State of the Land released
UDIA National’s 2020 State of the Land provides a comprehensive round up of residential activity across the major centres of the country.
- UDIA National releases 2020 State of the Land
UDIA National’s 2020 State of the Land provides a comprehensive round up of residential activity across the major centres of the country. It also provides a, round up of policy issues affecting development in the states. The report is available here.
- Recorded a 7% annual reduction in new dwelling completions, driven by retraction in both multi-unit and greenfield housing completions.
- Continues to provide the largest volume of year-on-year housing supply across the capital cities with a total of 41,600 new dwellings completed in 2019.
- Achieved a total supply output of approximately 34,100 dwellings in 2019. This was a 16% annual reduction in completions, with lower supply from both greenfield housing (-23%) and multi-unit (-14%) projects.
- New residential supply completions in the metropolitan region remain subdued and was 26% lower than the 7-year average.
- Recorded a 48% annual increase in completed new market supply in 2019, which was driven by a significant lift in multi-unit completions.
- Saw an annual reduction in completed new market supply in 2019 (-9%), which was driven primarily by a fall in multi-unit completions.
The market recorded a 26% reduction in annual land sales in 2019 to average 642 net lot sales per month continuing a declining trend in land sales activity from the 2017 peak when an average of 1,030
net lot sales per month were being transacted.
The median lot prices for the 2019 December quarter for the SEQ LGAs were:
- Logan: $218,000
- Ipswich: $228,000
- Moreton Bay: $271,000
- Redlands: $295,000
- Gold Coast: $314,000
- Sunshine Coast: $327,000
- Brisbane: $355,000
Actively trading estates were down across the year from 180 estates leading to the December quarter closing with 161 estates.
Sales volumes for new apartments fell 91% from the peak in 2015 (13,990 sales) to just 1,337 sales in
the 12 months to November 2019. The negative growth in sales volumes for the broader apartment market has slowed considerably in recent years, with the year-on-year decline of 10%.
More than 40% of the new multi-unit completions in SEQ occurred within 5km of the Brisbane city centre, with 4,887 new units built in 2019. The next highest proportion (28%) occurred greater than 50km away in Gold Coast and Sunshine Coast apartment market.
If you have any questions, please contact Manager of Policy, Martin Zaltron on (07) 3229 1589.