Kellyville leads Sydney in fastest residential building block price escalation in over a decade: APM

Kellyville leads Sydney in fastest residential building block price escalation in over a decade: APM
Jonathan ChancellorDecember 7, 2020

Sydney’s median residential land price increased by 19.7 percent over 2014 to $390,000, he most expensive of all the state capitals, according to data from the Domain Group. 

The $390,000 December quarter median land price was well ahead of Melbourne at $245,000 and Brisbane $237,950.

With Sydney residential land prices now rising faster than booming house prices, the task for first home buyers is becoming increasingly difficult, said Andrew Wilson, senior economist at the Domain Group.

“Sydney’s annual land prices increased at the fastest rate in over a decade and recorded stronger growth than the booming house prices which increased by 14% over the same period.”

Sydney’s outer suburban residential land market recorded strong growth over 2014.  Prices in the south-west increased by 25% to a median of $350,000 while prices in the west rose by 8.3% to a median of $410,500. 

The median residential land size sold in the west over the six months ending December was 564 square metres  at $759 per square metre.  In the south-west, the median land size sold was 500 square metres at $652 per square metre.

The most popular outer west suburbs for land sales over the six months ending December 2014 were Riverstone, Colebee, Pitt Town, Kellyville and Glenmore Park. 

The most popular outer south west suburbs for land sales were Harrington Park, Campbelltown, Moorebank, Appin and Edmondson Park.

Kellyville recorded the highest median land price over the second half of 2014 at $643,000 with a median land size of 701 square metres at $912 per square metre. Land prices in Kellyville increased strongly by 38.2% over 2014.

Kellyville land estate prices on realestate.com.au regularly exceeded the APM advisory such as Chelsea on the Park where prices started at $730,000 for 700 square metre blocks, and were priced up to $860,000.

There were prices advertised last year as $400,000 plus on Hillview Ridge Estate, ranging from 667 square metres to 826 square metres.

The blocks priced from $465,000 at the Ashmore Park estate are 363 square metre to 847 square metre in size. 

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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