News & Blog
A new industry report has been released that shows that land sale is on rise in Melbourne. Also, the prices are found be increasing at a faster pace.
According to the Urban Development Institute of Australia’s State of the Land report released on Tuesday, in 2015 Melbourne was on top among other capital states, where more land was released. Roughly, there were 20,000 lots of lands released last year, which were 7000 more than that were released in 2014.
Demand and supply are going side by side, because along with increase in land sale, prices are also facing a hike. There was a 3.8% hike in median prices in the past year, thereby moving to $211,500.
But, prices hike are greater in Sydney, if compared with Melbourne. There the hike was 29.7% thereby moving to $440,725 in the last year.
Apart from it, along with the price rise in lots of land, their size is also shrinking. The average size of land for sale reducing 3.3% to 430 square metres last year.
The demand for land sales increases due to huge population growth in the meantime in Melbourne and other capital states. The reason for the same is the increased birth rate as well the increased migration, including interstate migration.