How you could save up to $68,000 on new home

Residential land developers and home builders across Queensland are offering huge incentives as sales slump to their lowest in 20 years. Here’s what’s on offer.

Simon Walker from Lendlease at the Elliott Springs display village. Picture: Evan Morgan

Residential land developers and home builders across Queensland are offering discounts of up to $68,000 on top of government stimulus measures as they struggle with sagging sales and soaring costs.

Some are offering cash promotions, fixed pricing and free inclusions to woo home buyers considering a new build or a house-and-land package amid a dive in building approvals, rising interest rates and surging construction costs.

The latest Oliver Hume report reveals southeast land sales are now at about two-thirds of the region’s long-term average – the lowest level in 20 years – but lower transaction volumes are not translating into cheaper prices.

The median price of a plot in the state’s southeast is now $345,000 – 12 per cent higher than a year ago – making it even more difficult to cover the cost of a new home.

Colliers Queensland residential director Jon Rivera said as a result of the decline in land sales, there had been an imbalance in supply and demand, which had driven land prices to soar over the past two years.

“Land prices have increased by 100 per cent on the Gold Coast and 57 per cent in Brisbane,” he said.

“Ipswich is the only council in the region where sales below $300,000 were still being recorded in 2022, but based on current off-the-plan land prices in the region, it’s expected that the land price in Ipswich will exceed $300,000 by the end of 2023, taking house-and-land packages to well over $600,000.”

Springfield Rise.

Oliver Hume project marketing CEO Julian Coppini said the lower sales numbers at least meant there was a high level of good stock.

“The high levels of stock, combined with the underlying resilience of the local economy and strong population growth, has allowed prices to hold up relatively well,” he said.

As a result, developers are pulling out all stops to lure buyers.

An artist’s impression of Lendlease’s Springfield Rise.

Metricon Homes is discounting its “Designer” and “Freedom” homes, with the biggest cut of $68,000 off the “Designer Highlander 66” and $23,800 off the “Freedom Mapleton 30”.

Penfold Property Group was offering $25,000 off for May to anyone who bought a new home site or home-and-land package in its “Magnolia” community in Pallara, 20km from Brisbane’s CBD.

Coral Homes is offering a “price lock” until January 2024 on any home designs, plus up to $30,000 off a new home with designer inclusions.

Domaine Homes is offering up to $16,480 of upgrades in new homes until September 25.

With Stockland, land buyers can save $10,000 on selected lots in its Aura community at Bells Creek before June 15.

Lendlease is offering a $5000 deposit promotion until June 30 at its Elliot Springs, Kinma Valley, Shoreline, Springfield Rise, and Yarrabilba house and land communities. And AVID Property Group, Plantation Homes, and Brighton Homes are all offering fixed-price contracts until 2024.