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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.
October marks the beginning of National Safe Work Month – a time for us all to pause, reflect, and reinforce our commitment to creating a safe and healthy workplace for everyone,” said HIA Hunter Executive Director Craig Jennion.
The Victorian government has introduced changes to OHS regulations that expressly requires employers to identify psychosocial hazards and how they intend to manage the risks to health and safety.
New data from the Housing Industry Association (HIA) shows that ‘gentle density’ is on the rise in a number of states.
Applications for Property Developer Licences under the ACT Property Developers Licensing Scheme opened yesterday. There is a one year phase in, meaning that by 1 October 2026 it will be mandatory for those undertaking regulated residential building work (essentially projects involving three or more dwellings) to hold a Licence.