BUYERS who are ready to build their dream home or investment property are in the box seat when it comes to picking up land at the right price. 

The number of vacant land sales fell to one of the lowest levels in a decade at July last year before starting to rally back slightly over the past six months. 

The May 2009 Townsville in Focus report by Herron Todd White reveals that the number of land sales dropped by about 70 per cent after the peak of activity two years ago. 

However, median prices held relatively firm and the market has since started to recover with about 100 sales recorded per month in March and April. 

Townsville real estate agents said the higher volume of supply on the market gave buyers greater choice when it came to negotiating prices or conditions. 

ReMax Excellence agents Rohan Banning and Lyn Griffiths said building costs had also shifted in favour of consumers. 

“Based on historical trends, it is hard to imagine there will be a better time to buy land and build a home as far as prices or choice go,” Mr Banning said. 

“Not only is there a wealth of new residential estates, but there are vacant lots that have been subdivided or cleared in established residential areas. 

“When the number of lot sales slowed dramatically last year, so too did construction activity, which has given buyer more options when it comes to the cost of building new homes.”  

Developers reacted quickly to the decline in demand by slowing or postponing the release of new land stages.  

But developers and agents have more recently reported an increase in sales of vacant land and house and land packages. 

Ms Griffiths said there was evidence to suggest vacant lot sales would return to healthier levels. 

“While vacancy rates for established properties are higher than the long term trend, Townsville will still rely on new housing to help accommodate the above-average population growth,” Ms Griffiths said. 

“The volume of unit development also slowed significantly over the past 18 months which has helped to push more people towards buying vacant lots. 

“We would encourage anyone who is thinking of building a home to look at blocks in established suburbs as well as new estates because there is a lot of variety when it comes to price, size, location and surrounding amenities.”