The Scenic Rim LGA residential land market has shown mixed results in the 12 months to June 2017. Median values for vacant land have continued their upward momentum with the amount paid for land reaching a new high of $177/sqm. Sales rates however have slowed for the second consecutive year for both vacant land and house & land packages with these packages also showing some minor reduction in median values.
Lot approvals have increased substantially this year off the back of one large project approval, growing by over 330% compared to the year to June 2016 to 324 lots and well ahead of the annual approval average.
Scenic Rim LGA provides 1,764ha of land suitable for residential development, with potential to deliver up to 10,000 dwellings. While this location is situated to the west of the growth corridors of Gold Coast and Brisbane, demand is currently minimal and while there is scope for future residential land development opportunities these will be limited until more traditional South East Queensland land is absorbed.