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South East Queensland Land Prices Surge Past $400,000
South East Queensland (SEQ) median land prices surged in the first three months of the year, surpassing $400,000 and overtaking Melbourne for the first time, according to new data from property services group Oliver Hume.
Oliver Hume today released its latest Quarterly Market Insights (QMI) report for the March quarter, which analyses thousands of land sales across key markets in Melbourne, South East Queensland and Adelaide.
The research showed the median lot price of nearly 1,200 sales across South East Queensland rose by 11% to $437,900 in the March 2025 quarter. The median price per sqm of land rose above $1,000 for the first time to $1,043/sqm.
Annual price growth in median price terms for the 12-month period rose to 27%, easily exceeding the easing rate of change in the price of established homes in Greater Brisbane of 8.6%. Brisbane, Ipswich, Logan and Moreton Bay all saw annual price growth ranging between 16% and 30%.
The SEQ market experienced a significant change in the geographic composition of sales in the March 2025 quarter, with a substantial rise in sales in Logan and a fall in Ipswich sales once again, pushing Logan to the number one position in SEQ for vacant land sales.
The most substantial price growth in the quarter was experienced in Ipswich (+11%), Moreton Bay (+10%) and Redlands (+5%). The strong price growth in Ipswich is due to limited supply from large projects controlled by a small number of market players.
Oliver Hume Queensland General Manager Dan Ross said the strong growth in Ipswich meant the Logan corridor had regained its position as the most affordable growth corridor in South East 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 price in $/sqm terms matched headline price growth at 11% as the median lot size sold across South East Queensland has remained steady at 420 sqm. Melbourne’s significantly lower median lot size means that in terms of $/sqm, it still holds a slight premium over South East Queensland.
Oliver Hume Chief Economist Matt Bell said the south east’s affordability advantage over Melbourne had been completely eroded, with the median land price exceeding Melbourne’s for the first time on record and by nearly $30,000.
“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 South East Queensland market, with interstate and overseas migration levels to remain strong and falling interest rates to support sales rates and median price growth.