Demand for land is rising
IN THREE years all of Cannonvale's vacant flat land could be developed.
This is according to research conducted by PRD Nationwide, prompted by a meeting with Brian Forrester and David Wilson from Vision Surveys.
PRD found that only 111 vacant blocks of flat residential land were left.
PRD principal Christie Leet said the figues showed the vacant property market was surging.
"In three years we would expect Cannonvale to be totally built out,” he said.
"To be honest, my estimate is it will be two years as the market is moving and we will see more than 50 sales this year.”
Ray White sales associate Stephanie Bacon said investors interested in land should move quickly if they wanted the best deal.
"The number of sales has definitely increased, it is only a matter of supply and demand before stock tightens up and figures will improve, which could be in around six to 12 months,” she said.
"I think in the next few months you won't be able to get anything under $150,000.”
Mr Leet said the vacant land market in Cannonvale in 2016 saw land prices averaging $154,471.
