The Redland City LGA residential land market has shown positive results in the 12 months to June 2017. Median values for both vacant land and house and land packages have continued their upward momentum, whilst the median price paid for land reached a new high of $409/sqm. Sales rates however have slowed compared to the highs of 2016 yet still well ahead of the results achieved between 2007 and 2013.
House and land packages have shown five consecutive years of increases in median values, which reflect an improved appetite in these inclusive packages. Lot approvals increased this year by a sizeable 28.60% to 724, while this rate is below the high of 874 achieved in 2014, it is still well ahead of the longer term annual average.
Redland City provides only 407ha of land suitable for residential development, with potential to deliver around 7,000 dwellings. While this location is situated within the growth corridor between Gold Coast and Brisbane, given the limited land availability this market does not represent significant scope for future large scale residential land development opportunities.