Residential land development activity profile, March quarter 2016

Transcription

1 Residential land development activity profile, March quarter 216 The residential land development activity profile for, hereafter referred to as Redland, provides a comprehensive summary of recent residential land development and dwelling activity indicators within the local government area. Topics covered include broadhectare land supply, uncompleted lots (approvals, operational works, and certifications), lot registrations, lot sales, dwelling sales and dwelling approvals (Figure 1). Broadhectare land supply Broadhectare land refers to residential greenfield and brownfield land (greater than 2,5 m²) that is currently suitable for residential development. The latest broadhectare results show that there were approximately 46 hectares of broadhectare land suitable for residential development in Redland. Based on the planning scheme intent, existing approvals, and an analysis of residential densities by location, this supply is expected to yield some 8, dwellings. This yield takes into account ownership and land fragmentation issues which often reduce the yield. Residential lot approvals Before residential lots can be created, an applicant must first obtain a development permit approval for reconfiguring a lot (RaL) from the local government authority. In the year to March quarter 216, council approved the development of 684 residential lots. This was similar to the same period last year when 698 lots were approved. Figure 2 compares quarterly lot approvals in Redland over a number of years. Figure 1: Residential land development stages Broadhectare land Uncompleted lot (closing stock of approvals) Lot registration Land sale Dwelling approval Dwelling occupancy Material change of use (where required) Lot approval (reconfiguring a lot) Operational works Small projects Lot production (lot certification) Figure 2: ly residential lot development activity, Number of lots Operational works* Lots approved Lots certified *September quarter 27 onwards

2 Structure of residential lot approvals In the year ending March quarter 216, almost all of the lots approved for development in Redland were at urban densities (Figure 3). During this period, 5 lots were approved at rural residential densities as described in the planning scheme. Table 1 shows that the 684 lots approved for development in Redland during the year ending March quarter 216 were within 91 development projects. Projects approved to produce over 5 lots per project represented 3 per cent of the projects approved during this period, while accounting for 47 per cent of the total lots approved (Figure 4). Figure 3: Lot approvals by type, Number of lots Rural residential Urban Year to March Table 1: Lot approvals by project size, Size of development project Year ending smaller projects larger projects All project March 1 to 2 lots 3 to 5 lots 6 to 1 lots 11 to 2 lots 21 to 5 lots Over 5 lots sizes Total (Total Total (Total Total (Total Total (Total Total (Total Total (Total Total (Total lots projects) lots projects) lots projects) lots projects) lots projects) lots projects) lots projects) (34) 1 (3) 28 (4) 51 (3) 255 (8) 22 (2) 66 (54) (58) 15 (4) 22 (3) 12 (7) 25 (7) 52 (1) 471 (8) (22) 25 (6) 25 (3) 23 (2) 8 (3) () 178 (36) (41) 14 (4) 17 (2) 8 (5) 5 (1) () 26 (53) (39) 19 (6) 15 (2) 13 (1) 55 (2) 61 (1) 29 (51) (34) 9 (3) 25 (3) 55 (4) 36 (1) 226 (2) 392 (47) (46) 14 (4) 6 (1) 17 (1) 162 (5) 336 (2) 583 (59) (11) 12 (3) 25 (3) 12 (1) 446 (13) 86 (1) 698 (122) (63) 51 (14) 28 (4) 39 (3) 174 (4) 319 (3) 684 (91) Jun qtr (15) 19 (5) 15 (2) 15 (1) 92 (2) () 157 (25) Sep qtr (19) 18 (5) () () 82 (2) () 123 (26) Dec qtr (15) 11 (3) 13 (2) 12 (1) () 22 (2) 275 (23) Mar qtr (14) 3 (1) () 12 (1) () 99 (1) 129 (17) Figure 4: Lot approvals by project size, year ending March 216, Percentage 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % Lots approved Projects approved 1 to 2 lots 3 to 5 lots 6 to 1 lots 11 to 2 lots 21 to 5 lots Over 5 lots Size of development project Residential land development activity profile,, March quarter 216 2

3 Operational works approvals Before an approved development proceeds, detailed engineering drawings and specifications for civil engineering and landscaping (or "operational works") must be approved by council. Such works may not be required for small projects. In the year to March quarter 216, council gave operational works approvals for the development of 549 lots (Table 2). The total stock of lots with current operational works approvals at the end of March quarter 216 was 1,21 lots. These lots represent approved land that is most likely to be developed in the short term and accounted for 57 per cent of the 2,125 uncompleted lots in the pipeline (Table 3 and Figure 5). Table 2: Uncompleted residential lots¹, Year to Opening Lots Operational works Lots Lots Closing March stock approved approvals certified lapsed stock (a) (b) (c) (d) (a+b-c-d) 28 2, na , , , , , , , , , , , , , , , , ,125 Jun qtr 215 1, ,947 Sep qtr 215 1, ,96 Dec qtr 215 1, ,75 Mar qtr 216 2, ,125 na = not available; operational works data collected since September quarter 27. 1) Uncompleted lots are lots with a RaL development permit approval but have not proceeded to survey plan certification. Table 3: Stock of approved lots by type, Closing stock of lots Percentage with RaL development Operational works operational works approval approval approval Jun qtr 213 1,759 1,151 65% Sep qtr 213 1,754 1,187 68% Dec qtr 213 1,913 1,91 57% Mar qtr 214 1,95 1,1 58% Jun qtr 214 2, % Sep qtr 214 1,992 1,11 56% Dec qtr 214 1,981 1,115 56% Mar qtr 215 1,987 1,133 57% Jun qtr 215 1,947 1,18 52% Sep qtr 215 1,96 1,162 59% Dec qtr 215 2,75 1,179 57% Mar qtr 216 2,125 1,21 57% Figure 5: Stock of approved lots by type, Number of lots 2,5 2, 1,5 1, 5 Closing stock of lots with RaL development approval Stock of lots with operational works approval Year ending March Residential land development activity profile,, March quarter 216 3

4 Lot production (lot certification) Once council is satisfied with all aspects of the development being implemented, it will then issue a certificate of compliance. In total, 539 residential lots were certified by council in the year to March quarter 216 (Table 2). Compared with the previous year when 534 lots were certified, this represented an increase of 1 per cent. Lots lapsed Lots lapsed refers to the number of lots that receive approval by council, but are not developed or certified by the council within the prescribed period (allowing for time extensions if applicable). Lots lapsed also include previously approved lots that are not expected to proceed due to new or amended approvals (obsolete lots). In the year to March quarter 216, 7 lots previously approved for development had lapsed in Redland. Closing stock The total stock of approved lots that are uncompleted is adjusted to take into consideration lots approved, certified and lapsed during the reporting period. Table 2 shows that at the end of March quarter 216, Redland still had active approvals for the development of 2,125 new residential lots. It is expected, however, that some developments will not proceed and a number of approvals will subsequently lapse or be amended. Lot registrations New lots within plans certified by council do not legally exist until the titles have been registered by the Department of Natural Resources and Mines. This registration is the final stage in the development of new lots. The number of urban lots registered in Redland during March quarter 216 decreased by 66 per cent to 167 registrations compared with 487 registrations recorded in the previous quarter (Table 4 and Figure 6). Total lot registrations for the year ending March 216 were up 5 per cent compared with the previous year. Table 5 categorises the standard lots registered in Redland by lot size. Table 4: Lot registrations, Urban residential lot registrations Low density Median lot size Year to Standard lots a Unit and Total lot registrations Total lot Standard lots a March 6m² to <2,5m² townhouse lots b urban lots 2,5m² to 5ha registrations 6m² to <2,5m² m² m² m² m² m² m² m² m² , ,394 48m² Jun qtr m² Sep qtr m² Dec qtr m² Mar qtr m² a) Lots on a standard format plan intended for detached dwellings, including lots intended for detached dwellings in a community title scheme. b) Lots on a building format plan or standard format plan that represent attached dwellings within a community title scheme. Residential land development activity profile,, March quarter 216 4

5 Table 5: Standard lot registrations by size, Standard lot registrations by lot size category Total standard Year to 6m² 2m² 35m² 45m² 6m² 8m² 1,m² 2,5m² 4,m² registrations March to <2m² to <35m² to <45m² to <6m² to <8m² to <1,m² to <2,5m² to <4,m² to 5ha 6m² to 5ha Jun qtr Sep qtr Dec qtr Mar qtr a) Lots on a standard format plan intended for detached dwellings, including lots intended for detached dwellings in a community title scheme. Figure 6: ly standard lot registrations by size, 45 Standard lot registrations 6m² to <45m² 45m² to <8m² 8m² to <2,5m² 2,5m² to 5ha Number of lots Residential land development activity profile,, March quarter 216 5

6 New lot sales (includes house and land packages) In the year ending March quarter 216, there were 845 new lots sold in Redland, of which 611 were vacant (Table 6). The remaining 234 lots were either part of a developer house and land package sale or consisted of an existing dwelling that was sold after subdivision of a parent parcel. In the year ending March quarter 216, the median sale price of vacant land in Redland was $3,. This represented an increase of 3 per cent in median value compared with the previous year (Table 6). ly vacant land sales for Redland are shown in Figure 7. Table 6: Sales of new lots, Number of new lot sales a (14m² to 2,5m²) Median sale price b (14m² to 2,5m²) Median price per m² Year to Vacant House & land Total Vacant House & land Vacant land bc March land c package d sales land c package d (14m² to 2,5m²) $282, $47,3 $ $285, $499, $ $27, $477,9 $ $28, $485,9 $ $265, $482,5 $ $265, $475, $ $28, $49, $ $29, $489, $ p $3, $51,5 $627 Jun qtr $295, $515, $586 Sep qtr $287, $54,5 $658 Dec qtr $35, $496, $622 Mar qtr 216p $3, $52, $629 p = preliminary; subject to revision as a number of sale contracts may not have reached settlement at time of data collection. a) Normal sales and multi-sale transactions. Excludes part-sales and sales made under other special circumstances. b) Normal sale transactions. Excludes multi-sales, part-sales and sales made under other special circumstances. c) May include resales of vacant land. Excludes intermediate vacant land transactions relating to developer house and land package sales. d) Includes lots as a component of a developer house and land package in addition to subdivided lots containing an existing dwelling. Figure 7: ly vacant land sales, Sale price b Number of sales ª Lowest quartile Median Highest quartile $4, 25 Sale price $35, $3, $25, $2, $15, $1, $5, Number of sales $ p = preliminary; subject to revision as a number of sale contracts may not have reached settlement at time of data collection. a) Normal sales and multi-sale transactions. Excludes part-sales and sales made under other special circumstances. b) Normal sale transactions. Excludes multi-sales, part-sales and sales made under other special circumstances. Residential land development activity profile,, March quarter 216 6

7 Dwelling sales In the year ending March quarter 216, there were 3,551 new and established dwellings sold in Redland. Of these dwellings, 2,839 (8 per cent) were detached houses (Table 7). In March quarter 216, 722 detached house sales were recorded with a median value of $519,8. This was an increase of 2 per cent in dwelling sales volume and an increase of 5 per cent in median value compared with the same quarter last year (Figure 8). Table 7: Dwelling sales, Number of dwelling sales a Year to Detached Units & Total Detached Units & March houses townhouses dwellings houses townhouses 28 3, ,996 $45, $315, , ,897 $45, $325, 21 2, ,38 $475, $36, 211 2, ,421 $475, $35, 212 1, ,211 $45, $335, 213 2, ,556 $461,9 $345, 214 2, ,114 $472,5 $35, 215 2, ,259 $49, $385, 216 2, ,551 $51, $389, Jun qtr $5, $395, Sep qtr $512, $39, Dec qtr $59, $349, Mar qtr $519,8 $37, a) Normal sales and multi-sale transactions. Excludes part-sales and sales made under other special circumstances. b) Normal sale transactions. Excludes multi-sales, part-sales and sales made under other special circumstances. Median sale price b Figure 8: ly detached house sales, Sale price b Number of sales ª Lowest quartile Median Highest quartile Sale price $7, $6, $5, $4, $3, $2, $1, $ 1,2 1, Number of sales a) Normal sales and multi-sale transactions. Excludes part-sales and sales made under other special circumstances. b) Normal sale transactions. Excludes multi-sales, part-sales and sales made under other special circumstances. Residential land development activity profile,, March quarter 216 7

8 Dwelling approvals In the year ending March quarter 216, Redland recorded a 17 per cent decrease in residential dwelling approvals compared with the previous year. There was a total of 1,117 approvals (72 per cent of which were for separate houses) compared with 1,352 approvals in the year ending March 215 (Table 8 and Figure 9). Top local government areas for development activity Table 9 displays the top 1 local government areas in Queensland for several development activity indicators for the year ending March 216. The table shows that a considerable amount of the state's development activity is occurring in the local government areas of Gold Coast City, Brisbane City, Sunshine Coast Regional Council and Moreton Bay Regional Council. Table 8: Dwelling approvals by type, Figure 9: Dwelling approvals by type, Year to Number of dwellings March Houses Other Total 1,6 Houses Other , , , ,117 Jun qtr Sep qtr Number of dw ellings 1,4 1,2 1, Dec qtr Mar qtr Year ending March Table 9: Top local government areas for development activity in Queensland, year ending March 216 Rank Lot approvals Standard lot registrations New lot sales Detached dwelling approvals ¹ Local government area No. Local government area No. Local government area No. Local government area No. 1 Moreton Bay (R) 3,417 Gold Coast (C) 2,825 Gold Coast (C) 3,6 Gold Coast (C) 3,538 2 Ipswich (C) 2,916 Brisbane (C) 2,69 Brisbane (C) 2,368 Brisbane (C) 3,49 3 Logan (C) 2,52 Sunshine Coast (R) 1,971 Moreton Bay (R) 2,38 Sunshine Coast (R) 2,713 4 Brisbane (C) 2,465 Ipswich (C) 1,882 Sunshine Coast (R) 2,168 Moreton Bay (R) 2,63 5 Gold Coast (C) 2,129 Moreton Bay (R) 1,69 Ipswich (C) 1,743 Logan (C) 2,127 6 Toowoomba (R) 1,894 Logan (C) 936 Logan (C) 1,18 Ipswich (C) 2,28 7 Sunshine Coast (R) 1,354 Redland (C) 893 Redland (C) 845 Townsville (C) Fraser Coast (R) 75 Cairns (R) 7 Cairns (R) 81 Redland (C) 8 9 Cairns (R) 693 Townsville (C) 565 Townsville (C) 721 Toowoomba (R) Redland (C) 684 Toowoomba (R) 556 Toowoomba (R) 72 Cairns (R) 7 1) Detached dwelling approvals can occur on existing lots and are not directly comparable with new lot approvals, registrations and sales. (C) = City (R) = Regional Council Note: Previous editions of this profile are not directly comparable due to ongoing data revisions and indicator classification adjustments. For the latest time series data, please refer to our online residential development data tables via the link below. Residential development data tables are available for download on the QGSO website: Queensland Government Statistician s Office Queensland Treasury Sources for the Residential land development activity profile: ABS 8731., Building Approvals, Australia, December 215; DNRM Digital Cadastral Database (DCDB); QGSO uncompleted lots database; QGSO Broadhectare Study; DNRM QVAS database. The State of Queensland (Queensland Treasury) 216 Residential land development activity profile,, March quarter 216 8