Logan City's median land values on the rise

Median values for both vacant residential land as well as house and land packages in the Logan City Local Government Area (LGA) in South East Queensland continue to rise, says Ray White Commercial.

Ray White land marketing director, Jamie Martin, said the Logan City residential land market has been buoyant in the 12 months to March 2016.

Its median value for land reached a new high of $434 per sqm.

Mr Martin said sales rates reached their third highest level since 2008, while house and land packages surged 37.6 per cent from the previous year.

“The results for Logan have shown the strength of the land market,” Mr Martin said.

“While sales volumes have reduced, the continued uplift in median values are encouraging signs for the market.

“Development approval levels have reduced from the highs of 2015, however the stable registration levels underline the depth of the market.

Indicators such as reduction of lot sizes, and strong increases in house and land packages highlight the ongoing demand for housing in this location.”

Mr Martin said the Logan City LGA provides 9,910ha of land suitable for residential development, with potential to deliver up to 104,000 dwellings, representing an important growth corridor of South East Queensland with significant scope for future residential land development opportunities.

“This corridor accounts for 38.5 per cent of South East Queensland’s current developable land,” he said.

Mr Martin said despite the reduction in development approvals, the total number of residential land projects has remained steady.

“This year we have recorded 105 total projects with 13 larger projects with more than 50 lots, which is just behind last year’s result of 108 projects,” he said.

“Lot registration over this period has been stable which highlights the ongoing steady completions of lots in Logan.

Registered lots have recorded a median lot size of between 450 sqm to 534 sqm with the median for the year growing by 2.31 per cent.”