DEVELOPMENT LAND & NEW HOMES

The development land market continued to perform well in 2016, with a relatively strong volume of sales achieved. The supply of new homes remained suppressed during 2016, in spite of strong demand and positive economic fundamentals. In the latter part of 2016, there were positive signs that the supply of new residential property was gaining momentum, with a number of developers commencing on-site works. This momentum will gather pace in 2017, with a number of large multi-phase developments due to get underway. Demand will be buoyant for residential sites in 2017, particularly those that are suitable for starter homes.