Australian Property News
Land sales point to building boost
Posted on Wednesday, February 03 2010 at 3:37 PM
Land sales and prices both climbed in the September 2009 quarter, figures from the Housing Industry Association and RP Data show.
The volume of land sales was up 33 per cent in the September 2009 quarter compared to the same period in 2008.
The median price of raw land climbed 5.7 per cent over the quarter to hit $181,000.
Housing Industry Association chief economist Harley Dale says the results suggest the number of new homes being built will rise in 2010.
He says Sydney remains the most expensive residential land market in the nation, with a median price of $290,000.
Outside the capital cities, the Richmond Tweed region in New South Wales is the most expensive land market (median price $255,000), followed by the Sunshine Coast ($242,000) and the Gold Coast ($242,000) in Queensland and NSW's Illawarra ($193,000).
At the other end of the scale, 13 markets across Australia have a median land price under $100,000.
The cheapest market is the Murray Lands region of South Australia (median price $69,500), followed by Victoria's Mallee ($70,000), Mersey Lyell in Tasmania ($78,000) and the southeast and northern regions of SA ($85,000).
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