Gold Coast Infrastructure, Commonwealth Games and a Lack of Stock forcing up Vacant Land Prices
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Gold Coast Infrastructure, Commonwealth Games and a Lack of Stock forcing up Vacant Land Prices
The Price of vacant land on the Gold Coast has hit a record high, driven by new infrastructure, the Commonwealth Games and a lack of stock.
The median price has now hit $251,500 – up more than $10,000 in 12 months.
The data, provided by property services group Oliver Hume, shows the limited remaining land at Coomera and Pimpama will be sold out in less than 7 years.
Oliver Hume Queensland joint managing director Brinton Keath said the lack of supply was reflected in enormous buyer demand each time new blocks were released at the Coast’s current housing estates.
“Master planned communities in the major growth corridors represent a key reason behind land price spikes and (they) continue to attract interest from first-home buyers and investors,” he said.
“With all this stimulated demand, coupled with very low levels of supply, prices have had nowhere but to go up as the demand strongly outweighs supply.”
“The vast majority of zoned land suitable for development is very limited on the Gold Coast,” he said. “A good proportion of this is located on country that possesses topography that is not suited for traditional, family-style housing.
“From a transport perspective you’ve got the heavy rail, access to the M1 and Gold Coast Highway and the light rail is under construction.
The shortfall in land supply on the Gold Coast was contributing to the increased demand for new affordable homes within easy reach of services and facilities.
Gold Coast Land Prices*
March 2016: $240,000
June 2016: $243,225
September 2016: $249,400
December 2016: $250,000
(*Vacant land sales, 140sq m – 1000sq m. Source: Oliver Hume.)
Source: Gold Coast Bulletin
