The Ipswich City LGA residential land market has shown robust results during the 2016 calendar year. Median values for vacant land has continued its upward momentum with the median $/sqm paid for land reaching a new high of $445/sqm.
Sales rates in both volume and price have not maintained the high achieved during 2015 yet holds the second highest rate on record. House & land packages have slowed after the prior four years of consecutive increases. Lot approvals have decreased this year by -9.0% to 3,260, while this rate is well below the one off high 5,661 number achieved in 2014 it is still ahead of the longer term trend of 2,846 lots.
After four consecutive years of increases in lot sales activity, the market has slowed in the 2016 calendar year reducing turnover by -6.3% to 1,740 which remains the second highest rate on record and well ahead of the long term average of 1,393. The median land price however continued to respond positively growing 2.6% to $195,000; this represents a median land value of $445/sqm which is the highest rate on record and up 5.0% on the last year. Furthermore this rate per sqm has increased on average 7.7% per annum over the last ten years.