In a sign of confidence for the south-east Queensland market, development sites in the region are being snapped up by buyers.
According to Colliers International, an improving demand for residential property saw a significant increase in development site sales, with eight properties selling for a total of $13.65 million over the December quarter.
The properties ranged from Caboolture in the north to the Gold Coast in the south and Toowoomba in the west.
Brendan Hogan, Colliers International Residential associate director, said the demand from buyers was particularly picking up for the smaller development sites, and it was these properties that were consequently selling when they hit the market.
“The properties that changed hands over the December quarter last year ranged in size from under 1ha to over 90ha, and ranged in price from $900,000 to almost $3 million,” he said.
Mr Hogan said it was no secret the residential market had been slow over the past few years, but it has now clearly turned the corner.
“The December quarter of last year was when we started to see shoots of recovery, and we expect the market to continue to move forward over 2013,” he said.
“Enquiry for the 10 development sites we marketed in the last quarter of 2012 was strong – in total we had over 400 enquiries for these properties, and multiple offers coming in."