oliver Hume chief economist Matt Bell said that, with regards to the Southport block, the Gold Coast was arguably southeast Queensland’s least supplied corridor when it comes to vacant land.
“People will buy (small lots) because they have to live somewhere and the only real fix is more land to ameliorate that excessive price growth,” he said.
“And without a big increase in vacant land, the problem will only get worse.
“Both overseas and interstate migration is still strong and whatever is released sells fast.”
Oliver Hume chief economist Matt Bell
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