This article is from the Australian Property Journal archive
LOGAN and Ipswich suburbs make up all but one in the top 10 most affordable for new land in South East Queensland, including four where the average still remains under $500 per sqm.
According to new research by Oliver Hume, Gleaneagle in the Logan growth corridor is the most affordable suburb for land in South East Queensland (SEQ), at a median of $453/sqm or less than half the SEQ median of $923/sqm.
Scenic Rim in Logan followed in the number two spot, also at $453/sqm, with Plainland in Ipswich rounding out the top three at $475/sqm and Beaudesert in Logan the last suburb under $500/sqm at $498/sqm.
“The southeast Queensland market is one of the strongest in the country, and we don’t see that changing any time soon,” said Julian Coppini, CEO of project marketing at Oliver Hume.
The average price of a block of land in SEQ is now at $380,640, up 11% over the June quarter and up 14.3% over the 12 months to the end of June.
This reflects an increase of almost $38,000 for the average price of land over the quarter.
“Any homesite in a new residential community under $400,000 represents great value when it is close to a major city and has easy access to infrastructure like schools, transport networks and employment hubs,” added Coppini.
“Most of the suburbs in the top ten provide a range of options for buyers. These areas are a little further from Brisbane, so they also have homesites that are a bit larger than suburbs closer to the city.
“While we are seeing more supply, it is still a very tight market with many land releases being snapped up before they even reach the open market,” said Dan Ross, Queensland general manager at Oliver Hume.
“It is important to really shop around and stay on top of what is coming to market and move quickly to lock in your preferred lot.”
In the area, developer and home builder Ausbuild just launched a $200 million community development, Somerset, its second community and first masterplan in the Logan region.
