Land sales surge points to stronger market
Land sales are frequently seen as a vote of confidence in an area, because it is generally accepted that buyers are demonstrating their faith in a particular market. Firstly by taking on the land purchase and then committing to building and in most cases moving to the location.
From a project marketing perspective this is somewhat different than walking into a ready to occupy property and is frequently seen as a positive endorsement for the project and community.
Therefore a recent surge in residential land sales in northern New South Wales, combined with a stronger level of enquiry could be the forerunner of more good news for the area. It’s an interesting trend that endorses previous market feedback and experience.
The improved sales, which in this case have been reported by Colliers International and Ray Real Estate, are noteworthy because such trends, outside of a metropolitan market also point to increased market mobility and confidence.
The results are not isolated to just one estate, in the first example accounting for $6 million in sales, for 30 blocks in the area’s Seaside’s Creekside precinct over the past eight weeks with lots now averaging $230,000.
Meanwhile a similar trend at Salt Village, Kingscliff recorded more than $11 million in sales marking it best period of land sales activity for a number of years. While the sales represented good value the results were evenly spread across a price range of $235,000 – $275,000.
Coastal locations remain very popular. Attracting locals relocating or upgrading their home with a long-term view of the area’s attractive services and airport access that are so important in this region of northern NSW and nearby southeast Queensland.
Another key positive in looking at these sales and similar trends also emerges when strong local enquiry is matched with sales to visitors, in this case from Brisbane and interstate keen to secure a holiday home or investment property.
The sales reported are a good example of a topic we will refer to when looking at project marketing land estates.