The Logan property market is on the move, with vacant land sales for the first nine months of 2015 already outpacing total sales for 2014.
Property services agent Olive Hume said new research had revealed that vacant land sales had hit 947 by the end of September – a 33 per cent increase on the 704 recorded for the 12 months of 2014.
Oliver Hume predicts that the 2015 figure will reach circa 1,250 for the calendar year.
Oliver Hume Joint Managing Director Brinton Keath said investors in the South East Queensland market would welcome the news.
“The Logan market is often overlooked in development circles but it has quietly seen a strong and continuous upward curve in its total sales volumes,” he said.
“The 33 per cent increase on vacant land sales volumes of 2014 should almost equal the Logan market’s highest ever recorded sales year. This was in 2008 when vacant land sales reached 1,298 sales for the calendar year.
“The expected 2015 calendar year result is also 41 per cent stronger than the 10 year sales average for the Council Municipality which is 782 sales per annum.”
Mr Keath believed the recent improvement was due to the competitive pricing of most Logan estates against competitors within Ipswich and Brisbane City corridors.
“Buyers have spoken with their feet and we are now seeing Logan projects as viable competitors and as a residential address option,” he said.
“There are a number of major developments set to enter into the local marketplace which will show a strong variety of choice and improving level of quality estates.
“2016 is predicted as the year to well and truly break through this 1,298 record level.”
*Median and Average excludes 2015.
*2015 = Preliminary; subject to revision as a number of sale contracts may not have reached settlement at time of data collection.
Source: OESR Regional Profile, complied by Oliver Hume Research.
