The settlement of 24,226 vacant blocks was down 16.2 per cent on the prior year, according to the digital property settlement firm PEXA’s inaugural Residential Land Report, published by news.com.au.
The drop in supply, but continued demand, saw vacant land prices in Brisbane increase 9.4 per cent in the 12 months to 30 June 2023. This took median settlement values for vacant residential land to $248,295, the report found.
PEXA research head Mike Gill said building a home in a greenfield housing estate was still appealing for many first home buyers and families.
“They are drawn to the lower prices compared to established suburbs and the ability to build a large, new, freestanding home to their own specifications,” he said.
“That’s why this analysis is so valuable as we seek solutions to address the nation’s housing affordability crisis.
“The clear conclusion we can draw from the latest data is that there is a lot of room for improvement if we are going to meet the demands of a growing population – either by releasing more greenfield land or accepting that we will need to build more apartments in our urban centres.”
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