The Urban Development Institute of Australia's latest State of the Land Report shows most cities across Australia still face major constraints when it comes to new land supply.
The Urban Development Institute of Australia's latest State of the Land report shows that most cities across Australia still face major constraints when it comes to new land supply. The report shows that the average median new lot price in Australia’s five largest capital cities is now $246,300, up 4.2% over the year, and up 22.5% since 2009. Based on the National Land Survey Program survey of new residential land supply, the average median new lot size nationally is now 474 square metres, down 3.6% over 2014, and down 11.4% since 2009.
The report shows 12,690 housing lots were released for development in Melbourne during 2014, an increase of 60 per cent. Lot sales grew by 43 per cent to 12,672, and the median lot price was 3.2 per cent higher at $204,800.
In Adelaide, 1,911 housing lots were released for development in the city's greenfield growth areas during 2014, down from 2,141 lots in 2013. The median price of a housing lot was $163,270, which equates to $368 per square metre.
In Perth, there was a 13 per cent decline in sales of housing lots during 2014. The number of lots released for development rose by 7.3 per cent, while the median lot price rose by 9.4 per cent to $260,000.
In south-east Queensland, 10,833 housing lots were released for development during 2014, an increase of 55 per cent, and lot sales rose by 44 per cent to 11,172.
Residential land prices in Sydney rose by 18.7 per cent in 2014, to an average of $755 per square metre with the median lot price rising to $339,750. UDIA chief executive Stephen Albin said the Sydney housing situation is clearly in crisis. "Sydney is struggling under the weight of a rapidly growing population combined with what was essentially a trickle of new housing for more than a decade ... while housing start figures are improving, that chronic undersupply still exists," said Albin.