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The Housing Industry Association (HIA) and RP Data have released their latest Residential Land Report, which reveals that median vacant lot price across Australia hit a record $212,727 as at September 2014 after rising by 3.3% over the quarter. At the same time, turnover in the national land market declined by 16.7% over the quarter (see next chart).
Capital city lot prices rose by 4.7% in the quarter to be up by 10.0% compared to the September 2013 quarter. By comparison, land prices in Regional Australia rose by 0.7% over the quarter to be up 3.5% over the year.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.