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Trend in land sales for region

12:01am September 15, 2012
SOUTHEAST Queensland land sales are tracking upwards with the region on target for more than 6600 land sales this year, with a 27 per cent increase in sales forecast by 2014, according to new research by Oliver Hume.

The region's land sales market has been in decline since 2009, with figures this year showing the first indications of an upward trend, which is expected to continue over the coming years, with about 8500 sales forecast for 2014.

Oliver Hume's South East Queensland Land Report shows Ipswich has the most affordable median land price of $185,000, followed by Moreton Bay ($204,000), Logan ($241,000), Gold Coast/ Tweed ($259,000) and Brisbane ($362,500).

Almost one-third of the projects are in the Gold Coast/Tweed municipality with Upper Coomera being one of the most active areas for development in SEQ.

Oliver Hume Queensland joint managing director Brinton Keath said he expected the southeast Queensland market would continue to improve new housing demand throughout the state in the mid-term, on the back of greater housing affordability, improved market conditions and a surge in population.

"The southeast market is consistently improving and is expected to continue to improve, as the region has moved from a period of sustained oversupply in the past decade into a new phase of acute shortage," he said.

"There are 2000 retail lots available for purchase across the southeast -- the majority of which will soon be absorbed by the estimated 6600 land sales this year.

"As a result, our research indicates that the southeast will require up to 25,000 new dwellings per year for the next five years, with this figure slated to almost double to 44,000 in 2016.

"It is expected that the majority of new product built through to 2016 will be located in the western suburbs of Ipswich and Logan, which have the capacity to provide 113,000 and 93,000 dwellings respectively, and have broad appeal due to affordability and recent improvements in infrastructure," MrKeath said.

Affordability and green shoots of confidence were the key factors driving property sales across the region, he said.

"In past years, the southeast has not been badged as an affordable destination for housing, but the market is changing now and people are recognising that this region really does offer value for money -- especially in terms of location, lifestyle and employment prospects," he said.

"In fact, a quarter of the lots currently for sale in the southeast sit below the 'affordability' threshold of $200,000, due to an increase in small lot, sub-400sq m product, which now represents about 12 per cent of the region's supply."

The report also showed that new home approvals for Queensland increased 6 per cent over the June quarter, with all other states flagging with the exception of the ACT, which lifted 3 per cent.

It is anticipated Queensland will continue to set the pace for housing approvals nationally, which are expected to grow 4 per cent to reach 140,000 for 2012-2013, representing a solid recovery on the back of a 15 per cent decline for the 2011-2012 financial year.

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