Surge in demand for land

THE price of vacant land on the Gold Coast has hit a record high, driven by new infrastructure, the Commonwealth Games and a lack of stock.

The median price has now hit $250,000 – up $10,000 in just nine months.

The data, provided by property services group Oliver Hume, shows the limited remaining land at Coomera and Pimpama will be sold out in less than seven years.

Oliver Hume Queensland joint managing director Brinton Keath said the lack of supply was reflected in enormous buyer demand each time new blocks were released at the Coast’s current housing estates.

“Masterplanned communi- ties in the major growth corridors represent a key reason behind land price spikes and (they) continue to attract interest from first-home buyers and investors,” he said.

“With all this stimulated demand, coupled with very low levels of supply, prices have had nowhere to go but up as the demand strongly outweighs supply.” Mr Keath said Coast housing affordability would continue to be a concern.