Blocks of land put up for sale around 8km from Brisbane’s proposed Olympic dream stadium have sold out less than a week after hitting the market.
Oliver Hume said there was “overwhelming” interest in the area in Greater Brisbane’s south, where $14m worth of land consisting of 44 home sites sold out in less than a week.
They were part of stage 5 of the Tillerman Park Ridge development which is about 8km from the proposed dream stadium for the 2032 Olympic Games in Logan.
Oliver Hume Queensland general manager Dan Ross said “there is a significant undersupply of this near build-ready land, which is contributing to an increase in demand when it does come to market”.
“We are seeing a real flight to quality homesites, particularly where there is certainty around delivery and buyers are confident they can settle their purchase in a reasonable amount of time”.
“The land market in Logan and the whole southeast of the state has remained consistent for some time, particularly for land that is ready to settle within a six-month window to ensure purchasers can lock in all their costs.”
“Buyers want to get off the rental merry-go-round and are prepared to move quickly if they can start building in the near-term”.
Mr Ross said with greater certainty around interest rates, buyers were now moving back into the market but “finding their options are limited”.
The South East Queensland land market has seen over 1000 sales over January and February, Oliver Hume data found – 373 of which was in January and 657 in February, with the median price falling by $2,000 over the period along with the mid-range lot size dropping from 439sq m to 423sq m.
The Stage 5 release of land at HB Land’s Tillerman Park Ridge community which is expected to be ready for settlement within months, was priced between $325,000 and $410,000.
HB Land CEO Michael Vinodolac said the southern growth corridor was extremely popular with buyers due to its strong stock levels and good affordability, with early sales success at Tillerman also linked to its natural elevation, boutique size and broad range of lots.
“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.”
Tillerman Park Ridge will be home to almost 300 families when complete, with open space including a 1ha district park, direct access to community parklands and the popular Hubner Park sports facility.
Home sites in Stage 5 ranged from 315sq m to 474sq m with a range of frontages up to 14.1m.