Melbourne land prices remain stable in September quarter but outer Melbourne softens
Melbourne land prices have continued to moderate, with prices remaining stable in the September quarter, figures from the latest Oliver Hume Quarterly Market Insights (QMI) report showed.
Metropolitan Melbourne's median land price is now $325,000.
Active projects are only down 0.6 percent to 168, which signifies a drop of just one project, however there has been a total decline of 14.5 percent of total lots released.
Total lots released up to September (4232), is down 22 percent year on year.
Total lots sold in the September was also inevitably down (25 percent), with just over 3,300 lots sold. The total unsold amount of land lot was up 18 percent from last quarter.
Prices in the Melbourne Metro area were unchanged over the quarter, while Geelong, where the median price has soared over 30 percent annually, was down 2.67 percent.
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The Mitchell Shire north of Melbourne continues to be the most affordable despite recording strong growth over the quarter and the year.
The municipality of Melton experienced the largest median price growth for the second consecutive quarter, with the median price of lots now sitting above $300,000 for the first time.
Oliver Hume chief operating officer Julian Coppini said the September quarter result reflected a moderating of demand for Melbourne land.
“Overall, we expect prices to remain relatively stable although some locations may see median prices trend lower,” he said.
