FEW TAKERS FOR EXPENSIVE GOLD COAST LAND

Written on the 12 July 2012

FEW TAKERS FOR EXPENSIVE GOLD COAST LAND

THE Gold Coast property gloom continues with land sales across the city plunging by more than 10 per cent between the December and March quarters.

The local slump came as land sales nationally rose by 6.8 per cent during the survey period.

The sale of 190 blocks on the Gold Coast in the first three months this year was down on the 211 sold in the December quarter, according to the HIA-RP Data Residential Land Report released today.

The only bright spot for local land sellers is that the market seems better than this time last year. The latest figures are 18.1 per cent better than the 161 blocks sold in the 2011 March quarter.

The national average, year-on -year increase, is a 16.1 per cent increase.

Land on the Gold Coast remains among the most expensive in the country, according to the report.

Gold Coast median land prices rose 0.5 per cent to $231,500, making it the third most expensive regional area in Australia. The weighted median residential land value across Australia increased by 1.5 per cent in the quarter to $195,466.

HIA senior economist Andrew Harvey says the building sector continues to face challenging business conditions.

“The prolonged period of weak land sales doesn’t provide any confidence that a recovery is on the near horizon,” says Harvey.

“Meaningful reforms across all levels of government are urgently needed to address the persistent weakness in residential building.”


Latest News

CAIRNS COUPLE DIVE INTO THE SHARK TANK AND CONVINCE FELLOW 'BOATIE' GLEN RICHARDS TO WORK WITH THEM

THEY'RE a husband and wife team with an invention that can help save the Great Barrier Reef, and lives, and Pe...

AFTERPAY MERGER WITH TOUCHCORP GIVEN THE GO-AHEAD BY FEDERAL COURT

AFTERPAY Holdings Limited (ASX: AFY) has been given the green light by the Federal Court for its merger with Touch...

MEGAPORT TARGETS GLOBAL EXPANSION WITH $27.8M CAPITAL RAISING

MEGAPORT Limited (ASX: MP1) will complete a $27.8 million capital raising to assist in expanding the group's plat...

SCA PROPERTY GROUP BUYS THIRD GOLD COAST SHOPPING CENTRE FOR $46 MILLION

SCA Property Group has acquired the Worongary Town Centre for $46.3 million, bringing the total number of Gold Coa...

Related News

CAIRNS COUPLE DIVE INTO THE SHARK TANK AND CONVINCE FELLOW 'BOATIE' GLEN RICHARDS TO WORK WITH THEM

THEY'RE a husband and wife team with an invention that can help save the Great Barrier Reef, and lives, and Pe...

DOWNER EDI GRABS MORE THAN 50 PER CENT STAKE IN HOSTILE TAKEOVER TARGET SPOTLESS

DOWNER EDI Limited (ASX: DOW) now holds more than 50 per cent of Spotless Group Holdings Limited's (ASX: SPO) sha...

STRUGGLING TEN NETWORK IS 'CASH POSITIVE' AND CAN BE SAVED, ADMINISTRATOR SAYS

THE ADMINISTRATORS of the Ten Network say the struggling broadcaster has cash to continue operating and have also ind...

METCASH NET PROFIT FALLS 20 PER CENT, ANNOUNCES CEO WILL STEP DOWN IN 2018

FOOD and grocery giant Metcash has announced its full year net profit has fallen more than 20 per cent and its CEO Ia...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter