Brisbane Market Changes - Splitters and Small Dev Sites

Whenever the market isn't bobbing around the top we get contacted by agents and owners wiith splitters/small dev sites before they go to market or even when they are being asked to do a listing proposal to see if we have any clients who are keen.

This has been building slowly for the last 6-12 months after being non existent for several years but has really accelerated in the last 2 months.

A lot of these earlier in the year were from owners (and agent) who had unrealistic expectations as far as prices for development goes. Some of that is because Brisbane's market has changed and there are people willing to pay decent money for an 810m2 site to knock down and build a new PPOR.

More and more are coming across my desk that are starting to look feasible. Eg yesteday had site <10km city on main road. 2 lots already where can get house demo'd in the mid to late $700,000's - blocks would sell $430-$450k. Not massive amounts in it but still there because there are no contributions or service connections, demo of house, stamp duty and marketing and sales comms are it. Main road site means a bit longer hold then normal and there is still risk market could drop etc but 6 months ago was still always seeing ones where the asking price was within $20k of what you could get for each lot and after $70k split costs you were well in red.