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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.
“Adelaide, Brisbane and Perth are seeing residential land values grow at a rapid rate, while Sydney and Melbourne’s values remain relatively stable,” stated HIA Senior Economist Matt King.
Plumbing and drainage inspections in the Huntlee and North Rothbury areas are moving from Cessnock City Council to Building Commission NSW.
The BASIX Transition period for eligible signed building contracts will end on 30 September 2024. BASIX Certificates must be generated by this date to apply the pre-1 October 2023 BASIX standards.
“As the number of new homes under construction continues to decline builders are reporting fewer difficulties scheduling skilled trades workers on their jobs, although availability of skilled workers remains worse than prior to the pandemic,” stated Geordan Murray, HIA Executive Director – Future Workforce.