But Melbourne topped the nation with 16.6 per cent growth in the March 2017 quarter, according to the latest HIA-CoreLogic Residential Land Report.
This compares to a 2.1 per cent increase for a typical vacant lot of land for housing, CoreLogic reports.
This is great news for land owners but another sign of the tough conditions facing first timers trying to break into skyrocketing markets.
“Even though the latest HIA-CoreLogic Residential Land Report shows a small increase in the supply of residential land on the market during the quarter, the price of land is now 9.3 per cent higher than a year ago,” said HIA Senior Economist, Shane Garrett.
“The substantial increase in the price of residential land continues to be the single biggest factor behind recent deteriorations in housing affordability.”
Garrett also says government can play a key role in affordability by ensuring new land is released across Australia’s cities and regional towns to help keep pace with demand.
In Brisbane, our reliable market is still sitting in a ‘just right’ Goldilocks zone with a 3.6 per cent increase in land prices good news for owners but still within reach of newbies looking to break into the market.
Based on sales during the March 2017 quarter, check out the pace of annual residential land price growth in Australian cities:
- Melbourne, 16.6 per cent
- Sydney, 11.1 per cent
- Adelaide, 7.4 per cent
- Brisbane, 3.6 per cent
- Perth 2.7 per cent
- Hobart, -8.0 per cent
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