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1.Market Observations, 8.Was Sticky

27 July 2018 (AFR) – Melbourne land prices up 41 per cent, but correction under way

(27 July 2018, AFR, p34, by Larry Schlesinger)

‘The cost of land to build a new house in Melbourne’s outer suburbs surged a whopping 41 per cent to $359,000 in the year to March, according to the latest HIA-CoreLogic Residential Land Report. The dramatic price growth, which is finally showing signs of reversing since peaking in April, has led to a steep fall in lot sales – from over 5000 a quarter in 2016 to just over 2000 in the March 2018 quarter, the HIA report shows – as the price of a new house-and-land package has pushed well above $500,000 (despite smaller lots) making a new home unaffordable for many.’

Read more at AFR.com (might need AFR login access, or try: AFR.com/trial)

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