The Brisbane City LGA residential land market continues to see robust levels of approvals as demand for vacant land remains elevated.
Lot approvals increased again this year continuing its steady upward momentum growing by 9.5% to 2,580; this rate now the greatest on record for a calendar year and well ahead of the long term annual average of 1,969. Sales rates for both vacant land and house &land packages have shown some small declines, down from the record high 2015 results; with registration levels also seeing some consolidation. Median values for vacant land have seen no change over the past year while house & land packages have continued their strong upward momentum, whilst the median $/sqm paid for land reached a new high of $820/sqm for the 2016 calendar year.
Lot sales activity has been recorded at a high rate, most notably over the last four years; as a result the market has responded positively growing median vacant land value by an average of 7.0%
per annum to $380,000. Over the past 12 months however, the median across Brisbane has seen no movement, with a rate per sqm of $880/sqm which remains the highest
historically record. The number of vacant land sales recorded during the 2016 calendar year has shown decline of -11.1% to 1,571, yet remains ahead of the long term average of 1,463.