Gold Coast land prices jump 9 per cent as demand for masterplanned estates surges
AVERAGE land prices on the Gold Coast jumped 8.6 per cent in the past 12 months.
The average 450sq m block of land now costs $265,000, but new research shows it could be higher if more was released.
Research from Oliver Hume shows 2218 blocks of land — ranging from 140sq m to 1000sq m — sold on the Gold Coast in the past 12 months. In 2003, there were 3253 sales.
“While both volumes and prices increased in the year to June the growth could have been far greater if there were more supply coming to market,” Oliver Hume Queensland managing director Brinton Keath said.
“We remain well below long-term average for both price and volume and should be doing more to bring product to market.”
Mr Keath said masterplanned communities were experiencing a surge in demand due to buyers seeking new, affordable homes close to services and facilities.
The Oliver Hume research showed the number of lots approved in the 2017 financial year fell 20 per cent to 1684, while the number of lots coming to market was down nearly 30 per cent, to under 2500.
At the end of June, Oliver Hume there was just 218 lots on the market across the whole of the Gold Coast.