South East Queensland Land Shortage
Thanks to price increases, supply shortages, and increasingly high demand, Queensland is facing an acute land shortage. In addition, government incentives, low-interest rates, and interstate investors have contributed to skyrocketing demand for house and land packages in South East Queensland.
In particular, land available in the Gold Coast has continued to dwindle over the past 18 months. As a result, developers have not been able to keep up with the demand for land regardless of the astronomical price increases in this area.
Thanks to this housing boom, the Gold Coast has been an investor hub, with properties now producing the highest rental yields in Australia. As a result, the Gold Coast has trumped other large cities such as Melbourne and City, taking home first prize for the highest rental prices in Australia.
CBRE residential development director William Poole suggests that investors have been the driving force in southeast Queensland’s property market demand. “Confidence in the housing market and wider economic recovery has spurred elevated activity levels in new dwelling investment and renovations.”
The meager interest rates have created a housing demand that the region hasn’t experienced for over a decade. As the country returns to normal and borders are re-opened, experts predict that the demand will strengthen as inter-state buyers re-enter the market.
The Queensland Government has accelerated infrastructure plans to respond to these critical market conditions. However, with council development approvals happening at a snail’s pace, more pressure is placed on property prices, and builders are scrambling to survive. It is also causing immense frustration among home buyers and developers.
The land that is available on the Gold Coast and the Sunshine Coast is predicted to see substantial price growth as the demand is increasingly high in these areas.
The Property Council of Australia’s Queensland executive director Jen Williams explains, “Some corridors, such as Logan and Ipswich, have large parcels of land ready to bring to market. The planning work has been done in advance, and infrastructure arrangements are in place to service expected growth,” says Williams.
“However, other corridors, for example, the Gold Coast and Sunshine Coast, are experiencing an unprecedented demand for residential land. There simply is not the supply of land available to keep up with the demand for new housing.”
“Swift action will be needed over the coming weeks and months to fast-track development applications, streamline the structure planning process, and sort out the funding and delivery of infrastructure to get new supply on the ground.”
The past 12 months have indeed been challenging in the building industry, but luckily Gallery has had a team of staff committed to producing exceptional results for their customers.
Along with Gallery Homes’s dedicated team, they partner with only the best and most reputable suppliers in the industry. Over the years, they’ve developed great relationships with suppliers who are proud to work with Gallery Homes. As a result, Gallery has continued to operate smoothly, and customers are reaping the rewards of building with a trustworthy team committed to delivering the best results possible.
“We do our utmost to create your ideal home within your particular lot and budget constraints,” Barclay explains. “Our designs are individual and provide innovative lifestyle solutions, accommodating all budgets, land types, and sizes. So whether you’re a first home buyer, executive couple, growing family, or looking to invest, we have the perfect home for you!”
If you like the idea of a stress-free build with brilliant results, Gallery Groups’ Reward Range offers a streamlined alternative to custom building. It’s faster, easier, and more affordable. It’s the perfect choice for property investors looking to start or add to their portfolio. It’s also ideal for first home buyers or families on a budget. Visit all of the information here or contact us directly.