The vacant residential land market has performed strongly across the East Coast of Australia. Sale volumes have increased over the past three years with the greatest consistency seen in South East Queensland (SEQ), resulting in a steady increase in land values. Both Sydney and Melbourne have witnessed greater volatility in these volumes which has seen rapid fluctuations in values.
SEQ has remained relatively affordable with median prices seeing little movement, as lot sizes continue to shrink. Volumes have remained consistent with growing demand in the northern and southern corridors as well as Brisbane & Ipswich.
Interstate migration back to Queensland has started to emerge which is assisting in keeping sales volumes high.
Although Sydney has a limited supply of land, it has continued to show consistently high volumes of sales and strong increases in its median land price. Values in this market are now approximately double the prices of both SEQ and Melbourne which highlights Sydney’s diminishing affordability.
Volumes in Melbourne are well ahead of other cities due to the high supply of developable land, while growing population and strong employment and infrastructure has seen this an attractive market. As such median values have now started to show sizeable increases after prolonged periods of stability now overtaking SEQ values which has historically shown a premium to Melbourne.