Land sales drop by 19 per cent across North Queensland

first_imgLot 628 Intercept Cct, Oonoonba sold for $227,000, April 23.HOUSING affordability and lack of quality stock has seen a steep decline in land sales across North Queensland new data reveals.According to HIA/Core-logic latest Land Report Regional Queensland released this week, land sales across North Queensland have dropped by 19 per cent, 4 per cent lower than the previous quarter and some 22.7 per cent down on a year earlier.29A Alligator Creek Road sold for $165,000 on February 22, 2017.Based on lots transacted during the December 2016 quarter, Housing Industry Association Acting Regional Director North Queensland, Robert Harding said the lack of sales was a reflection of current market trends.“With land being such a crucial ingredient in new home supply more challenging cost conditions in the market for residential land in 2017 will make the battle to improve housing affordability more difficult,” he said.“We need to make it easier and less costly to deliver additional stocks of shovel-ready residential land to market.”More from news01:21Buyer demand explodes in Townsville’s 2019 flood-affected suburbs12 Sep 202001:21‘Giant surge’ in new home sales lifts Townsville property market10 Sep 2020Lot 408 Mizuno View, Oonoonba sold for $285,000 on February 10.Only three of the nine Queensland regional markets experienced increases in land lot sales during the second half of 2016 compared with a year earlier.Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:47Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:47 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD540p540p360p360p270p270pAutoA, selectedAudio Trackdefault, selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenMonthly Core Index: March 201700:47West Moreton saw the largest increase in market turnover during this period (+56 per cent), followed by Wide Bay- Burnett (+13 per cent) and Fitzroy (+2 per cent).Land sales declined in most parts of Queensland over this period.During the final six months of 2016, land lot sales saw the largest reduction in the Gold Coast (-46 per cent) compared with the same period a year earlier.37 James Street, Bluewater sold for $300,000 on March 10.There were substantial reductions in land turnover in Northern Queensland (-19 per cent), the Sunshine Coast (-19 per cent) and the Far North (-14 per cent over the same period.Based on lots transacted during the December 2016 quarter, the Sunshine Coast was the most expensive region ($267,000 per lot), followed by the Gold Coast ($235,000) and the Far North ($201,000). The state’s least expensive region was West Moreton ($131,750), followed by Mackay ($149,000).last_img read more