Real estate specialists have noticed no respite in the steady increase in prices of land sales in Brisbane, Queensland over recent months and years – in fact, quite the opposite in some suburbs of the Queensland city.
According to recent research, the median land price within the Brisbane local government area rose by 9 percent to almost AUS $410,000 in the first quarter of this year, compared to 2016 prices. Based on an average block sale size of 446 square metres (itself slightly smaller, as space is at an increasing premium), the average price per square metre is currently around $919 (winter 2017).
An Increasing Demand for Blue-Chip Suburbs
Demand has continued to rise across the region and remains high, bolstering land sales and prices in Brisbane due to its growing population. The short to medium term prognosis appears to be more of the same as the area continues to be popular.
Brisbane’s middle ring area comprises suburbs such as Everton Park, some 8 to 9 kilometres from the central business district, which appears to be replicating what happened in Sydney and Melbourne in terms of rapid growth, strong businesses and steady increases in house prices – at least a fifth over five years.
Together, these factors have led to what is now referred to as the new blue-chip suburbs, where residential land is very much in demand. Some suburban properties on completed plots elsewhere on the eastern Australian seaboard carry million dollar price tags.
The Emerging Self-Build Market
As well as developers looking for plots on which to build houses, the upward pressure on real estate prices has generated interest in parcels of land for sale from the self-build market. A growing number of Australians plan to build their own house, sometimes their first home, in order to reduce costs. Speculators looking for Englobo land and property investors also have a keen interest.
Finally, groups and individuals who require further advice or are looking to purchase or sell land in the Queensland area are invited to contact real estate experts like those from Lion Land Marketing. They can offer introductions to a selection of builders and expert property companies for those clients with house purchase enquiries.
Strong Growth Hidden In Brisbane’s Middle Ring: Everton Park Suburb Profile, theurbandeveloper.com
The best Brisbane suburbs to invest in now for long-term growth, weeklytimesnow.com.au