The Housing Industry Association (HIA) has released its latest Residential Land Report, which reveals that median vacant lot price across Australia’s capital cities hit a record $226,448 in the September quarter after rising by 3.3%, with median lot values in regional areas clocking in at $157,756 after rising by 2.1% over the quarter (see below chart).
According to the HIA, supply-side bottlenecks are once again starting to bite, brought about by the usual culprits: inadequate land release, cumbersome planning approval processes, and excessive taxes and charges on development. When will Australia learn?
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The full Media Release is available here.
