The Housing Industry Association (HIA) reported that the median lot value hit at a record high of $243,585.
Since June 2012, the median lot value has increase by 28 percent or nearly $54,000.
Source: (HIA)
The picture around the country was mixed.
Land values in the Kimberley have well and truly crashed by 74 percent from the prior comparative period, for example.
At the other end of the scale Sydney's median lot value is not approaching $1,000 per square metre.
Perhaps this is not all that surprising given that volumes were down by nearly 30 percent in Sydney year-on-year, with a dearth of shovel-ready land being made available.
The next most expensive city for vacant land prices is Perth at $701/sqm.
The volume of lot sales increased to 1,121 in the quarter, following some low volumes in previous quarters.
Indeed, volumes were still some 7 percent below their 2015 peak, according to the HIA.
Overall, capital city land sales rose by about 10 per cent in the year to September 2016, reflecting higher demand and generally stronger economic conditions, while volumes across regional Australia posted a gain of just 1.1 percent.
PETE WARGENT is the co-founder of AllenWargent property buyers (London, Sydney) and a best-selling author and blogger.
