Posted on Tuesday, November 17 2009 at 12:07 PM
"Queensland is on track to experience the worst land shortage in its history", according to a veteran Queensland property developer. Seymour Group founder Kevin Seymour predicts the land shortage will peak within the next six months, as restrictive lending practices prevail and development approvals continue to be drawn out.
"Queensland is on target, like most other states, to be devastated by a critical land shortage before the end of this financial year," he says.
"It's the worst I have seen in my 50 or so years in the property industry."
"Quality residential land holds the key to the future survival of the property market in many of Queensland's usually high-performing coastal regions."
"This will be particularly the case for normally recession-proof regions such as Noosa."
Seymour warns that if the land shortage is not addressed, it will be consumers that end up paying.
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