National median land prices that jumped a yearly 9.3 per cent to $884 per square metre – and to more than double that in Sydney – are pushing buyers of new homes away from the larger cities to more affordable regions and capitals, new industry data shows.
Sydney’s land price rose to a record per-square-metre rate of $2011 – a 9.3 per cent year-on-year jump – which was a key factor in the 25 per cent slump of lot sales in Greater Sydney to just 621 in the September quarter from 833 a year earlier, the Housing Industry Association figures show.
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Michael Bleby covers commercial and residential property, with a focus on housing and finance, construction, design & architecture. He also dabbles in the business of sport. Michael is based in Melbourne. Connect with Michael on Twitter. Email Michael at mbleby@afr.com
