Brisbane’s southern growth corridor through Logan has emerged as southeast Queensland’s most popular destination for new house and land buyers with HB Land’s Tillerman Park Ridge community securing 42 sales in just four weeks.
The project’s success comes after new research by property services group Oliver Hume shows the Logan LGA continues to be the most popular destination for buyers in the southeast.
Oliver Hume’s latest Quarterly Market Insights (QMI) report showed that while sales volumes remain below historical averages, this has not translated to lower prices, with the median lot price in the Logan LGA increasing 5% in the three months to the end of March to $315,000.
Prices in Logan were up more than 9% in the 12 months to March and 47.2% over the last five years.
The median price in the Logan LGA was marginally cheaper than the Ipswich LGA ($320,000) and much cheaper than both Moreton Bay ($385,000) and the Gold Coast ($645,000).
HB Land’s Tillerman Park Ridge project includes 320 lots surrounded by community parklands and popular Hubner Park sports facility.
Due to the success of the first release of land at Tillerman including 34 homesites the second release was bought forward with 11 of the 18 lots sold over the weekend. Since officially launching to the market on May 5, a total of 42 homesites worth $13.5 million have been sold.
HB Land Chief Executive Officer Michael Vinodolac said Tillerman’s natural elevation, boutique size, and a broad range of lots had ensured its early sales success.
“The community is designed to promote pride in place through a feeling of shared ownership of common spaces and we have seen buyers really embrace that idea,” he said. “There is a strong sense of community in Park Ridge and we have had a lot of buyers from the local area who have been waiting for the project to come to market.”
Mr Vinodolac said strong stock levels and good affordability were making the southern growth corridor extremely popular with buyers.
“In the current interest rate environment everyone is focused on value for money and affordability, and right now Logan and Park Ridge are ticking all of those boxes,” he said.
The Oliver Hume research showed Logan remained the most popular destination for buyers with a 38.8% market share in the three months to March, followed by Ipswich (21.4%) and Moreton Bay (16.1%)
In the three months to the end of March 2023, the median price for land in the SEQ market was up 1.8% to $345,000 with all municipalities, except for Redlands, recording an increase in median land prices.
Across SEQ, lots sized 301– 400sqm remained the most in demand product by buyers. This lot size cohort dominated sales accounting for 34% of all sales made in the March quarter 2023.
Oliver Hume Chief Executive Officer Project Marketing Julian Coppini said a lower number of sales, due to interest rate increases, had created a high level of good-quality stock for the first time in many years.
“The high levels of stock, combined with the underlying resilience of the local economy and strong population growth, has allowed prices to hold up relatively well,” he said.