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The HIA-CoreLogic Residential Land Report provides updated information on sales activity in 51 housing markets across Australia, including the six state capital cities.
“Over the year to September 2021, the median price of land in Australia increased by 12.6 per cent. This is the strongest annual increase since 2006,” added Ms Lillicrap.
“In Greater Sydney alone, the median price of residential land increased by 32.2 per cent over the year to September 2021.
“The median price of land in the combined greater capital cities increased by 14.7 per cent over the year to September 2021 compared to an increase of 8.6 per cent in the combined regional areas. This suggests that the shortage of residential land is more severe in the capital cities.
“Land will be the biggest constraint on building activity over the next couple of years. The current shortage of land will impact the industry at a time when the broader economy needs construction to help pull it forward,” concluded Ms Lillicrap.
According to Tim Lawless, CoreLogic’s Head of Research: “Considering the record level of detached house approvals at the peak of HomeBuilder together with the constraints involved with bringing newly subdivided land online quickly, the surge in land prices over the quarter is hardly a surprise.
“What is more counter intuitive is the trend towards fewer land sales through 2021, a pattern that is evident across each of the state capitals despite strong demand. Softer volumes are more a reflection of short supply rather than a lack of demand, which helps to explain the sharp rise in land values at a time when the volume of land sales is reducing,” says Mr Lawless.
“Of the estimated 34,000 apprentices who will commence a construction trade apprenticeship this year, we expect fewer than 20,000 will make it through to complete their qualification. This must improve,” stated Geordan Murray, Executive Director - Future Workforce.
The Victorian Government has extended its stamp duty concession for off-the-plan properties, providing continued financial relief for homebuyers. This initiative aims to support the housing market and make home ownership more accessible.
HIA provided a submission to the National Policy Competition analysis 2025.
As West Australia’s residential building industry continues to grow and evolve, it’s important we take a step back and look at something we often overlook - our mental health.