Real estate developers sold 1,154 housing lots across Melbourne and Geelong in August, according to residential land sales specialist Red23. This compares with more than 1,600 sales per month in June and July. However, median lot prices rose by 0.3 per cent to $321,000 in August.
The fall in sales was attributed to buyers not being able to find lots that are eligible for the federal government’s $25,000 HomeBuilder scheme during Victoria’s second coronavirus lockdown:
A similar slump does not appear to be occurring in Sydney, with developers continuing to report strong sales momentum. Melbourne is the country’s biggest residential land market.
