Capital city land prices keep rising: CoreLogic RP Data
Vacant land sale prices over the 2014-2015 financial year increased by 6% across the combined capital cities, according to CoreLogic RP Data.
CoreLogic RP Data's Property Pulse found for the 25 years to June 2015, combined capital city median vacant land prices increased by 417% and by 422% across the combined regional areas.
CoreLogic RP Data research analyst Cameron Kusher said the median lot size for capital city vacant land has seemingly hit a trough having been relatively stable over the past two years - meanwhile lot sizes have trended higher over the past year in regional areas.
“With higher prices and fairly steady land areas, the rate per square metre of land has continued to rise over the past year across the combined capital cities while it has fallen in regional markets,” he said.
"Our research shows that median lot sizes have been reasonably stable across the combined capital cities over the past twelve months. In regional markets, it has actually risen by 8.3% over the past year.
“On a rate per square metre basis, vacant land in Sydney and Perth is much more expensive than all other capital cities. The rate per square metre has generally risen over the past year.”
The report noted vacant land prices are much higher than all other capital cities in Sydney, with the cost of vacant land has risen sharply over the past year in Sydney, Melbourne and Perth.
