The Moreton Bay LGA residential land market has shown favourable improvements in values during the 2016 calendar year. Median values for both vacant land and house and land packages have continued their upward momentum, whilst the median price paid for land reached a new high of $575/sqm.
Sales rates have shown some decline for both land and house and land packages; however this has not dampened the values achieved. Lot approvals however have increased considerably to a new historic high due to a number of large scale developments approved this year reflecting 6,262 lots up from 2,827 in 2015.
Lot sales activity has shown some minor decline over the 2016 calendar year now representing 1,930 vacant land sales. Despite this fall, results remain in line of the four year average of 1,971 and have not dampened median land value growth. Median land values have grown 8.1% to $255,000 over the last year; this represents a median land value of $575/sqm (up 6.9%) and representing the highest value on record. Furthermore the average value on a per sqm basis has increased on average 12.3% per annum over the last ten years highlighting the growing interest in this region.