Last year it became apparent that Melbourne’s house and land market had become an giant bubble after the median pricefor a housing lot hit $339,000 – up 21% in only 12 months – with steeper rises in the cost per square metre:
In August 2018, the panic began to set in with land speculators rushing for the exits:
Speculators who hoped to get rich on a boom in Melbourne land prices are “panicking” as settlements loom and they can’t find developers to on-sell their sites to, according to Resi Ventures’s Khurram Saaed, who has been developing for 15 years.