The property market in south east Queensland looks to be continuing its solid run of late, with indications the residential land market in the region is strengthening.
According to new research from the commercial arm of real estate franchise Ray White, lot registrations and approvals increased across the majority of the south east Queensland during the 12 months to September 2015.
According to Ray White Commercial’s latest SEQ Land Market Report, five of the seven local government areas (LGAs) in the region recorded increases in lot approvals over the year, while six out of the seven LGAs recording their highest result for lot registrations in the last five years.
A lot approval is when a council allows grants permission for land to be developed for residential purposes, while a lot registration is when the title for the individual lot is lodged with the council.
Jamie Martin, land marketing director at Ray White said the increase in approvals and registrations was due to the fact buyers have faith in the underlying strength of the residential market across south east Queensland.
“Our research has found that the SEQ land market is continuing to strengthen with buyers being attracted back to the fundamentals of traditional housing,” Martin said.
Over the 12-month period lot registrations increased across south east Queensland by 22.93%, with the Gold Coast being the best performer with a 43.59% increase.
Registrations fell 10.6% in Brisbane in the 12 months to September 2015.
While lot registrations may have jumped on the Gold Coast over the year, Ray White Commercial property analyst Will Lawler said the market is still tight in the tourist location.
“Land supply on the Gold Coast is at an all-time low,” Lawler said.
Over the year, the median price for a residential lot remained steady in south east Queensland at $247,037; however Brisbane did see some solid price movements.
“In Brisbane the median land price reached a new high of $365,000 which reflects an annual increase of 9.5% and a 22.8% increase over the last five years,” Lawler said.
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