Southeast Queensland’s land market recovery continues to gather pace with a swag of new supply hitting the market this weekend and the June quarter shaping up as the busiest in nearly three years.

Property services group Oliver Hume is this weekend releasing more than 80 new homesites to the market across five different projects with hundreds of registered buyers already looking to secure the homesites. The homesites are located at projects at Helensvale, Gleneagle, Park Ridge and Coomera.

The release comes as new Oliver Hume data shows the SEQ land market is on track to achieve its highest number of sales since the September quarter of 2021. In April and May there was a combined 879 sales in the southeast with 486 sales needed to eclipse the quarterly long-term average of 1,364 sales per quarter.

Oliver Hume Queensland General Manager Dan Ross said hundreds of buyers had already registered for the releases.

“There are a lot of first home buyers looking to get off the rental treadmill while second home buyers are taking advantage of recent capital growth of their existing property to upgrade to a new home,” Mr Ross said.

“Such is the demand that we would expect most, if not all, of these homesites to be sold in the next month.”

Oliver Hume Chief Executive Officer Project Marketing Julian Coppini said the supply constraints that had plagued the southeast Queensland market for the last three years had begun to ease.

“The HomeBuilder initiative bought forward a lot of land releases across the southeast and was followed by a period of undersupply as developers struggled to bring projects to market,” he said. 

“It will take some time, but we are slowly returning to more normal market conditions where buyers will have a much wider range of choices.”

“Many buyers are still concerned about building prices but are seeking to mitigate this by focusing on homesites that are ready to build on in the next six months. Any homesite that is registered and ready to build is being snapped up very quickly.”

Oliver Hume’s recent Quarterly Market Insights (QMI) report for the March quarter, which analyses thousands of land sales across key markets in Victoria, Southeast Queensland and Adelaide, showed Ipswich has taken back the title of southeast Queensland’s most affordable destination for new land buyers with a small dip in prices making the growth area more than $12,000 cheaper on average than Logan.

Logan has held the title as the southeast’s best value land for more than 12 months but a surge in demand and prices in the three months to end of March boosted average prices in the area by 3.8% to $332,000.

The median price of land in Ipswich fell 2.6% in the March quarter to $319,000 but still remained 1.6% higher over the 12 months to end of the March.