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{{propApi.successMessage}} {{region}} Change locationLand prices accelerated in 2024
Land prices accelerated in 2024
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The HIA-Cotality Residential Land Report provides updated information on sales activity in 52 housing markets across Australia, including the six state capital cities.
“Lot prices have rapidly re-accelerated, finishing 2024 8.0 per cent higher than a year earlier, compared to more modest increases of 4.4 per cent and 3.3 per cent in 2022 and 2023, respectively,” added Mr Devitt.
“At the same time, 2024 represented the weakest calendar year of residential lot sales since 2000. Last year there were just 42,590 lots sold, down by 5.7 per cent on the previous year’s 45,150.
“The fact that these record low sales volumes occurred at the same time that land prices re-accelerated from record highs, is indicative of shortages of shovel ready land, driven by the rising cost of providing infrastructure and delays in the planning system.
“This suggests that dwelling price pressures will also persist, especially as demand for housing increases across the country.
“Elevated population growth, low unemployment rates and recovering real incomes have been bringing more aspiring homeowners back to the market in a number of states, and recent interest rate cuts will get more of them over the line.
“This increased demand will require a strong pipeline of shovel ready land to mitigate the pressures on affordability going forward.
“The re-elected Albanese Government has flagged investments in “enabling infrastructure” to help bring more residential land to market.
“One of the key barriers to increased housing supply is essential infrastructure such as utilities and transport which is often the very last thing standing in the way of commencing construction on an actual home.
“Fast-tracking this infrastructure is fantastic value-for-money for the government but care must be taken not to limit the funding of this infrastructure to only specific buyer groups or housing types.
“HIA recently released a paper on Who should pay to make water flow uphill, describing the paradox of trying to make housing more affordable by placing heavier cost burdens on new home building.
“Conditions on infrastructure funding, like a form of inclusionary zoning, can be well-intentioned but ultimately counterproductive,” concluded Mr Devitt.
Cotality Economist Kaytlin Ezzy said, “The lack of affordable shovel-ready land continues to be a significant barrier preventing the delivery of new housing stock to the market, with many prospective buyers instead shifting demand to the established market.”
“The RBA reported a decline in new dwelling purchase inflation in both the December 2024 (-0.2 ppt) and March 2025 (-0.4 ppt) quarters, despite a continued, albeit more moderate, rise in construction costs, with builders and developers increasingly offering promotions and incentives to entice new business.”
“This suggests that some of the previous hurdlers in delivering new detached housing, including material and labour shortages, have abated, while land availability and affordability remain a significant blocker.”
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North Queensland needs to do its share of home building
“The improvement in home building activity expected across the nation this year is already underway up and down the Queensland coast,” stated HIA Executive Director, Peter Fry.
ACT continues to languish in national housing rankings
“The Australian Capital Territory remains near the bottom of the national housing league table, staying at seventh place in HIA’s latest Housing Scorecard,” stated HIA ACT & Southern NSW Executive Director, Greg Weller.
Land prices accelerated in 2024
“The median price of residential land sold increased by 2.6 per cent nationally in the final quarter of 2024, to a new record high $369,530,” stated HIA Senior Economist Tom Devitt.
Increase to minimum wages from 1 July
The Fair Work Commission handed down its annual minimum wage decision, awarding a 3.5 per cent increase to the national minimum wage and modern award minimum wages.