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“The recently released HIA-CoreLogic Residential Land Report shows that compared to the March 2021 quarter the number of residential land sales in the June 2021 quarter decreased by 49.27% on the Central Coast, 42.38 % in Newcastle and Lake Macquarie and 16.5% in the Hunter Valley.”
“This data, combined with an increase in land prices, reflects a shortage of land following the surge in demand after the announcement of HomeBuilder last year,” added Mr Jennion.
“The median lot price on the Central Coast in the June quarter was $380,000, a 9.35 per cent increase over the previous quarter. Similarly the Newcastle and Lake Macquarie median price was $415,000, a 18.57 per cent increase over March 2021. This placed the neighbouring regions eighth and fourth on the list of the most expensive regional markets nationwide. In contrast the Hunter Valley median of $214,000 was a 0.46 per cent fall over March 2021.”
“The median lot prices however do not account for differences in the characteristics of the lots being traded, such as their size. As a result a more appropriate approach is to use price per square metre to track land value.”
“The median price per square metre for the Central Coast was $790, an increase of 4.22 per cent from the March quarter. The median price per square metre for Newcastle and Lake Macquarie was $764, an increase of 30.15 per cent from the March quarter. All locations remain affordable in comparison to Sydney, the most expensive capital city in the country, who recorded a median square metre price of $1,412.”
“The report also found that the Central Coast has the 8th smallest median lot size of regional areas at 519 square metres during the March quarter. In contrast the median block size coming to market in Newcastle and Lake Macquarie was 570 square metres and 604 square metres in the Hunter Valley.”
“The significant reduction in sales and an increase in price for residential land has not just occurred on the Central Coast and in the Hunter. We have seen the median price in Greater Sydney increase by 11 per cent and the number of sales fall 48.28 per cent in the June quarter.”
“The process of turning a paddock into ‘shovel ready’ land can take over a decade in Australia. As a result, it is difficult for land supply to respond to changes in the short term and we are starting to see the impact of this with the increase in prices,” concluded Mr Jennion.
The Housing Industry Association (HIA) announced the HIA Cairns Home of the Year for 2024, with local builder, Koru Building Contractors taking out the prestigious award at the 2024 HIA-Cosentino Cairns Housing and Kitchen & Bathroom Awards presented on Friday 11 October at the Pullman Cairns.
The Housing Industry Association ACT and Southern NSW region has released its full 2024 ACT election priorities to address the issues facing housing and residential construction in the capital.
Trade shortages loom as a major threat to the Housing Accord’s target of building 1.2 million homes over the next five years. The target equates to an average of 240,000 homes per annum and Australia has only come close to this level of home building on two occasions in the past. The first was in a single year at the peak of the apartment boom of the mid-2010s (232,000 in 2016), and the second was for a single year at the peak of the COVID era cycle (228,000 in 2021).
This policy reflects HIA’s commitment to fostering a more diverse and inclusive residential building industry. HIA supports efforts to work with government and industry to encourage cultural change and broaden opportunities for all individuals.