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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.
HIA provided a submission into the Help to Buy Bill 2023 and the Help to Buy (Consequential Provisions) Bill 2023, herein referred to as the Help to Buy Bills.
“The upcoming Northern Territory budget presents a key opportunity for the Government to focus attention on measures to support increased housing supply and the delivery of much-needed homes in the Territory,” HIA Executive Director, Luis Espinoza said today.
New fast-tracked process to access land titles earlier for eligible developments.
HIA submitted the Northern Territory pre-budget submission to the NT Chief Minister.