With the shortage of affordable homesites on offer in the inner Brisbane, first home buyers are venturing 45km from the CBD to areas such as Morayfield and Caboolture to build their first home.
“Caboolture is offering urban homesites for an average of $364 per square metre and Morayfield is $390 per square metre, as per the 2016 figures we are tracking,” said Daniel Hirst of Colliers International.
“This used to be North Lakes back in 2007 when an average lot size was 517sqm and an average price $195,000 ($369/sqm).
“Fast forward 10 years, now that the infrastructure is built up and only limited land remains, North Lakes homesites are averaging 416sqm in size and $724 per square metre. The values have doubled and the lot sizes are getting smaller.
“Caboolture presents outstanding value and a great opportunity to purchase right now particularly when you consider how this area will be in hot demand and experience massive growth in years to come.
“This is driven by the Queensland State Government’s plan for the Caboolture West Master Plan Area of 3,480ha to house 68,700 residents and offer 17,000 jobs over the 40 year project timeframe.
“We are experiencing some great activity from the first home buyers at Riverparks residential estate in Caboolture, where lot sizes are averaging above 500sqm and selling for $195,000.
“The estate is minutes away from Morayfield Central, is close to train station, schools and other amenity. The developer will be releasing 340 lots over the next 3.5 years to cope with the demand.
“In Morayfield, 420sqm homesites in developments such as Oaklands Estate are selling at $195,000, equating to about $464 per square metre, still significantly cheaper than North Lakes.
“There are a number of key growth centres that first home buyers are looking at the moment such as Ripley Valley, Yarrabilba, Springfield, and now Caboolture, Morayfield and Caboolture West to the north.
“It is an ideal time for them to get into the market now, and these regional growth centres offer homesites that they can afford and are close to established schools, transport and amenity,” Mr Hirst said.