GAME ON FOR LAND VALUES
The Gold Coast has already claimed gold, with the 2018 Commonwealth Games credited with boosting median sales prices across the region.
The median price of land on the Gold Coast rose 22.8 per cent in the 12 months to September and 57.2 per cent over the last three years, according to a recent report by property research and advisory firm, Oliver Hume.
This compared to 5.9 per cent for the whole of southeast Queensland in the last 12 months.
First home buyers continued to account for most purchases in Queensland, according to the research.
Oliver Hume Queensland general manager Matt Barr said affordability was one of the key factors supporting the land market.
“Affordability underpins most of the growth in the area, with interstate buyers and investors taking advantage of entry level prices that sit well below that of many other major Australian states,” Mr Barr said.
“Local buyers are also drawn by the affordability of the market, with many buyers being priced out of the inner Brisbane market, causing them to seek more affordable options in southeast Queensland growth areas.”
He said the Gold Coast continued to experience strong price growth but continued to be hampered by low supply, with just 23 projects currently in the market.
“Due to a lack of stock available within the Moreton Bay and Gold Coast regions, purchasers are moving towards the Ipswich and Logan corridors,” Mr Barr said.
“We see the Gold Coast as the strongest property market in Queensland with population growth remaining robust and supported by several initiatives and infrastructure projects including the Gold Coast 2018 Commonwealth Games.”