The Gold Coast City LGA residential land market has been showing robust growth in activity over the last 18 months, these results have now consolidated maintaining strong results.
Median values for both vacant land and house & land packages have shown strong upward momentum, whilst the median $/sqm paid for land reached a new high of $595/sqm. Vacant land sales rates have fallen from the highs of 2015, while house & land package sales have represented a 3.6% growth in sales to a median of $486,000. Lot approvals have stabilised back to a normalised level after a high 2015 period, falling by 20.0% to 1,684 still slightly ahead of the longer term average of 1,455 per annum.
After four consecutive years of increases in lot sales activity, the market has now slowed back to a more stable rate. While volumes have fallen by 14.5% for vacant land over the year, this rate of sale represents the second highest level of take up in the last ten years. Values have continued to respond positively growing 4.2% to $250,000; this represents a median land value of $595/sqm which is the highest rate on record. The number of vacant land sales recorded in the 2016 calendar year may have decreased by 14.5% over the last year to 2,530 yet it is still well ahead of the long term average of 1,585.