Price of land doubled over decade and it’s expected to get worse fast

If you waited a decade to buy land in SEQ, you will have found prices have doubled.THE price of land in this part of South East Queensland has doubled in the past decade with experts warning the situation is expected to get worse amid limited new supply coming on-stream.Latest data from property research firm Oliver Hume found the price per square metre for vacant land sales, on the Gold Coast corridor especially, went from $312 per square metre in 2007 to $620 in 2017.It found that land sales prices had increased for four consecutive years, while lot sizes had been decreasing two years in a row.More from newsMould, age, not enough to stop 17 bidders fighting for this home4 hours agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor4 hours ago“Over the last 10 years, from March 2007 to March 2017, median prices have grown 22 per cent, however average lot size has decreased 38.5 per cent during this period while price paid per sqm has increased from $312/sqm in 2007 to $620/sqm in 2017,” the research found. “The average price per square metre ($/sqm) has increased at a significantly higher rate of 98.7 per cent over the last 10 years.” The corridor between the Gold Coast and Brisbane has seen rapid growth in demand including Coomera.Oliver Hume Queensland managing director Brinton Keath said “prices have and will continue to rise while there is such a shortage of new land coming on to the market”.He said the surge was driven by the search for affordability in master planned communities that were still close to services and facilities.“Several unique factors are combining to spark strong activity in the southeast Queensland residential land market, particularly in the Gold Coast region,” he said. “Demand from offshore buyers, strong population growth, and a strong construction sector all contribute to the demand for new house and land.“These factors combined with a lack of land stock are generating strong buyer activity from both ‘warm’ and ‘hot’ buyers who have identified infrastructure activity as a hallmark of growth, and are rushing to capitalise on the potential growth.” read more

McGregor MMA future unclear after card removal

first_imgMc Gregor tweeted last night from his training camp in Iceland “I have decided to retire young. Thanks for the cheese. Catch ya’s later.”However speaking afterwards White said Mc Gregor had been removed from the card because he wouldn’t take part in pre fight promotional events this week.last_img