Land fetches top price

A block of land has sold in Griffin for $450,000 – a record price for the suburb.

The 574m2 block, which sold for about $783 per square meter, at 54 Bramble Street is part of the $85 million Griffin Pocket residential estate, which has almost sold out.

Blocks of similar sizes nearby have sold this year between $270,000 and $287,000 – ranging from $487 to $518 per square meter. To compare, house and land packages – on smaller blocks – sell for about the same price as the Bramble Street block. The median house price for Griffin for a four-bedroom home is $448,000.

Developer Unison Projects general manager Jonathan Levy said demand had been high for land in Griffin, with only four blocks left. “This estate has been a resounding success.” The low interest rate had also encouraged locals to buy in the estate, with many buyers moving from older homes in nearby suburbs, he said.

REIQ Redcliffe zone chair-man Josh Kindred, of Kindred Property Group, said the size of the block would have been a major attraction in the sale and was a good sign for the area.

“It’s an encouraging sign especially with Westfield and Ikea at North Lakes, the train line going in and the Petrie University,” he said. “The facilities in the are increasing all the time, there is a lot of positive activity happening at Griffin. “It’s also a sign of Brisbane and southeast Queensland recognising that the Griffin North Lakes area is still close to the city – comparing it to places like Sydney, a 35 to 45-minute trip to the city is very quick. “Plus, a block over 500m2 is a big block these days. There’s not many of those around.