Residential development block in Palmswoods, Sunshine Coast region sold for $4.4 million

A residential development space in the Sunshine Coast region of Palmwoods has been sold to a local developer.

The 18 hectare block sold for $4.4 million to Sunshine Beach Constructions.

The 50 Abbots Road, Palmwoods property has been approved for 109 lots with a rate of $40,367 per lot.

The sale was handled by Colliers International’s Bayden Dodds and Savills’ Dustin Welch,

Dodds said the strength of the Sunshine Coast residential market contributed to interest from a mix of local, south-east Queensland and interstate developers.

"This is due to new land releases selling out in record time as builders, owner occupiers and investors seek to secure suitable housing lots," said Dodds.

"The Sunshine Coast market has trended towards smaller lot sizes in recent times and the large residential housing lots are becoming a rare commodity.

"This was a key attractor for developers with the average lot size of 725 square metres seen as a real advantage in the market."