South east Queensland development sites being snapped up
Residential development sites in south east Queensland are being snapped up, according to Ray White Special Projects.
It reports there is a shortage of good quality residential sites given strong demand.
“Sites attracting the most interest include in-fill sites, particularly those with development approvals in place, and sites which can demonstrate demand for the completed product and generate a reasonable rate of sale,” Ray White’s Mark Creevey says.
He says high profile developers including public companies as well as interstate and overseas developers are becoming more aggressive.
“Since the middle of the year we have seen more confidence in the market as a result of lower interest rates, more favourable lending conditions, improved take up of completed residential stock and the end of political uncertainty,” Creevey says.
"There is now a shortage of good quality residential development sites in SEQ due to the depth of demand for the product.”
But development sites with uncertain development approval futures or delivery timelines are still struggling to attract interest.
"There are still challenges in securing funding to purchase properties without approvals in place but banks do have a growing appetite to lend for qualified sites," Ray White’s Tony Williams says.
