Greater Brisbane land values surge, passing Melbourne for the first time
Finance Editorial Team
First published 09 May 2025, 12:00 PM
The median land price in southeast’s Queensland surged by 11% in the first quarter of 2025 to $437,900, overtaking Melbourne for the first time, according to data from property services group Oliver Hume.
Oliver Hume chief economist Matt Bell said southeast’s Queensland’s affordability advantage over Melbourne had been completely eroded, with the median land price exceeding Melbourne’s median of $408,000 for the first time.
“This loss of its historically significant affordability advantage over Melbourne is likely to mitigate the impact of rate cuts and ongoing population growth,” he said.
“We still expect resilience in the southeast Queensland market, with interstate and overseas migration levels to remain strong and falling interest rates to support sales rates and median price growth.”
Oliver Hume’s latest Quarterly Market Insights report for the March quarter, which analysed nearly 1,200 sales in Greater Brisbane, showed the median price per sqm of land jumped to more than $1,000 for the first time to $1,043 per sqm.
Brisbane, Ipswich, Logan and Moreton Bay all recorded annual price growth ranging between 16% and 30%.
Annual price growth for the past 12 months ballooned to 27%, soaring past the 8.6% rate of change in the price of established homes in Greater Brisbane.
Blocks of land at 224 Flagstonian Drive, Flagstone in Logan are selling from $315,000. Source: realestate.com.au
The report revealed Logan recorded the most land sales in southeast Queensland while the biggest price growth was recorded in Ipswich (11%), Moreton Bay (10%) and Redlands (5%).
Ipswich’s strong price growth was due to limited supply from large projects.
Oliver Hume Queensland general manager Dan Ross said the report showed Logan had regained its position as the most affordable growth corridor in southeast Queensland.
“We saw several significant projects in Logan return to market with more affordable stock and seeing median price growth rate moderate over the last quarter,” he said.
Despite the continued price strength, the total sales volume was almost unchanged from the previous quarter.
The median lot size sold across southeast Queensland remained at 420 sqm.
Melbourne’s significantly lower median lot size means that in terms of price per square metre, it still holds a slight premium over southeast Queensland.
