Record delays: SEQ land lots now taking over half a year to settle

South East Qld land lot buyers are facing wait times of over half a year for their sites at a time when the cheapest block 20 minutes from Brisbane CBD has soared to $414,000.

Greenfield sites in Doolandella have come a long way with the cheapest individual home site blocks now $414,000 in the area, according to RPM.

South East Qld land lot buyers are facing wait times of over half a year for their sites at a time when the cheapest block 20 minutes from Brisbane CBD has soared to $414,000.

RPM Group Qld managing director Clinton Trezise, whose firm released a report into serious housing challenges Thursday, said southeast Queensland was not just “failing to keep up with demand for residential lots” but was now three times slower than deliveries in 2020.

“This is partly due to the combined impact of sustained demand, material shortages and labour constraints. However, the key issue remains a shortage of development sites coming to the market in high demand areas.”

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Cheapest blocks across major capital cities. Source: RPM

At the current rate of land releases, southeast Queensland would struggle to meet its estimated 30,640 new dwellings a year needed to cater for expected population growth, he said.

“Amid the ongoing capacity constraints, there is clearly a need for statutory bodies to release more land to ease the pressure on buyers,” said Mr Trezise. “The solution also rests with making provisions to fast-track developments in areas that are deemed suitable for residential dwellings within the urban footprint.”

RPM Group Qld managing director Clinton Trezise

The RPM SEQ Property Research Report said buyers were now waiting 208 days after signing a contract to settle on residential lots, which was more than double wait-times in 2021 (96 days) and three times the 67 days it took in 2020.

It found the release of registered lots was falling short of market expectations, with the 17,583 completed in the 12 months to December last year in south east Qld well down on the 2017 peak of 31,545.

The cheapest land closest to Brisbane was at Doolandella with an average price of $414,000, the report said, followed by Logan Reserve ($335,000).

Marketing images for eight new home sites now under construction in Doolandella which are due to be completed this month.

Around 29,208ha was earmarked for development of 399,130 dwellings in SEQ, the report found – more than half of which was in Logan and Ipswich, and a fifth on the Sunshine Coast and Gold Coast.

“At the heart of the issue is the availability of land which is not translating into adequate stock that is ready to build on, meaning that southeast Queensland is falling well behind in meeting the needs of a booming market.”

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