Buyers are looking for land elsewhere because the Gold Coast doesn’t have enough.
A SHORTAGE of greenfield development sites on the Gold Coast is pushing cashed-up buyers north to Logan.
Colin Keane, director of Research4, revealed demand for residential land on the Coast was outstripping supply with about 1600 lots across 30 projects on the market.
“There will be new projects of course but there is a sense of urgency for these,” he said.
“There needs to be new projects on the ground running to keep affordability in check.
“If that doesn’t come about then the Logan market will have a greater compelling story or a shift in demand form the Gold Coast to Logan.”
Land shortage on the Gold Coast is pushing buyers further north.
Mr Keane said for affordability to be maintained in the greenfield market, a certain number of projects needed to be operating.
“If you have a drop in the competitive environment then price movement will go up,” he said.
Since 2017, Mr Keane said residential land on the Gold Coast had shot up by 20 per cent to a median price of $315,000.
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“You could probably put that down to speculation around the Commonwealth Games,” he said.
“It is also impacted by the type of land being developed — land near the water will have a higher price point and a little bit more fluctuation.”
He said the Gold Coast land market was divided into three parts — west of the M1, east of the M1 around Pimpama and then Coastal waterfront land.
Demand for residential land on the Coast is outstripping supply with about 1600 lots across 30 projects on the market.
“Because of those three zones you have greater movements in price.”
Southeast Queensland’s median lot price is $272,000, while the Brisbane LGA median is $375,000.
Logan’s median lot price is $231,000.
Mr Keane will today share his insights into the southeast Queensland greenfield market at The Lay of the Land conference at the Brisbane Convention and Exhibition Centre.