Recent research from Place Advisory shows demand for house and land packages is peaking across the south eastern part of Queensland as buyers look for traditional detached homes.
The research indicates there has been a 5.1 % increase in new house and land sales in recent years, with data showing Brisbane’s outer ring not only the most popular, with 836 new sales recorded in the 6 months to March 2018, but also the most affordable with the median price for a new build just $605,000.
Director of Place Projects, Bruce Goddard said that for some buyers, house and land is a top priority.
“Many buyers prefer to move a little further from the inner Brisbane area to get affordable land and have a backyard for the family,” Goddard said.
SOLANDER ESTATE - PARK RIDGE
“Buyers want space to stretch their legs and grow. Many are looking to start, or grow their family, and are looking forward to the future," he said
Lachlan Walker, Director of Place Advisory and Place Projects, said people are willing to give up on the benefits of an inner city lifestyle for the extra space house and land packages provide.
Goddard said the infrastructure in the outer rings is constantly improving as demand grows – with better roads and public transport access, more schools and facilities.
“The infrastructure will only continue to improve as more and more people call these outer suburbs home – which in turn will attract more buyers,” he said.
Heading closer to the city, there were fewer ‘new home’ sales (506) with a median price tag of $752,500.
As expected, the inner ring is the most expensive for new houses – the median price there is $895,000 – and with just 281 sales, is constricted by supply issues this close to a major CBD.
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Goddard said there will always be demand for new builds as population, particularly in Queensland, grows. New builds will remain the first preference for many buyers and investors alike.
“Just as people love new cars, there is nothing like a brand new home with all appliances and fittings with full warranty, no maintenance issues and nothing more to spend," he said.
Source: The Real Estate Conversation