Capital city median lot sizes stable: CoreLogic RP Data

Capital city median lot sizes stable: CoreLogic RP Data
Capital city median lot sizes stable: CoreLogic RP Data

The median selling price of vacant land across the combined capital cities was $258,543 and $156,500 across the combined regional areas at June 2015, according to CoreLogic RP Data.

CoreLogic RP Data's Property Pulse found regional median land prices are 39% lower than those in capital cities - the biggest difference since August 1990. 

The median lot size was 452sqm in combined capital cities and 810sqm across combined regional markets, according to CoreLogic RP Data's research director Cameron Kusher. 

“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," he said.

"At the end of June 2015 the rate per square metre was recorded at $557 across the combined capital cities and $170/sqm across the combined regional markets. 

“As we continue to see the costs of capital city land continue to rise, the rebound caused by this effect is that ultimately the cost of new housing will also rise.

“While restricted land supply and excessive charges associated with new development remain, we anticipate that the cost of vacant land and subsequently new housing will continue to rise,” Mr Kusher said. 

Michael Crawford

Michael Crawford

Michael is the real estate reporter for western Sydney and loves writing about homes and the people who live in them. A former production editor and news journalist, he enjoys writing about real-world property purchases as well as aspirational buys and builds. Following a recent move from Sydney’s northern beaches, Michael now actually enjoys commuting.

Tags: 
New Developments Vacant Land

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