Vacant Land

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<p><span>GUEST OBSERVER</span></p>
<p><span>The announcement </span>by NSW Planning Minister Rob Stokes that plans have been made for Wilton New Town and that the boundaries of the Greater Macarthur Priority Growth Area are to be extended is good news for managing Sydney’s growth.</p>
<p><span>Sydney’s growth needs new greenfield development as well as inner-city urban renewal.</span></p>
<p><span>A number of Urban </span><span>Taskforce members are developing sites in the </span><span>Wilton and Macarthur areas and they will be encouraged by the government’s announcement of the expanded growth area.</span></p>
<p><span>The go</span><span>-ahead for Wilton New Town will give a focus to development in the area and ensure that jobs are able to be located in the region. The extension of the growth area boundaries to include the land release </span><span>areas of Menangle Park and Mt Gilead will ensure an ongoing supply of new housing sites.</span></p>
<p><span>Care will need to be taken about the cost of </span><span>levies that contribute to the funding of infrastructure to ensure that the levy costs do not over inflate the cost of new homes. Clearly contributions will be needed towards necessary infrastructure but Government also has a role to ensure timely delivery of this </span><span>infrastructure.</span></p>
<p><span>As </span><span>Sydney grows from a city of 5 million to 8 million over the next 40 years the boom in inner city apartment buildings must be balanced by medium density dwellings and by houses built on green field sites like the Greater Macar</span><span>thur Priority Growth Area.</span></p>
<p><em>Chris Johnson is chief executive officer of property development industry group Urban Taskforce and can be contacted <a href="https://www.urbantaskforce.com.au/index.php?option=com_content&amp;view=article&amp;id=97&amp;Itemid=126#.Vdaart55dFI" target="_blank">here</a>.</em></p>
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jchancellor-FAypfDUnLy

Greater Macarthur Priority Growth Area plans important for Sydney’s growth

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<p><span>Over the 2014-15 financial year vacant land selling prices have continued to rise across the combined capital cities. Meanwhile, vacant land prices have actually fallen over the year in regional markets.</span></p>
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<p>Data based on settled sales over the 2014-15 financial years shows that vacant land selling prices have increased by 6.0% across the combined capital cities. While capital city land prices are increasing, across the combined regional markets land prices have fallen by -3.4% over the year.</p>
<p>As at June 2015, the median selling price of vacant land was recorded at $258,543 across the combined capital cities and $156,500 across the combined regional markets. Median land prices in regional areas of the country are now -39% lower than those in capital cities, the widest differential since August 1990. Over the 25 years to June 2015, median vacant land prices have increased by 417% (6.8%pa) across the combined capital cities and by 422% (6.8%pa) across the combined regional areas.</p>
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<p><a href="/images/2015/09/21/2015-09-21--median-vacant-land-prices.png" target="_blank">Click to enlarge</a></p>
<h3>Median vacant land prices over time</h3>
<p><img src="/images/2015/09/21/2015-09-21--median-vacant-land-prices.png" alt=""></p>
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<p>While prices have fairly consistently risen, there has been a consistent trend towards smaller lot sizes. Although you pay a lot more for land you get a lot less for your money. Of those vacant land lots sold over the year to June 2015, the median lot size was 452sqm across the combined capital cities and 810sqm across the combined regional markets.</p>
<p>The median lot size has been reasonably stable across the combined capital cities over the past twelve months, whereas it has actually risen by 8.3% over the past year across regional markets. The median lot size for capital city vacant land has seemingly hit a trough having been relatively stable over the past 2 years. Meanwhile lot sizes have trended higher over the past year in regional areas.</p>
<p><a href="/images/2015/09/21/2015-09-21--pp-median-vacant-lot-sizes.png" target="_blank">Click to enlarge</a></p>
<h3>Median vacant land lot sizes over time</h3>
<p><img src="/images/2015/09/21/2015-09-21--pp-median-vacant-lot-sizes.png" alt=""></p>
<p>With higher prices and fairly steady land areas, the rate per square metre of land has continued to rise over the past year across the combined capital cities while it has fallen in regional markets. At the end of June 2015 the rate per square metre was recorded at $557 across the combined capital cities and $170/sqm across the combined regional markets.</p>
<p>Chart 3 shows that the differential in the rate per square metre between capital city and regional residential vacant land is significant. This is a function of the high cost of vacant land in capital cities and the relatively small lot sizes. To put this in perspective, 25 years ago the rate/sqm for capital city vacant land was $66 and the typical lot size was 750sqm. Today capital city land costs $557/sqm and is only 450sqm on average. While a 750sqm lot in a capital city cost $50,000 25 years ago, today it would cost $417,800.</p>
<p><a href="/images/2015/09/21/2015-09-21--pp-median-rate-per-sqm.png" target="_blank">Click to enlarge</a></p>
<h3>Median rate per square metre for vacant land over time</h3>
<p><img src="/images/2015/09/21/2015-09-21--pp-median-rate-per-sqm.png" alt=""></p>
<p>When looking at individual capital cities, vacant land prices are much higher than all other capital cities in Sydney. The cost of vacant land has risen sharply over the past year in Sydney, Melbourne and Perth over the past year. Typical lot sizes have actually risen across most cities over the past year but have generally fallen over the past decade. On a rate per square metre basis, vacant land in Sydney and Perth is much more expensive than all other capital cities. The rate per square metre has generally risen over the past year.</p>
<p><a href="/images/2015/09/21/2015-09-21--pp-capital-city-vacant-land.png" target="_blank">Click to enlarge</a></p>
<h3>Capital city vacant land statistics - June 2015*</h3>
<p><img src="/images/2015/09/21/2015-09-21--pp-capital-city-vacant-land.png" alt=""></p>
<p><em>Cameron Kusher is research analyst for CoreLogic RP Data. You can contact him <a href="https://blog.corelogic.com.au/author/cameron-kusher/" target="_blank">here</a>.</em></p>
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ckusher-ujnxiKuFQs

Capital city land prices just keep on rising: Cameron Kusher

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<p><span>The median selling price of vacant land across the combined capital cities was $258,543 and $156,500 across the combined regional areas at June 2015, according to CoreLogic RP Data.</span></p>
<p><span>CoreLogic RP Data's Property Pulse found regional median land prices are 39% lower than those in capital cities - the biggest difference since August 1990. </span></p>
<p><span>The median lot size was 452sqm in combined capital cities and 810sqm across combined regional markets, according to CoreLogic RP Data's research director Cameron Kusher. </span></p>
<p><span>“Our research shows that median lot sizes have been reasonably stable across the combined capital cities over the past twelve months. In regional markets, it has actually risen by 8.3% over the past year," he said.</span></p>
<p><span>"At the end of June 2015 the rate per square metre was recorded at $557 across the combined capital cities and $170/sqm across the combined regional markets. </span></p>
<p><span>“As we continue to see the costs of capital city land continue to rise, the rebound caused by this effect is that ultimately the cost of new housing will also rise.</span></p>
<p><span>“While restricted land supply and excessive charges associated with new development remain, we anticipate that the cost of vacant land and subsequently new housing will continue to rise,” Mr Kusher said. </span></p>
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<p><a href="/images/2015/09/17/Screen%20Shot%202015-09-17%20at%205.04.19%20PM.png" target="_blank"><span>Click to enlarge</span></a></p>
<p><span><img src="/images/2015/09/17/Screen%20Shot%202015-09-17%20at%205.04.19%20PM.png" alt=""></span></p>
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Capital city median lot sizes stable: CoreLogic RP Data

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<p>Residential land costs in key markets have reached a new high, says HIA senior economist Shane Garrett.</p>
<p>Vacant land in Sydney is now over $1,000 per sqm.</p>
<p>“Today’s HIA-CoreLogic Residential Land Report indicates that the median lot price nationally increased to $256,683, an increase of 8.5 per cent on a year earlier," Garrett said.</p>
<p>“Across Australia, land turnover is down about 9 per cent on a year ago.</p>
<p>“The speed at which land price is increasing is a concern as it compounds the housing affordability problem.</p>
<p>The results are contained in the latest edition of the HIA-CoreLogic Residential Land Report.</p>
<p><span style="font-size: 12.16px;"><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/10/24/Landsales.jpg" alt=""></span></p>
<p>Garrrett suggested land supply policy has to be central to making real and sustainable progress on housing affordability.</p>
<p>"This requires improved outcomes with respect to financing of housing infrastructure, monitoring and timely reporting on land release and speeding up zoning and subdivision process,” he said.</p>
<p>CoreLogic’s commercial research analyst Eliza Owen says record high lot prices over the past five quarters are likely to have contributed to worsening affordability and influenced the unprecedented level of high density residential development that is currently under construction.</p>
<p>“As the Australian economy shifts from residential to non-residential construction, demand for vacant residential land may shift in location and scope," Owen said.</p>
<p>"New and prospective infrastructure developments such as the inland freight rail and Badgerys Creek Airport will open up new employment and development opportunities further from the metropolitan regions which may stimulate demand for housing in areas with a more affordable price tag."</p>
<p>Over the year to June 2017, price pressures in the market for residential land were most intense in Melbourne where the median price increased by 19.6 per cent over the previous 12 months.</p>
<p>The pace of land price growth was also strong in Sydney (+9.8 per cent) and Adelaide (+8.0 per cent) over the same period.</p>
<p>Land price gains were more modest in Perth (+5.0 per cent) and Brisbane (+0.1 per cent) over the same period.</p>
<p>Hobart was the only capital city to experience a reduction in the median land price over the year to June 2017 (-15.8 per cent).</p>
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jrobinson-rf4aSBido9

New Sydney land costs top $1,000 per square metre

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<p>Sydney Roosters star and keen property developer James Tedesco has sold a vacant land parcel he hasn't touched for five years.</p>
<p><a href="https://www.realestate.com.au/property-residential+land-nsw-spring+farm-202095282" target="_blank">The Spring Farm block</a> does now come with approval for a double storey home with attached granny flat.</p>
<p>Tedesco will have nearly doubled his money if it sold at the top end of the $649,000 to $699,000 price guide when offered by My Property Consultants Shannon McDonnell, who found a buyer in just 12 days.</p>
<p>Tedesco paid $348,000 in 2013 when he was at the Tigers.</p>
<p>There are plans for a four bedroom main home with three living areas, media room, study and alfresco, while the granny flat has one bedroom.</p>
<p>The 25 year old fullback, who has said he is loving his time at the Roosters, has been developing property for the last few years.</p>
<p>He has a four townhouse project at Lurnea, each two storeys overlooking a lake, as well as a home at Menangle Park. </p>
<p>Tedesco joined the Roosters this year after spending five years with Wests Tigers where he started his career.</p>
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firstname1-iYD4UYzvBa

Roosters star James Tedesco sells vacant Spring Farm block 

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<p>A vacant New Farm block of land with one of the best views in Brisbane has fetched $11.3 million in a deal secured through Place Projects.</p>
<p>The site cost $255,000 some 32 years ago in 1986.</p>
<p><em>The Courier-Mail</em> reports the buyer of <a href="https://www.realestate.com.au/sold/property-residential+land-qld-new+farm-202138222" target="_blank">33 Moray Street</a> is expected to build Brisbane’s most expensive family home on the site.</p>
<p>The property had been on the market for over a year.</p>
<p>It reflected about $10,000 through Place Projects agent Syd ­Walker.</p>
<p>The vacant block looks across the river towards the city skyline with views over the iconic Story Bridge. </p>
<p>"<span>This property has been on the watch list of countless developers over the years," the marketing said.</span></p>
<p><span>The 1,103sq m lot was sold by Jane Gibson, the widow of celebrated Brisbane architect Robin Gibson, who acquired the site in 1986 for just $200,000.</span></p>
<p><span>Gibson designed some of Brisbane’s most well-known civic buildings including the Queensland Cultural Centre at South Bank.</span></p>
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j.ballantyne1990-6AQqhLzZaK

Vacant New Farm building block fetches $11.3 milion

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<div>New data from SEQ confirms Brisbane’s residential house and land market performed strongly over 2017.</div>
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<div>Land prices are up more than 11 per cent, the Ray White Special Projects' latest SEQ Vacant Land Market Report indicated.</div>
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<div>It reports 10 major Local Government Areas responding to firming conditions with supply of vacant lots showing a sharp 31.82 per cent rise in Brisbane in the year to December 2017.</div>
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<div>Ray White Commercial head of research Vanessa Rader found a nine per cent spike in lot approvals which shows developers’ expectations of firming future demand.</div>
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<br>Ray White Special Projects Qld executive director Mark Creevey expects to see price growth continue to firm largely in south-east Queensland due to the lack of available land for development and developers focused on owner occupied product.</div>
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<div>“Given there’s been a marginal lift of three per cent in the number of projects from last year it would appear that the significant increase has been derived from established estates delivering further supply to cater for demand,” Mr Creevey said.</div>
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<div>In south east Queensland there were 18,867 lots approved in 2017, down 16 per cent on 2016 but there were 15,691 lots registered which is a 5.97 per cent increase.</div>
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<div>The weighted average vacant land price in south east Queensland lifted 2.37 per cent in 2017 to $262,534.</div>
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<div>Brisbane City Council has the highest jumps from last year with a 9.13 per cent increase in registered lots to 2,894 in 2017 and an 11.35 per cent jump in the median land price to $412,000, with a 435sqm lot being the median size.</div>
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<div>House and land package sales fell 18.44 per cent to 566 sales but prices jumped 6.91 per cent to $735,000, demonstrating the continued requirement for increased supply in the Brisbane region.</div>
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<div>“Sales slipped backwards in 2017 but DA approvals and prices keep rising which bodes well for the future - with a 31.82 per cent spike in lot registrations,” Mr Creevey said.</div>
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<div>Ray White Special Projects Qld executive director Tony Williams said the inability of the LGA to deliver approvals in prime development corridors including Caboolture West, Warner and Morayfield resulted in a dramatic drop in lot approvals by more than 50 per cent.</div>
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<div>“If this is not addressed it could potentially have future supply and price implications,” Mr Williams said.</div>
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<div>“The number of lots registered has shown a solid increase of 32.38 per cent however this increase is from 11 per cent less projects than the previous year, pointing toward diminishing future supply unless key areas are unlocked.</div>
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<div>“The Moreton Bay LGA has demonstrated a flat performance over the past 12 months with the majority of indicators showing a downward trend somewhat defying the market sentiment and demand in this region."</div>
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<div>“The Moreton Bay LGA has traditionally been a popular development corridor offering significant supply across SEQld however has experienced a decline in vacant land settlements (down 4.45 per cent) as well as the median land price which reflects $251,000 (down 1.57 per cent).”</div>
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<div>On the Gold Coast, house and land package sales fell 35.71 per cent to 261 sales in 2017, with the median price rising 3.48 per cent to $505,000. The median lot size is 455sq m with a median vacant land price up 7.54 per cent to $271,000.</div>
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<div>Ray White Special Projects Qld director Matthew Fritzsche said the Gold Coast LGA land market had shown robust results over the last few years.</div>
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<div>“The volume of vacant land sales has however shown significant reductions although it has not dampened the median price across the region. Lot values have seen sizeable gains over the past 12 months after the prior few years had recorded minimal growth which was keeping affordability in check, the decrease in average lot size being a contributing factor,” Mr Fritzsche said.</div>
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<div>“The true growth on a $ per sqm basis has been consistently positive (albeit at a slower rate) and shows encouraging signs for the market. The fall in lot approvals on the back of limited availability of greenfield land is helping push prices upward.</div>
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<div>“Other indicators such as the house and land packages value increase emphasises the ongoing demand for housing in this location, which is expected to remain similar for the rest of 2018.”</div>
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<div>The Ipswich City Council region saw a 3.31 per cent slide in lot registrations, and it’s median vacant land price slipped 3.28 per cent to $191,500. House and land package prices remained steady at $385,000, and the median lot size in Ipswich was 443sq m.</div>
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<div>Mr Creevey anticipates that both values and volumes would remain similar over 2018 as an equilibrium was found between new supply and demand.</div>
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<div>“Demand for land and house and land product in the Ipswich LGA over the 2017 calendar year remained strong with only a slight variance down from 2016 in respect to median values and sales volumes,” Mr Creevey said.</div>
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<div>“The median value for land has reduced slightly we which expect to be a result of increased competition with a number of new estates having commenced in 2017. Volumes remain significantly higher than the longer term 5 and 10 year average.</div>
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<div>“Median values are only 5.69 per cent higher than the 10 year average while the rate per sqm is 20 per cent higher due to diminishing lots sizes which highlights the importance of maintaining affordability as a key selling point in this region.”</div>
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<div>The median lot size in Logan is 421sq m, with a steady median price for vacant of $220,500 with a healthy 5.3 per cent bump in lots registered to 1,690.</div>
<div>Mr Fritzsche anticipated rates of sale to remain strong throughout 2018 with some vacant land price growth.</div>
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<div>“Rates of sale improved by approximately five per cent over this same period and are well up on the long term averages, however value levels remain fairly static. The results for the Logan City LGA show a strong increase in lot approvals over the 12 month period to calendar end 2017,” Mr Fritzsche said.</div>
<div> </div>
<div>“This is a reflection of a number of large master-planned communities coming online in the region, together with a number of smaller more fragmented projects being undertaken by small to medium private developers / builders.”</div>
<div> </div>
<div>Ray White Special Projects Qld Associate Director Andrew Burke said there was a 39 per cent fall in lot approvals to 1662 lots on the Sunshine Coast, while the number of projects rose by 17 per cent to 88.</div>
<div> </div>
<div>The median vacant land price rose 5.69 per cent to $269,500 and the median price of a house and land package rose 4.4 per cent to $522,000.</div>
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<div>“We anticipate further increase in demand in this location due to ongoing business confidence and continued population growth,” Mr Burke said.</div>
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<div>“Infrastructure projects such as the University Hospital, the Sunshine Coast airport expansion, Maroochydore City Centre upgrade and the mooted light rail from Maroochydore to Caloundra (Stage 1 and 2) continue to transition to a highly valuable and sustainable economy. “</div>
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SEQ house and land market remains strong

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<p><span>The NSW Valuer General has released the latest official land values.</span></p>
<p>Residential land values increased by 4.4% over the year.</p>
<p><span>There had been a 14.1 per cent rise in the previous year.</span></p>
<p>The land values are for the value of the land only, as at 1 July 2018.</p>
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<p><span>One of the biggest increase was in Ku-Ring-Gai local government area where residential land values increased by 22.5% with very strong increases in land values for mixed use properties along the Pacific Highway (45.8%).</span></p>
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<p><span>Residential land values increased in the Lane Cove local government area by 17.4%, due to demand for housing near public transport, main roads and the business centres of North Sydney, Chatswood and Macquarie Park.</span></p>
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<p>Acting Valuer General Michael Parker said the land values are made by independent contract valuers following the analysis of over 46,000 sales. </p>
<p>Residential land values in the Sydney Central region recorded an increase of 2.1%, the so-called Sydney East region increased by 3.2% and the Sydney West region had a 3.8% increase.</p>
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<p>Decreases were recorded in the Georges River suburbs (-3.3%).</p>
<p><span>Rural NSW land values increased overall by 14.3% due to continued demand and firm commodity prices. </span></p>
<p><span>Most locations recorded strong increases despite the continuing dry conditions, the department noted.</span></p>
<p><span>The land values reflect the property market at 1 July 2018. Land values do not include the value of a home or other structures.</span></p>
<p><span>Mr Parker encouraged the public to visit valuergeneral.nsw.gov.au for more information on land values and the valuation system.</span></p>
<p><span>“The latest land values for all properties in NSW are available on our website along with</span><span>information on trends, medians and typical land values for ea</span><span>ch local government area,” </span><span>Mr Parker said.</span></p>
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<p><span>The Sydney East region saw its </span>strongest increases in the local government areas of North Sydney and Mosman, which showed 14.4% and 11.2% increases respectively.</p>
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<p><span>The Blue Mountains local government area had an increase of 16.6%. The Hills Shire (0.7%) and Fairfield (1.5%) local government areas had steady residential land values.</span></p>
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Ku-Ring-Gai and Lane Cove show strongest gains as NSW residential land values up 4.4% over the year

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<p>Despite a slowdown in vacant land sales volume in 2018, the weighted average price for vacant land improved to $276,959, reflecting a 5% increase from the corresponding 2017 calendar year, according to latest Ray White's SEQ Vacant Land report.</p>
<p>Ray White Special Projects QLD agent Mark Creevey said the undersupplied development corridors including Brisbane City, Moreton Bay and Gold Coast witnessed the strongest price growth among the 10 local authorities from the year prior.</p>
<p>“The 2018 calendar year exhibited a clear slowdown in vacant land sales activity for the majority of the 10 local authorities that make up South East Queensland, with a total of 8,733 vacant lots sold, reflecting a 33.64% fall from the 2017 calendar year,” he said.</p>
<p>“The fall in sales activity is primarily considered a result of macro prudential regulation in the financial markets.</p>
<p>“This remains the single largest factor influencing the market at present, with buyers stifled by reduced borrowing capacity, resulting from lower gearing requirements and greater scrutiny over serviceability by banks.</p>
<p>“We expect price growth through major growth corridors to remain a trend into the second half of 2019, as a result of thinning supply, the recent Federal Election result, the relaxation of regulations applied by APRA to the lending institutions and recent interest rate cuts.”</p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/7/9/seq%201%20.jpg" alt=""><br>Ray White Special Projects QLD Executive Director Tony Williams said quality land supply remained the key challenge for South East Queensland in the short-to-medium term, with 2018 lot approvals down 22.26% on the year prior.</p>
<p>“Notable reductions in future supply pipelines were observed for the Gold Coast, which saw lot approvals down 46%, Logan City down 47.55% and Moreton Bay seeing a drop of 33.95%,” he said.</p>
<p>“The Redland Bay region exhibited strong results across the board with an increase in vacant lot sales of 7.02%, while experiencing price growth of 14.10% for the year.</p>
<p>“Future supply again appears to be the key challenge to the continued growth for the region, with lot approvals down 37.75% for the year.</p>
<p>“Notwithstanding the recent reduction in land sales volumes, we’re confident in the general outlook for the land market in SEQ.</p>
<p>“Enquiry levels from locals and increasing numbers of interstate and even overseas groups are strong, with limited opportunities at present to acquire sites which offer scale, access to infrastructure, approvals or even a clear planning pathway to an approval.”</p>
<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/7/9/seq%202.jpg" alt=""></p>
<p>Ray White Special Projects QLD Executive Director Matthew Fritzsche said he anticipated a number of factors would continue to underpin the SEQ land market in the medium term.</p>
<p>“More affordable median land values between SEQ and southern markets still provides significant upside for southern buyers investing in SEQ,” he said.</p>
<p>“While continued population growth in SEQ is positive, it’s still well below peak numbers experienced in the early to mid-2000’s, highlighting the potential for further increases.</p>
<p>“Delivery and investment in major infrastructure projects such as Queen's Wharf, Cross River Rail, Brisbane Metro, Brisbane Live, Brisbane Airport second runway and the potential SEQ 2032 Olympic Bid, will be key factors.</p>
<p>Click <a href="https://www.propertyobserver.com.au/images/2019/7/9/seq%203.jpg" target="_blank">here</a> to enlarge.</p>
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