SHOWING the demand for residential land an 18.36ha Sunshine Coast hinterland property with approved 109-lot subdivision has sold for $4.4million.
The sale of the property at 50 Abbotts Rd, Palmwoods, was conducted by Baydn Dodds of Colliers and Dustin Welch of Savills.
It followed an expressions of interest campaign that concluded in November and has now settled.
"The market showed strong initial interest in the site,'' Mr Dodds said, "based on the current strength of the residential market.
"Palmwoods is a sought-after location and land developers have been achieving solid rates of sale in other projects on the Sunshine Coast.
"Despite this, we did have a large proportion of buyers rule a line through the site due to the considerable up-front external work costs to upgrade Abbotts Road and install a round-about at the intersection with Palmwoods-Montville Rd.
"The result was a handful of buyers presenting offers at the campaign close, with Sunshine Coast based builder/developer Mark Bain Constructions presenting the best price and terms.''
The property comprises north-east sloping land formerly used for horticultural purposes.
Mr Dodds said the last development of this scale released to the market in Palmwoods was more than 10 years ago.
"The strength of the residential market on the Sunshine Coast at the moment, coupled with the shortage of vacant land meant that the site was actively pursued by local, South East Queensland and interstate developers.
"New land releases are selling out in record time as builders, owner-occupiers and investors seek to secure suitable housing lots.''
Mr Dodds said interest was received during the campaign from a number of builder/developers.
This marks a continuing trend with builders increasingly taking on the developer role as land offerings from pure developers become scarcer in this strong residential market.
"The Sunshine Coast market has trended towards smaller lot sizes in recent times has meant that large residential housing lots are becoming a rare commodity,'' Mr Dodds said.
"This was a key attractor for developers with the average lot size of 725sq m seen as a real advantage in the market.''
Mark Bain Constructions has completed over 100 lots in Peregian Springs which they built out with their own product.
Their other most recent purchase was a 20-lot rural residential subdivision in Valdora, also purchased through Baydn Dodds.
Developing the Palmwoods site means the company can guarantee a pipeline of lots.
50 Abbotts Rd
What: 18.36ha property with 109-lot approved residential land subdivision
Result: Sold for $4.4m
Agent: Baydn Dodds of Colliers and Dustin Welch of Savills
Contact: 0418 173 187, (07) 5313 7519
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