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{{propApi.successMessage}} {{region}} Change locationRecord land prices set to impair goal of 1.2 million homes
Record land prices set to impair goal of 1.2 million homes
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The HIA-CoreLogic Residential Land Report provides updated information on sales activity in 52 housing markets across Australia, including the six state capital cities.
“The median price of a residential lot in Australia reached $351,044 in the June Quarter 2024, rising 2.2 per cent in the quarter to be 6.0 per cent higher than at the same time the previous year. This new all-time high was achieved alongside the sale of just 10,788 residential lots in the quarter, one of the weakest quarters of sales of the 21st century,” added Mr Devitt.
“A rise in the price of land, while the volume of sales is suppressed, indicates that the shortage of shovel ready land is deteriorating further.
“This weakness of sales alongside record high prices is present across capitals and regional areas.
“In Sydney, the volume of lot sales in the year to June was less than half its decade average. In Melbourne, they were about one-third of its decade average. In both of Australia’s largest capitals, the lack of new supply is sustaining lot prices around record highs.
“Melbourne in particular has struggled more than other capitals to see an improvement in lot sales, with buyer confidence likely impaired by additional taxes imposed on land and housing supply, further adding to costs and restricting supply.
“These taxes include a windfall gains tax applied from July 2023 and a land tax surcharge applied from January 2024.
“In Brisbane, Adelaide and Perth, the price of greenfield lots of land reached all-time highs in the first half of the year. Brisbane prices are even catching up to Melbourne. These record prices are being reached alongside – at best – unremarkable volumes of lot sales.
“This points to the need to ensure a solid pipeline of shovel-ready land, especially as confidence returns to these markets.
“Policymakers must work to reduce constraints and costs on new home building. This includes measures as set out in the HIA Planning Blueprint consisting of accelerating planning processes and approval times to facilitate increased infill development as well as speeding up the release of greenfield land and increased funding for critical enabling infrastructure to make projects shovel-ready faster.
“Meeting government housing targets and improving housing affordability requires a significant boost to home building. Increasing land costs and uncertainties on industry and households will have the opposite effect,” concluded Mr Devitt.
CoreLogic Economist Kaytlin Ezzy said, “The record high median land prices recorded in the June quarter amid below average sales continues to point towards an ongoing undersupply of land hampering the addition of new housing stock.
“Over the year to June, approximately 176,000 homes were completed nationally. While up by 1.2 per cent year-on-year, this was 8.4 per cent below the decade average and 26.6 per cent below the 240,000 a year needed to meet the Government’s five-year housing target.
“Without a steady flow of shovel-ready land, it’s likely land prices will continue to trend upwards, and dwelling approvals and completions will continue to fall short of target.”
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