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Land prices soar

landLand is arguably the most important part of any property investment.

It can’t be removed, relocated, destroyed, or replaced.

The Housing Industry Association (HIA) reported today that Australia’s median lot value rose by +8.5 per cent in the 2017 financial year to a record high of $256,683.

This came in spite of about a 9 per cent year-on-year decline in turnover, suggesting that supply may still be struggling to keep up with demand.

Hia

All land is not created equal, of course, even within cities. 
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It’s considerably scarcer in ‘landlocked’ locations in the capital cities than it is out on the city fringe.

In Melbourne the median lot value exploded by +19.6 per cent over the financial year.

In Sydney the median price of vacant land also rose by +9.8 per cent.

Sydney’s lot sizes have been shrinking over the years, too.

Indeed, the price of vacant land per square metre in Sydney increased to beyond $1,000 for the first time.

At the national level, land values have increased by about 35 per cent since the 2012 financial year.



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About

Pete Wargent is a Chartered Accountant, Chartered Secretary and has a Financial Planning Diploma. He’s achieved financial freedom at the age of 33 - as detailed in his book ‘Get a Financial Grip – A Simple Plan for Financial Freedom’. Pete now manages his investment portfolio, travels and works as a consultant in the finance industry from time to time. Visit his blog


'Land prices soar' have 2 comments

  1. Avatar for Property Update

    November 1, 2017 @ 10:32 am Michelle McAllister

    Land Prices Sore? Surely Soar !

    Reply


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