In a recent article about the dramatic drop in sales of brand new spec homes as a direct result of harder banking conditions on GoldCoast.com.au details were revealed on the vacant land sales. Of a total of 292 sales in the city during the first quarter of this year over two thirds of those sales (199) were in the Coomera District.

Here is an extract from the article.

Prodap said there were 292 vacant housing lots sold in the March quarter, up from 240 in the December quarter. The December figure formerly stood at a 16-year low of 175 lots, but Mr Morris yesterday said this had since been revised to 240 following some late sales data received by Prodap.

Mr Morris said the March sales figures reflected a surge in incentives such as free landscaping being offered to buyers, particularly by major players such as Stockland and Devine.

“It’s very competitive out there,” Mr Morris said.

Most of the 292 lots sold were on the city’s northern fringe, the last frontier for broadacre development on the Coast. The hot spots included Upper Coomera (with 90 sales), Willowvale (42), Coomera (39) and Ormeau (28).

Mr Morris said average prices in the Coomera-Pimpama region had softened by 10 per cent over the past three years, “but this should recover over the next couple of years, particularly when the Coomera Town Centre gets going”.

Read the full article by Nick Nichols on Gold Coast.com.au