Demand for vacant land is driving prices even higher, with Southeast Queensland values surpassing Melbourne for the first time.

The latest Oliver Hume quarterly report shows that Southeast Queensland median land prices surged in the first three months of the year, to above $1000 per sq m for the first time.

The report analyses thousands of land sales across key markets in Melbourne, Southeast Queensland and Adelaide. It shows that Southeast Queensland’s lot price rose by 11% to $437,900 in the March 2025 quarter – which equates to $1043/sqm. Logan was the top region in Queensland for vacant land sales. Ipswich lot prices are up by 11%, Moreton Bay, 10% and Redlands 5%.

The gross median lot price in Melbourne rose to $408,000 in the quarter, which equates to $1118 per sq m and is just $3000 higher than the December quarter. In Adelaide sales volumes fell “heavily” for the second consecutive quarter, but values still rose to a new high of $319,995, which equates to $667 per sq m.