Over the past six months, SEQ’s development land market has shifted significantly. What was once seen as a relatively affordable entry point for residential sites versus Victoria and New South Wales is fast changing. End product values and residual land assumptions are now adjusting to a structural undersupply, and the market is truly reflecting that reality.

Across all major SEQ corridors, end lot/product revenues are now consistently breaking $1,000/sqm, and in a growing number of projects this level is being materially exceeded. In our core greenfield markets, this shift in revenue has translated into land economics that have seen developers support acquisitions up to $4,000,000 Per Net Developable Hectare where project fundamentals align, particularly around density, product mix and efficient delivery.

On an implied per-lot basis, this equates to around $200,000+ per lot. We are also tracking an increasing number of transactions clearing approximately $3,000,000 per Net Developable Hectare (around $150,000+ per lot), which only a short time ago represented the upper bound of most groups’ underwriting. The per lot rate is indicative as we are also witnessing a structural re-alignment of target densities and lot sizes within the marketplace, with groups targeting higher yields or reworking Development Approvals to smaller lots.

This is taking place alongside elevated construction and holding costs. Some buyers are struggling to reconcile these new realities with their legacy feasibility models, pausing decisions or under bidding. Those who are well capitalised and confident in their assumptions are moving quickly, capturing the scarce stock that does come to market and moving aggressively on off market opportunities.

The type of land available is changing too. Most of the straightforward, zoned, and serviceable sites have been taken. What remains is most often more complex (e.g. fragmented ownership, servicing challenges, topography, flood risk, environmental overlays, or planning hurdles). This is pushing more capital towards shovel ready projects or sites already part way through the DA process, where timing and exit revenues are clearer and value can be created through optimisation rather than speculation.

Reflecting this, RPM is increasingly aware of and dealing on mandates from groups with substantial ‘dry powder’ seeking to acquire shovel ready or near term opportunities, raw sites, with undeveloped strategy and multi-year programs (3 years plus). Our current exclusive appointment on a 500+ lot development site in the Western Corridor of Ipswich is emblematic of this theme: a large-scale, DA-led opportunity in a high demand corridor, with pricing expectations calibrated to the new reality of end-product values.

Developers who adjust quickly to this new pricing regime, by recognising both the higher achievable revenues and the scarcity of genuinely developable land, are the ones transacting. Those tied to old benchmarks risk being left behind, even as population growth, limited lot supply, and stronger purchaser capacity continue to underpin land values.

This article references findings from our December 2025 SEQ Greenfield Market Report. Read the full report here.