Coast’s land sales, values reach record heights

SALES of Gold Coast residential land and median land values have reached record highs while lot approvals are at the highest level since 2011, says Ray White Commercial.

Land marketing director Jamie Martin says median values for Gold Coast vacant land and for house-and-land packages rose substantially in the year to June 2016.

“Vacant land sales reached the highest level recorded at 2973 lots, up from the previous record of 2408 in 2015, and median land values are a record high of $578/sq m,” Mr Martin says in February’s Between the Lines – Gold City Land Market Report February 2017.

He said the figures follow four consecutive years of increases in homesite sales.

“Lot approvals rose over the 12 months by 18.4 per cent to 1911, the highest number since 2011 and ahead of the longerterm trend of 1646,” he said.

Mr Martin said the jump in approvals reflects a rise in the number of projects to 97 in the 12-month period, up from 75 the previous year.

He said the Gold Coast land market has been robust for the last few years, recording a significant uplift in volume and n higher median prices.

“While the level of growth may be minimal, lot-size reduction has kept the median price and affordability in check,” Mr Martin said.

“Growth on a per-squaremetre basis has been consistently positive.

“Development approvals are growing in line with increased demand and steady rises in registration levels highlight the depth of the market.

“Other indicators include the high number sales to builder groups.

“The Gold Coast provides 3370ha of land suitable for residential development with potential to deliver more than 45,000 dwellings.”