Perth land prices hit record high as housing shortage drives fierce competition
New land prices across Greater Perth have climbed to record highs as population growth, limited housing supply and construction bottlenecks continue fuelling demand.
Vacant lots are a scarcity in metropolitan Perth. (Image source: UnknownLatitude Images/Shutterstock.com + API Magazine)
The average price of new land in Greater Perth has reached $424,025, which is the highest average price on record for new land in the region.
The price is up 18.3 per cent compared to the same quarter last year and a staggering 78 per cent increase over the past five years.
The steep price hikes reflect the combined impact of population growth, construction cost escalation and a sustained shortage of new, housing ready land coming to the market…
