The most expensive median land price in Queensland is out of the Gold Coast, followed by Sunshine Coast with Brisbane third.
A NEW report has found the price of land has shot up 15.5 per cent across state capitals in the past 12 months alone.
The price of capital city vacant residential land grew three times as fast as blocks in regional areas, according to the latest national land report, released Tuesday.
The surge was driven by a massive 38.4 per cent rise in Melbourne; s median lot value, which was reinforced by Perth’s 14.1 per cent jump over the past year, the Housing Industry Association-CoreLogic Residential Land Report said.
The Housing Industry Association-CoreLogic Residential Land Report June 2018 was released on Tuesday October 23, 2018.
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Every other major capital saw single digit rises, with Brisbane land prices growing the slowest of the capitals at 1.5 per cent, followed by Hobart (2.1 per cent), Adelaide (2.8 per cent) and Sydney (4.2 per cent).
Brisbane’s median land price was $238,750, according to the latest HIA-CoreLogic land report. Picture: Jono Searle.
Brisbane buyers have a unique advantage in that their capital city land prices have actually gone backwards in the past quarter by -1.5 per cent. As well as that, the Queensland capital’s median of $238,750 was third highest in the state.
The report found that the Gold Coast had the highest median residential lot value at $260,000 followed by the Sunshine Coast at $255,000.
In every other state, it was the capital city that had the highest prices, led by Sydney ($477,250), Melbourne ($375,000), Perth ($250,000), Adelaide ($220,000) and Greater Hobart ($148,000).
Brisbane’s residential land sales and median lot value. Source: HIA-CoreLogic Residential Land Report.
“On a per-square metre basis, Melbourne is still the capital city market with the strongest price increases over the past year,” the report said. “Over the year to June, the price of land rose by 26.5 per cent in Melbourne, 8.6 per cent in Adelaide, 7.5 per cent in Brisbane, 6.3 per cent in Sydney and 2.2 per cent in Perth. Prices in Hobart fell by 6.4 per cent.”
QLD median residential lot value:
Gold Coast $260,000
Sunshine Coast $255,000
Far North $170,000
Darling Downs $170,000
West Moreton $146,000
Wide Bay-Burnett $145,000
(Source: HIA-CoreLogic Residential Land Report)
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