It’s all because of the new City Plan, which according to experts, allows for subdivision of 600 square metre sites that are within 200 metres walking distance of a shopping centre and certain railway stations.
According to the plan, 600 square metre sites can now be split into two blocks of 300 square metres each.
However, Metropole Brisbane property strategist Brett Warren said there was a number of other strict requirements that would-be developers must understand.
“They also must meet site requirements like the right frontage, depth and shape of the block. While a train station is pretty stock standard, the shopping centre must be zoned correctly and be in excess of 2000 square metres,” he said.
Given it was a recent announcement, Mr Warren said it represented a solid short-term opportunity to buy and develop or land-bank.
It was still early days, he said, so it was important that novices did not try to “test the waters”.
“Thankfully we are starting to see these sites being developed and are in the very early stages of blocks either being sold off or development completed – so end values are there also,” he said.
“While it does represent a good opportunity, investors should seek professional advice as there is much higher room for error if you do not fully understand the new town plan.”
He said opportunities could be found in pockets of Everton Park and Stafford on the northside, as well as in Holland Park and Mount Gravatt on the south.
LJ Hooker Mount Gravatt principal Wayne Morgan said suitable sites were as “rare as hen’s teeth” in Mount Gravatt, mainly due to its robust property market.
He said developers were looking for sharp prices but sellers would probably do better just selling their homes to other owner-occupiers or investors instead.
While townhouse development in the area had been solid, he said, duplexes might struggle to make a solid enough profit.
“There is literally no duplex development because you’re paying too much for the land,” he said.
“You’ve nearly got to have at least four townhouses or three big townhouses to make it work and you’re really pushing it at the moment because land is [on] the way up.”
Part of the reason for increasing land values, he said, was the strong demand for property from people migrating into the wider area.
“The migration of people into Mount Gravatt and Mount Gravatt East is massive at the moment and they’re coming from the north and the south,” he said.
“The area has also become hugely popular for people coming in [from southern suburbs] who can now buy reasonable blocks of land, knock it over, and build a new house.”