Vacant land supply is currently at record lows. A severe shortage of available land has affected most of the Australian metro and regional hubs. This is land shortage is no more evident than in South East Queensland.
New research predicts that Brisbane is fast running out of land and only has 2.9 years of land remaining. This dire projection was released directly from the Queensland Government.
Under state government rules, all local government areas should have four years’ worth of approved land that is ready to go to the market to ensure annual dwelling targets are met.
Due to the record breaking interstate migration land supplies have been absorbed much faster than years gone by placing South East Queensland in “critical “ danger of running out of land if the problem is not addressed quickly.
Queensland currently needs an additional 31,979 dwelling each year to keep up with demand. With the 2032 Olympics now announced to be held in Brisbane we’d expect to see interstate and international* migration sore in the lead up to the games.
Where is land running out?
Brisbane – 2.9 years of approved land available
Noosa – 1.1 years of approved land available
Gold Coast – 1.9 years of approved land available
Sunshine Coast – 1.9 years of approved land available
Redlands – 2.9 years of approved land available
Moreton Bay – 3.2 years of approved land available
It’s not all bad news though, with this shortage of land putting extreme pressure on prices meaning many NIA clients have achieved great capital growth outcomes in a short period of time.
As Mark Twain once said “Buy land there not making any more of it “.