Source: Domain Group
A large 11,350 sqm of land at 79D Cookes Road, Doreen (above) has been recently listed for sale.
Wallan ranks as Melbourne's cheapest land release suburb
Wallan offers the cheapest newly released residential land at a median of $248 per square metre, the latest Domain Group data shows.
Craigieburn had the most number of land sales over the December quarter.
Doreen in Melbourne's north-east recorded the strongest annual growth for land prices at 18.5 per cent.
The median price for land in Pakenham also jumped 17.3 per cent over the year.
Some western suburbs had weaker values and growth because there was more land, Domain Group chief economist Andrew Wilson noted.
| Suburb | Median | 1-year growth | Median price per m2 |
|---|---|---|---|
| Wallan | $165,000 | 15.8% | $248 |
| Bacchus Marsh | $189,500 | 18.4% | $284 |
| Sunbury | $235,000 | 7.8% | $319 |
| Brookfield | $154,990 | 3.3% | $326 |
| Melton South | $147,000 | 1.4% | $335 |
| Melton West | $157,500 | 7.1% | $354 |
| Wyndham Vale | $180,950 | -0.8% | $423 |
| Pakenham | $230,000 | 17.3% | $434 |
| Mickleham | $217,000 | 6.9% | $480 |
| Doreen | $237,000 | 18.5% | $521 |
Similarly a commercial land at 19 High Street, Wallan (below) has been listed for sale.
A residential block at 22 Moondara Terrace, Wallan (below) was recently sold for $151,000.
Similarly a residential land at 59 Woorawa Drive, Doreen (below) was recently sold for $246,000.
