Median lot price in southeast Queensland rises 11% in Q1
Land in Greater Brisbane is now more expensive than in Melbourne, according to new figures from property research firm Oliver Hume.
Data from the group’s Quarterly Market Insights report shows that southeast Queensland’s median land price climbed 11% in the first three months of the year, reaching $437,900. That figure puts it above Melbourne’s median land price of $408,000, marking a first-time shift in relative affordability between the two cities.
Oliver Hume’s chief economist, Matt Bell (pictured above), said the region’s long-standing price advantage over Melbourne has now disappeared. He added that this shift could reduce the effect of interest rate cuts and population growth on the market.
“We still expect resilience in the southeast Queensland market, with interstate and overseas migration levels to remain strong and falling interest rates to support sales rates and median price growth,” Bell said.
The March quarter report, which reviewed close to 1,200 sales in Greater Brisbane, noted that the average price per square metre exceeded $1,000 for the first time, rising to $1,043.
Brisbane, Ipswich, Logan and Moreton Bay all saw land prices increase between 16% and 30% year-on-year. Overall, land prices rose 27% over the past 12 months — far outpacing the 8.6% rise in prices for established homes in the region.
Logan recorded the highest number of land transactions across the southeast, while Ipswich posted the strongest price growth at 11%, followed by Moreton Bay at 10% and Redlands at 5%. Ipswich’s growth was attributed to limited land supply from large developments.
Oliver Hume Queensland general manager Dan Ross said Logan had returned to its role as the region’s most affordable growth corridor.
“We saw several significant projects in Logan return to market with more affordable stock and seeing median price growth rate moderate over the last quarter,” Ross said.
Sales volumes remained largely stable compared with the previous quarter, while the average lot size sold in southeast Queensland held steady at 420 square metres. Despite higher total prices, Melbourne still holds a slight edge on a per-square-metre basis due to its typically smaller block sizes.
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