HIA–CoreLogic ResidentialLand Report RESIDENTIAL LAND SALES MEDIAN LOT VALUES REGIONAL MARKETS RESIDENTIAL LOT SIZES LAND VALUE RANKING OF MARKETS January 2023 A quarterly update on the sale of residential land
RATE HIKES SHAKE CONFIDENCE, BUT land shortage remains
The median price for residential land across Australia has been relatively stable over the two quarters to September 2022, falling by 0.2 per cent in the most recent quarter to $328,854. This compares almost identically with the median lot price $328,985 recorded in the March Quarter, six months earlier.
The desire for space and amenity that characterised the pandemic is still pushing up the size of residential lots that Australians demand – in both the capitals and the regions – causing the price per square metre of residential land to decline more unambiguously. The stable price of residential land over the last two quarters, combined with further increases in lot sizes, resulted in a 5.4 per cent decrease in the price per square metre of residential land in the September Quarter, to be 7.7 per cent lower over the last two quarters.
Sales of new residential land also reached a new record low, with just 4,405 lots being sold in the September Quarter 2022. Before 2022, the March Quarter of 1991, during Australia’s last pre-pandemic recession, held the record for the lowest number of lot sales, with just 6,789 lots sold over the quarter. Each of the first three quarters of 2022 have beaten this record low.
These declining prices and falling sales volumes do not reflect an end to the underlying shortage of land. Rather, it reflects the combination of worsening affordability pressures and the shock of the RBA’s rate hiking cycle to consumer confidence and borrowing capacity. This is disguising the underlying shortage of land in the short term.
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Sales of new residential land started declining from late 2020 while prices continued to surge to record highs, reflecting a shortage of shovelready land in the face of ongoing demand.
Prices for new residential land stalled in most regions across the country – and in some cases started to fall – in the same quarter that the RBA began the steepest rate-hiking cycle in a generation. This is consistent with the destruction of consumer confidence seen in a number of market surveys, as well as with rate hikes diminishing the borrowing capacity of consumers.
A recovery in demand depends largely on the RBA’s future cash rate decisions. Once demand recovers, the underlying shortage of shovel ready land will further exacerbate the affordability challenges already facing aspiring homeowners and will likely put further pressure on the already tight rental market.
It will also further undermine the Australian government’s aspiration of 1 million new homes built in the five years from 2024.
Lower land prices and more affordable housing must be driven by a greater supply of land, shorter delivery times and fewer regulatory and tax imposts, not by the destruction of confidence
HIA–CoreLogic RESIDENTIAL LAND REPORT P2
RESIDENTIAL MEDIAN LOT VALUE & MEDIAN LAND SIZE - CAPITAL CITIES
The Australian government has announced a new, aspirational goal of building one million homes over five years from 2024. HIA’s forecasts suggest that this goal will not be achieved without changes to the cost of building or the price of land. If land supply increases, with shorter delivery times and fewer regulatory and tax imposts, land prices could fall, helping to increase the supply of new homes.
HIA–CoreLogic RESIDENTIAL LAND REPORT P3
350 370 390 410 430 450 470 490 510 530 550 100,000 150,000 200,000 250,000 300,000 350,000 400,000 Sep-2007 Sep-2008 Sep-2009 Sep-2010 Sep-2011 Sep-2012 Sep-2013 Sep-2014 Sep-2015 Sep-2016 Sep-2017 Sep-2018 Sep-2019 Sep-2020 Sep-2021 Sep-2022 $ Median Lot Price Median Lot Size
Source: CoreLogic, HIA Economics
Capital City Land Markets
The chart below shows the median price of residential land in the capital cities during the September Quarter 2022 and compares them to the median prices recorded in the same period a decade ago
Over the September Quarter 2022, results were mixed for the capitals in terms of changes in prices
➢ Greater Sydney has driven the capital city declines over the last two quarters, down by 8.6 per cent in the September Quarter and 11.6 per cent over the last two quarters. This still leaves Australia’s largest capital with the most expensive lot prices, at $614,500, up by 7.8 per cent on a year earlier.
➢ The median price of residential land in Greater Melbourne also surged during the pandemic, but not as fast as in Greater Sydney. Greater Melbourne is the second most expensive capital city for residential land in Australia with lot prices still increasing, up by 4.5 per cent in the September Quarter 2022 to a new high of $439,000. This is up by 26.1 per cent compared to a year earlier.
➢ Over the course of the pandemic, Greater Hobart has overtaken Brisbane, Perth and Adelaide to become the third most expensive capital city for residential land. Prices in Greater Hobart are even higher now than they were in Greater Melbourne at any time before the pandemic. The median price of residential land increased by 16.7 per cent in the September Quarter 2022 to a new high of $350,000. This is 29.6 per cent higher than a year earlier.
➢ Greater Adelaide overtook Brisbane and Perth during the pandemic to record a median price of $319,990 in the September Quarter 2022, up by 6.7 per cent on the previous quarter and 45.8 per cent higher than the same time a year earlier. The latest quarter’s price is in line with Greater Melbourne’s pre-pandemic peak at the start of 2019.
➢ The median price of residential land in Greater Perth was $244,000 in the September Quarter 2022, up by 1.5 per cent on the previous quarter and 0.4 per cent higher than a year earlier.
➢ The median price of residential land in Greater Brisbane reversed the anomalous spike recorded in the June Quarter 2022, falling by 14.3 per cent in the September Quarter. At $240,000, Brisbane’s median price is 1.3 per cent up on a year earlier and makes Brisbane the most affordable capital city for land in the country.
➢ The weighted median price of residential land for the capital cities was $342,072, down by 1.9 per cent per cent over the quarter, though still up by 10.7 per cent compared to the same period a year earlier.
HIA–CoreLogic RESIDENTIAL LAND REPORT P4
$281,750 $210,000 $210,000 $176,500 $230,000 $132,000 $614,500 $439,000 $240,000 $319,990 $244,000 $350,000 $$100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000
Greater Sydney Greater Melbourne
Greater Brisbane
Greater Adelaide
Greater Perth Greater Hobart Sep-12 Sep-22
MEDIAN LOT PRICE - CAPITAL CITIES
Source: CoreLogic , HIA Economics
As with prices, there is considerable variation in the typical size of new residential lots between the capital cities:
➢ Since mid-2021, median lot sizes have increased sharply, with consumer preferences shifting towards lower density living during the pandemic. The capital city weighted median lot size increased by a further 3.0 per cent in the September Quarter 2022 to be 11.2 per cent larger than a year earlier. The capital city weighted median lot size was 453 square metres in the latest quarter, its largest size since 2013.
➢ At 670 square metres, Greater Hobart has the largest residential lot sizes of any capital city. Hobart’s median lot size rose by 3.9 per cent in the September Quarter 2022 to be down by just 0.7 per cent compared to a year earlier.
➢ Greater Adelaide has seen the most significant increase in residential lot sizes over the pandemic, from having near the smallest capital city lots in the country just a year ago, to the second largest, behind only Greater Hobart. Lot sizes in Greater Adelaide increased by 25.7 per cent in the September Quarter 2022 to 579 square metres, 53.4 per cent larger than a year earlier.
➢ Greater Brisbane has also seen significant increases in residential lot sizes, especially over the last year, rising 21.3 per cent. Over the September Quarter 2022, Brisbane’s median lot size held steady (+0.0 per cent) at 546 square metres.
➢ Residential lot sizes in Greater Melbourne ticked up by 5.0 per cent in the September Quarter 2022 to 420 square metres, to be up by 5.0 per cent compared to a year earlier.
➢ Residential lot sizes in Greater Sydney reversed a spike in the previous quarter, shrinking 6.1 per cent to 410 square metres in the September Quarter 2022 to be up by 1.6 per cent on a year earlier.
➢ Greater Perth has the smallest residential lot sizes of the capital cities at 375 square metres. Perth’s median lot size decreased by 0.8 per cent in the September Quarter 2022, to be in line (+0.0 per cent) with the median recorded over the September Quarter 2021
LOT SIZE (MEDIAN) - CAPITAL CITIES
Low sales volumes can create volatility in quarter-to-quarter price movements that a per-square-metre analysis can help address. The record low volume of sales recently, however, may still be creating quarterly volatility on a per square metre basis, so results should still be interpreted with caution.
In the latest quarter, most capital cities saw declines in the price per square metre of residential land, consistent
HIA–CoreLogic RESIDENTIAL LAND REPORT P5
505 448 521 405 450 685 410 420 546 579 375 670 250 300 350 400 450 500 550 600 650 700 750
Greater Sydney Greater Melbourne Greater Brisbane Greater Adelaide Greater Perth Greater Hobart Sep-12 Sep-22
Source: CoreLogic , HIA Economics
with stabilising or declining residential land prices and continued increases in residential lot sizes. The following table illustrates the change in the price per square metre of residential land over the year to the September Quarter 2022.
Over the past year, Greater Hobart saw the largest increase in price per square metre, followed by Greater Adelaide and Greater Melbourne. The remaining capitals all recorded an annual decline in price per square metre
GROWTH IN CAPITAL CITY LAND PRICES (PER SQM)
On a per square metre basis:
➢ The capital city weighted median price of residential land was $857 per square metre in the September Quarter 2022, down by 6.9 per cent for the quarter but still consistent with (-0.7 per cent) a year earlier.
➢ Despite recording some of the steepest declines, down by 7.1 per cent in the latest quarter and 17.2 per cent over the last two quarters, Greater Sydney remained the most expensive capital city, with a median lot price of $1,459 per square metre.
➢ Greater Brisbane saw the most dramatic decline in median price per square metre, down by 39.6 per cent in the September Quarter 2022, to $402 per square metre – the lowest of the capital cities.
➢ While Greater Melbourne’s price per square metre looks to have stabilised, down by just 0.5 per cent in the September Quarter 2022 to $1,076 per square metre, it’s still the second highest among the capital cities and is 19.3 per cent higher compared to a year earlier.
➢ Prices per square metre in Greater Perth declined by 0.4 per cent in the September Quarter 2022 to $669, down by 1.7 per cent on a year earlier.
➢ Prices per square metre spiked in Greater Adelaide over the September Quarter 2022, up by 28.0 per cent to $700, and 22.8 per cent higher compared to a year earlier.
➢ Greater Hobart was the only other capital city to record an increase in prices per square metre over the September Quarter 2022, up by 15.8 per cent to $513. This is up by 39.8 per cent on a year earlier, though still one of the most affordable capital cities, above only Brisbane
HIA–CoreLogic RESIDENTIAL LAND REPORT P6
Rank Region % change - Year to Sep '22 1 Greater Hobart 39.8% 2 Greater Adelaide 22.8% 3 Greater Melbourne 19.3% 4 Greater Perth -1.7% 5 Greater Sydney -5.0% 6 Greater Brisbane -30.8%
$617 $481 $427 $437 $548 $211 $1,459 $1,076 $402 $700 $669 $513 $$200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 GreaterSydney GreaterMelbourne GreaterBrisbane GreaterAdelaide GreaterPerth GreaterHobart Sep-12 Sep-22
Source:
Source: CoreLogic, HIA Economics
PER
SQUARE METRE PRICE OF LAND - CAPITAL CITIES
CoreLogic HIA Economics
Regional Land Markets
The weighted median price of residential land in regional areas bounced back in the September Quarter 2022, up by 8.2 per cent to $257,622. Despite the rise, regional lot prices are still down by 0.9 per cent over the preceding two quarters, consistent with the capital cities.
Like in the capital cities, the size of residential lots in the regions continued to increase, up by 3.3 per cent in the September Quarter 2022 and 5.6 per cent over the last two quarters.
The tables below rank the ten most and least expensive regional markets according to median residential lot prices recorded during the September Quarter 2022.
Some caution should be exercised when interpreting regional data. The nature of these markets means that transaction volumes can be quite low, especially with recent small sales volumes, meaning prices can be volatile. Locations along the east coast make up the list of the most expensive regional markets with a preference for locations within a two-hour drive to the centre of a capital city. The least expensive regional markets tend to be areas with more dispersed populations. These areas typically have lower transaction volumes, which means they tend to have more noticeable fluctuations in median residential lot price and size
➢ Mornington Peninsula in Victoria was the most expensive regional area, with a median residential lot price of $1,010,000, followed distantly by Sunshine Coast in Queensland at $695,000.
➢ New South Wales dominated the list of the most expensive regional markets, with six entries in the top ten list, while Queensland and Victoria each had two regions make the list.
➢ The most affordable regional markets were located in New South Wales (2), Western Australia (2), South Australia (3) and Queensland (3).
The Central Coast in New South Wales and the Mornington Peninsula in Victoria are considered part of the Greater Capital City regions. For the purposes of this section of the Report, they are considered regional areas as they have different market characteristics to Sydney and Melbourne. They are however included in calculations for the Greater Capital City areas and not Regional areas.
Median lot prices do not account for differences in the characteristics of lots being traded, such as their size. This means comparing the median lot prices across different geographic markets or different periods can be misleading. This section provides a comparison based on the price per square metre, though recent small sales volumes mean significant volatility may still remain.
The tables below summarise the land price per square metre in regional markets for the September Quarter 2022.
➢ Mornington Peninsula in Victoria was the most expensive region, with a price per square metre of $1,997. This was followed by the Gold Coast in Queensland at $1,293 per square metre.
➢ Victoria had two of the 10 most expensive regional markets based on price per square metre, while Queensland had three and New South Wales had five.
➢ Western Australia, South Australia and Tasmania were absent from this list in the September Quarter 2022.
➢ The most affordable regions on a per square metre basis were located in New South Wales (2), Western Australia (2), South Australia (3) and Queensland (3).
HIA–CoreLogic RESIDENTIAL LAND REPORT P7
Rank Region Median Lot Price ($) Rank Region Median Lot Price ($) 1 Mornington Peninsula (VIC) 1,010,000 1 Far West and Orana (NSW) 51,000 2 Sunshine Coast (QLD) 695,000 2 Western Australia - Wheat Belt (WA) 60,000 2 Gold Coast (QLD) 649,500 3 South Australia - Outback (SA) 85,000 4 Illawarra (NSW) 622,500 4 Barossa - Yorke - Mid North (SA) 115,000 5 Central Coast (NSW) 522,500 5 Townsville (QLD) 127,900 6 Geelong (VIC) 469,000 6 Mackay - Isaac - Whitsunday (QLD) 142,500 7 Southern Highlands and Shoalhaven (NSW) 464,500 7 South Australia - South East (SA) 150,000 8 Newcastle and Lake Macquarie (NSW) 455,000 8 Central Queensland (QLD) 151,500 9 Richmond - Tweed (NSW) 447,000 8 New England and North West (NSW) 153,000 10 Capital Region (NSW) 425,000 10 Western Australia - Outback (South) (WA) 157,500
10 MOST EXPENSIVE REGIONAL MARKETS
10 LEAST EXPENSIVE REGIONAL MARKETS
Source: CoreLogic, HIA Economics
Source: CoreLogic, HIA Economics
HIGHEST LAND PRICES PER SQM - REGIONAL MARKETS LOWEST LAND PRICES PER SQM - REGIONAL MARKETS
There are big differences between the sizes of the lots sold in the different regional markets of Australia
➢ In the September Quarter 2022, Tasmania’s South East offered the largest lots in the country, with a median lot size of 816 square metres, followed closely by Queensland’s Wide Bay at 806 square metres.
➢ All states had regional areas make the list for largest lot sizes.
➢ Logan - Beaudesert in Queensland offered the smallest regional lot sizes for the September Quarter 2022, with a median lot size of 398 square metres. This was followed by Geelong in Victoria at 458 square metres.
➢ The smallest regional residential lots were located in Queensland (3), Victoria (3), Western Australia (2) and New South Wales (2).
HIA–CoreLogic RESIDENTIAL LAND REPORT P8
Rank Region Price per SQM ($) Rank Region Price per SQM ($) 1 Mornington Peninsula (VIC) 1,997 1 Far West and Orana (NSW) 82 2 Gold Coast (QLD) 1,293 2 Western Australia - Wheat Belt (WA) 116 3 Illawarra (NSW) 1,089 3 South Australia - Outback (SA) 125 4 Geelong (VIC) 1,011 4 Barossa - Yorke - Mid North (SA) 164 5 Sunshine Coast (QLD) 997 5 Western Australia - Outback (South) (WA) 182 6 Central Coast (NSW) 864 6 Townsville (QLD) 194 7 Newcastle and Lake Macquarie (NSW) 863 7 Mackay - Isaac - Whitsunday (QLD) 196 8 Richmond - Tweed (NSW) 829 7 South Australia - South East (SA) 197 9 Logan - Beaudesert (QLD) 781 9 Central Queensland (QLD) 203 10 Southern Highlands and Shoalhaven (NSW) 739 10 New England and North West (NSW) 204 Source: CoreLogic, HIA Economics
Rank Region Median Lot Size (sqm) Rank Region Median Lot Size (sqm) 1 South East (TAS) 816 1 Logan - Beaudesert (QLD) 398 2 Wide Bay (QLD) 806 2 Geelong (VIC) 458 3 Shepparton (VIC) 802 3 Mandurah (WA) 466 4 Launceston and North East (TAS) 788 4 Ballarat (VIC) 475 5 Barossa - Yorke - Mid North (SA) 781 5 Illawarra (NSW) 551 6 Mackay - Isaac - Whitsunday (QLD) 779 6 Bendigo (VIC) 567 7 South Australia - South East (SA) 764 7 Hunter Valley exc Newcastle (NSW) 581 8 Western Australia - Wheat Belt (WA) 752 8 Bunbury (WA) 598 9 New England and North West (NSW) 751 9 Ipswich (QLD) 601 10 Central West (NSW) 744 10 Gold Coast (QLD) 601 LARGEST MEDIAN LOT SIZE - REGIONAL AREAS SMALLEST MEDIAN LOT SIZE - REGIONAL AREAS Source: CoreLogic, HIA Economics Source: CoreLogic, HIA Economics
Source: CoreLogic, HIA Economics
RESIDENTIALLANDSALES&MEDIANLOTVALUE-GREATERSYDNEY
HIA–CoreLogic RESIDENTIAL LAND REPORT P9
0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 0 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 Sep-2012 Mar-2013 Sep-2013 Mar-2014 Sep-2014 Mar-2015 Sep-2015 Mar-2016 Sep-2016 Mar-2017 Sep-2017 Mar-2018 Sep-2018 Mar-2019 Sep-2019 Mar-2020 Sep-2020 Mar-2021 Sep-2021 Mar-2022 Sep-2022 $ No. of sales Median Price
Sydney
Source: CoreLogic, HIA Economics Region Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 No. of sales 30 25 30 29 15 Median Price $385,000 $505,000 $500,000 $518,250 $522,500 No. of sales 245 157 69 46 42 Median Price $725,000 $817,500 $865,000 $930,000 $852,500 No. of sales 175 201 150 76 95 Median Price $629,000 $749,900 $750,000 $745,000 $580,000 No. of sales 2 0 1 1 1 Median Price $1,225,000 $0 $960,000 $11,000 $457,500 No. of sales 1 0 0 1 2 Median Price $5,615,000 $0 $0 $4,975,000 $1,303,250 No. of sales 1 4 1 2 1 Median Price $1,300,000 $1,500,000 $1,775,000 $1,725,000 $36,308 No. of sales 1 1 2 1 1 Median Price $434,500 $3,100,000 $1,521,000 $2,220,000 $1,250,000 No. of sales 12 5 7 2 2 Median Price $1,505,000 $1,215,000 $1,500,000 $2,132,500 $895,000 No. of sales 7 18 2 2 2 Median Price $1,800,000 $1,218,000 $750,000 $1,680,000 $1,421,000 No. of sales 232 189 78 57 53 Median Price $500,000 $520,000 $573,750 $583,000 $562,500 No. of sales 61 23 30 20 9 Median Price $544,500 $599,000 $617,000 $710,000 $560,515 No. of sales 10 3 5 2 4 Median Price $1,266,000 $650,000 $1,150,000 $717,500 $1,852,500 No. of sales 3 0 1 0 1 Median Price $2,420,000 $0 $1,815,000 $0 $1,710,000 No. of sales 215 201 106 64 37 Median Price $515,500 $470,000 $600,000 $625,000 $630,000 No. of sales 2 5 3 4 5 Median Price $5,705,000 $1,850,000 $1,600,000 $1,400,000 $1,120,000 No. of sales 997 832 487 308 281 Median Price $570,000 $610,500 $695,000 $672,500 $614,500 Greater Sydney Regions Sydney - City and Inner South Sydney - Eastern Suburbs Sydney - Inner South West Sydney - Inner West Sydney - North Sydney and Hornsby Sydney - Northern Beaches Central Coast Sydney - Baulkham Hills and Hawkesbury Sydney - Blacktown Sydney - Outer South West Sydney - Outer West and Blue Mountains Sydney - Parramatta Sydney - Ryde Sydney - South West Sydney - Sutherland Greater Sydney
Source: CoreLogic, HIA Economics
Regional New South Wales
RESIDENTIALLAND SALES&MEDIANLOTVALUE- RESTOFNSW
Rest of NSW Regions
HIA–CoreLogic RESIDENTIAL LAND REPORT P10
0 500 1,000 1,500 2,000 2,500 3,000 0 50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 Sep-2012 Mar-2013 Sep-2013 Mar-2014 Sep-2014 Mar-2015 Sep-2015 Mar-2016 Sep-2016 Mar-2017 Sep-2017 Mar-2018 Sep-2018 Mar-2019 Sep-2019 Mar-2020 Sep-2020 Mar-2021 Sep-2021 Mar-2022 Sep-2022 $ No. of sales Median Price
Source: CoreLogic, HIA Economics Region Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 No. of sales 243 118 80 100 46 Median Price $305,000 $345,500 $388,900 $420,000 $425,000 No. of sales 78 104 35 42 27 Median Price $250,000 $250,000 $238,000 $233,000 $257,500 No. of sales 36 57 29 28 13 Median Price $242,875 $285,000 $342,500 $292,500 $287,500 No. of sales 59 63 37 35 18 Median Price $210,000 $201,000 $205,000 $225,000 $51,000 No. of sales 249 181 134 87 51 Median Price $270,000 $340,000 $370,000 $380,000 $360,000 No. of sales 57 46 19 18 15 Median Price $450,000 $475,000 $555,000 $540,500 $622,500 No. of sales 201 80 73 46 47 Median Price $290,000 $332,500 $319,500 $377,500 $387,500 No. of sales 62 61 55 48 35 Median Price $173,500 $170,000 $205,000 $180,000 $244,000 No. of sales 109 94 59 75 45 Median Price $147,500 $148,500 $149,500 $135,000 $153,000 No. of sales 145 87 66 26 39 Median Price $416,000 $474,000 $495,000 $465,000 $455,000 No. of sales 36 31 22 16 23 Median Price $587,500 $448,000 $682,500 $641,500 $447,000 No. of sales 89 64 44 62 40 Median Price $180,000 $187,500 $223,000 $230,000 $235,000 No. of sales 60 39 31 20 23 Median Price $380,000 $487,500 $490,000 $575,000 $464,500 No. of sales 1,424 1,025 684 632 432 Median Price $275,000 $295,000 $334,000 $268,000 $325,000
Mid North Coast Murray New England and North West Capital Region Central West Coffs Harbour - Grafton Far West and Orana Hunter Valley exc Newcastle Illawarra Newcastle and Lake Macquarie Richmond - Tweed Riverina Southern Highlands and Shoalhaven Rest of NSW Source: CoreLogic, HIA Economics
RESIDENTIAL LAND SALES & MEDIAN LOT VALUE - GREATER MELBOURNE
HIA–CoreLogic RESIDENTIAL LAND REPORT P11
0 1,000 2,000 3,000 4,000 5,000 6,000 0 50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 450,000 500,000 Sep-2012 Mar-2013 Sep-2013 Mar-2014 Sep-2014 Mar-2015 Sep-2015 Mar-2016 Sep-2016 Mar-2017 Sep-2017 Mar-2018 Sep-2018 Mar-2019 Sep-2019 Mar-2020 Sep-2020 Mar-2021 Sep-2021 Mar-2022 Sep-2022 $ No. of sales Median Price
Melbourne
Source: CoreLogic, HIA Economics Region Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 No. of sales 30 41 14 11 18 Median Price $1,300,000 $1,260,000 $1,107,500 $1,280,000 $1,890,000 No. of sales 28 27 26 16 14 Median Price $1,455,000 $1,410,000 $1,550,000 $1,600,000 $1,305,000 No. of sales 33 57 43 33 11 Median Price $1,800,000 $1,686,000 $1,650,000 $1,626,500 $1,400,000 No. of sales 150 166 83 102 69 Median Price $324,250 $323,000 $367,500 $376,000 $345,500 No. of sales 186 131 72 72 65 Median Price $355,000 $422,500 $418,500 $415,000 $438,000 No. of sales 62 62 49 42 34 Median Price $1,000,000 $966,000 $920,000 $868,000 $795,000 No. of sales 635 448 226 174 154 Median Price $390,000 $416,082 $450,000 $475,000 $535,000 No. of sales 1,500 995 545 449 372 Median Price $327,200 $335,500 $356,000 $362,250 $379,000 No. of sales 53 58 42 30 20 Median Price $721,000 $607,500 $759,244 $765,000 $1,010,000 No. of sales 2,641 1,984 1,116 989 785 Median Price $348,000 $370,000 $404,000 $420,000 $439,000 Melbourne - North East Melbourne - North West Greater Melbourne Regions Melbourne - Inner Melbourne - Inner East Melbourne - Inner South Melbourne - Outer East Melbourne - South East Melbourne - West Mornington Peninsula Greater Melbourne
CoreLogic, HIA Economics
Source:
Regional Victoria
RESIDENTIAL LAND SALES & MEDIAN LOT VALUE - REST OF VIC
Rest of Victoria Regions
HIA–CoreLogic RESIDENTIAL LAND REPORT P12
0 500 1,000 1,500 2,000 2,500 3,000 0 50,000 100,000 150,000 200,000 250,000 300,000 350,000 Sep-2012 Mar-2013 Sep-2013 Mar-2014 Sep-2014 Mar-2015 Sep-2015 Mar-2016 Sep-2016 Mar-2017 Sep-2017 Mar-2018 Sep-2018 Mar-2019 Sep-2019 Mar-2020 Sep-2020 Mar-2021 Sep-2021 Mar-2022 Sep-2022 $ No. of sales Median Price
Source: CoreLogic, HIA Economics Region Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 No. of sales 256 237 142 131 82 Median Price $250,000 $278,000 $297,000 $304,500 $310,000 No. of sales 67 76 53 32 36 Median Price $277,000 $293,750 $292,500 $320,000 $270,000 No. of sales 484 347 183 140 116 Median Price $330,000 $372,000 $417,000 $449,500 $469,000 No. of sales 137 121 71 47 50 Median Price $174,000 $249,000 $245,000 $260,000 $263,000 No. of sales 325 252 167 99 95 Median Price $255,500 $285,000 $271,500 $275,000 $297,500 No. of sales 57 41 37 40 39 Median Price $165,000 $135,000 $169,000 $134,500 $175,000 No. of sales 26 33 30 15 12 Median Price $190,500 $236,000 $213,500 $275,000 $252,000 No. of sales 58 48 40 39 36 Median Price $197,500 $187,000 $220,000 $262,500 $250,000 No. of sales 1,410 1,155 706 516 477 Median Price $275,000 $293,000 $300,000 $307,500 $300,000
Latrobe - Gippsland North West Shepparton Warrnambool and South West Rest of Vic. Ballarat
CoreLogic, HIA Economics Bendigo Geelong Hume
Source:
RESIDENTIAL LAND SALES & MEDIAN LOT VALUE - GREATER BRISBANE
Greater Brisbane Regions
HIA–CoreLogic RESIDENTIAL LAND REPORT P13
0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 0 50,000 100,000 150,000 200,000 250,000 300,000 Sep-2012 Mar-2013 Sep-2013 Mar-2014 Sep-2014 Mar-2015 Sep-2015 Mar-2016 Sep-2016 Mar-2017 Sep-2017 Mar-2018 Sep-2018 Mar-2019 Sep-2019 Mar-2020 Sep-2020 Mar-2021 Sep-2021 Mar-2022 Sep-2022 $ No. of sales Median Price
Brisbane
Source: CoreLogic, HIA Economics Region Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 No. of sales 424 348 244 124 133 Median Price $54,000 $58,000 $65,000 $67,500 $65,000 No. of sales 31 27 14 7 5 Median Price $557,500 $650,000 $670,000 $738,750 $765,000 No. of sales 118 62 32 25 16 Median Price $395,000 $565,000 $840,000 $690,000 $1,035,000 No. of sales 30 20 13 10 9 Median Price $652,500 $620,000 $750,000 $725,000 $687,500 No. of sales 19 9 7 13 7 Median Price $808,000 $1,250,000 $1,000,000 $1,300,000 $980,500 No. of sales 294 183 117 77 37 Median Price $225,000 $229,500 $245,000 $270,000 $222,500 No. of sales 493 211 91 38 62 Median Price $234,000 $235,500 $266,000 $315,000 $310,000 No. of sales 203 143 102 72 28 Median Price $275,000 $341,500 $325,000 $335,000 $357,000 No. of sales 28 12 7 9 3 Median Price $355,000 $338,500 $445,000 $450,000 $560,000 No. of sales 1,640 1,008 627 385 324 Median Price $237,000 $240,000 $231,875 $280,000 $240,000 Greater Brisbane
Ipswich Brisbane - East Brisbane - North Brisbane - South Brisbane - West Brisbane Inner City
Logan - Beaudesert Moreton Bay - North Moreton Bay - South
Source: CoreLogic, HIA Economics
Regional Queensland
RESIDENTIAL LAND SALES & MEDIAN LOT VALUE - REST OF QLD
Rest of Queensland Regions
HIA–CoreLogic RESIDENTIAL LAND REPORT P14
0 500 1,000 1,500 2,000 2,500 3,000 0 50,000 100,000 150,000 200,000 250,000 300,000 Sep-2012 Mar-2013 Sep-2013 Mar-2014 Sep-2014 Mar-2015 Sep-2015 Mar-2016 Sep-2016 Mar-2017 Sep-2017 Mar-2018 Sep-2018 Mar-2019 Sep-2019 Mar-2020 Sep-2020 Mar-2021 Sep-2021 Mar-2022 Sep-2022 $ No. of sales Median Price
Source: CoreLogic, HIA Economics Region Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 No. of sales 198 144 120 74 58 Median Price $208,000 $213,500 $204,000 $198,750 $247,500 No. of sales 97 153 101 88 52 Median Price $145,000 $125,000 $167,000 $150,000 $151,500 No. of sales 38 43 46 34 18 Median Price $62,500 $115,000 $82,500 $48,250 $50,125 No. of sales 65 63 52 29 26 Median Price $847,500 $690,000 $1,194,000 $1,125,000 $649,500 No. of sales 124 107 96 52 45 Median Price $197,000 $181,000 $175,000 $190,000 $142,500 No. of sales 6 7 12 8 8 Median Price $10,500 $17,000 $17,000 $20,000 $22,300 No. of sales 75 87 49 26 14 Median Price $520,000 $645,000 $700,000 $663,000 $695,000 No. of sales 113 103 74 53 31 Median Price $190,000 $213,000 $210,000 $232,500 $240,000 No. of sales 96 80 77 60 68 Median Price $130,000 $151,000 $150,000 $156,450 $127,900 No. of sales 230 213 111 88 89 Median Price $175,000 $185,000 $199,000 $200,000 $218,000 No. of sales 1,042 1,000 738 546 423 Median Price $188,000 $195,000 $197,000 $189,500 $190,000 Cairns Central Queensland Darling Downs - Maranoa
Gold Coast Mackay - Isaac - Whitsunday Queensland - Outback Sunshine Coast Toowoomba Townsville Wide Bay Rest of Qld
Source: CoreLogic, HIA Economics
RESIDENTIAL LAND SALES & MEDIAN LOT VALUE - GREATER ADELAIDE
Greater Adelaide Regions
HIA–CoreLogic RESIDENTIAL LAND REPORT P15 Adelaide 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 0 50,000 100,000 150,000 200,000 250,000 300,000 350,000 Sep-2012 Mar-2013 Sep-2013 Mar-2014 Sep-2014 Mar-2015 Sep-2015 Mar-2016 Sep-2016 Mar-2017 Sep-2017 Mar-2018 Sep-2018 Mar-2019 Sep-2019 Mar-2020 Sep-2020 Mar-2021 Sep-2021 Mar-2022 Sep-2022 $ No. of sales Median Price
Source: CoreLogic, HIA Economics Region Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 No. of sales 85 62 49 33 18 Median Price $231,000 $252,900 $625,000 $400,000 $542,500 No. of sales 120 100 60 65 44 Median Price $162,500 $180,000 $187,500 $152,500 $290,000 No. of sales 65 55 35 42 29 Median Price $288,500 $340,000 $300,000 $398,750 $320,000 No. of sales 28 18 15 16 9 Median Price $382,500 $450,000 $345,000 $507,500 $415,000 No. of sales 298 235 160 157 109 Median Price $219,500 $240,000 $247,000 $300,000 $319,990
Adelaide - West Greater Adelaide Source: CoreLogic, HIA Economics Adelaide - Central and Hills Adelaide - North Adelaide - South
Regional South Australia
Rest of South Australia Regions
HIA–CoreLogic RESIDENTIAL LAND REPORT P16
0 100 200 300 400 500 600 0 20,000 40,000 60,000 80,000 100,000 120,000 140,000 Sep-2012 Mar-2013 Sep-2013 Mar-2014 Sep-2014 Mar-2015 Sep-2015 Mar-2016 Sep-2016 Mar-2017 Sep-2017 Mar-2018 Sep-2018 Mar-2019 Sep-2019 Mar-2020 Sep-2020 Mar-2021 Sep-2021 Mar-2022 Sep-2022 $ No. of sales Median Price RESIDENTIAL LAND SALES & MEDIAN LOT VALUE- REST OF SA Source: CoreLogic, HIA Economics Region Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 No. of sales 121 150 135 145 88 Median Price $87,500 $92,000 $90,000 $100,000 $115,000 No. of sales 38 43 50 54 44 Median Price $72,500 $84,000 $82,000 $80,000 $85,000 No. of sales 165 219 152 164 116 Median Price $122,500 $118,000 $138,000 $145,000 $150,000 No. of sales 324 412 337 365 246 Median Price $99,625 $96,500 $95,550 $110,000 $118,000 Barossa - Yorke - Mid North South Australia - Outback South Australia - South East Rest of SA Source: CoreLogic, HIA Economics
Perth
RESIDENTIAL LAND SALES & MEDIAN LOT VALUE - GREATER PERTH
Greater Perth Regions
HIA–CoreLogic RESIDENTIAL LAND REPORT P17
0 1,000 2,000 3,000 4,000 5,000 6,000 0 50,000 100,000 150,000 200,000 250,000 300,000 Sep-2012 Mar-2013 Sep-2013 Mar-2014 Sep-2014 Mar-2015 Sep-2015 Mar-2016 Sep-2016 Mar-2017 Sep-2017 Mar-2018 Sep-2018 Mar-2019 Sep-2019 Mar-2020 Sep-2020 Mar-2021 Sep-2021 Mar-2022 Sep-2022 $ No. of sales Median Price
Source: CoreLogic, HIA Economics Region Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 No. of sales 136 156 176 163 134 Median Price $185,000 $189,000 $200,000 $180,500 $195,000 No. of sales 36 15 31 20 21 Median Price $697,000 $973,000 $700,000 $890,000 $915,000 No. of sales 400 330 272 201 165 Median Price $243,000 $248,000 $260,000 $285,000 $270,000 No. of sales 519 460 382 290 262 Median Price $264,000 $275,000 $241,000 $250,000 $240,000 No. of sales 503 420 277 211 169 Median Price $237,000 $240,000 $242,000 $235,000 $263,000 No. of sales 515 406 339 257 277 Median Price $239,000 $230,000 $235,500 $229,000 $229,000 No. of sales 2,109 1,787 1,474 1,181 1,009 Median Price $243,000 $240,000 $243,000 $240,500 $244,000
Perth - North West Perth - South East Perth - South West Greater Perth Source: CoreLogic, HIA Economics Mandurah Perth - Inner Perth - North East
Regional Western Australia
RESIDENTIAL LAND SALES & MEDIAN LOT VALUE - REST OF WA
Rest of Western Australia Regions
HIA–CoreLogic RESIDENTIAL LAND REPORT P18
0 100 200 300 400 500 600 700 800 900 0 20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000 180,000 200,000 Sep-2012 Mar-2013 Sep-2013 Mar-2014 Sep-2014 Mar-2015 Sep-2015 Mar-2016 Sep-2016 Mar-2017 Sep-2017 Mar-2018 Sep-2018 Mar-2019 Sep-2019 Mar-2020 Sep-2020 Mar-2021 Sep-2021 Mar-2022 Sep-2022 $ No. of sales Median Price
Source: CoreLogic, HIA Economics Region Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 No. of sales 207 145 141 106 109 Median Price $199,000 $194,000 $205,000 $193,150 $221,000 No. of sales 52 20 19 24 31 Median Price $150,500 $186,500 $175,000 $198,000 $190,000 No. of sales 96 107 97 70 50 Median Price $105,000 $125,000 $113,000 $93,000 $157,500 No. of sales 70 57 80 52 44 Median Price $115,000 $105,750 $131,000 $115,000 $60,000 No. of sales 425 329 337 262 236 Median Price $165,000 $169,750 $159,000 $150,000 $171,000
Bunbury Western Australia - Outback (North) Western Australia - Outback (South) Western Australia - Wheat Belt Rest of WA
CoreLogic, HIA Economics
Source:
Hobart & Regional Tasmania
RESIDENTIALLAND SALES&
LOTVALUE- GREATER
RESIDENTIALLAND SALES&
LOTVALUE- RESTOFTAS
HIA–CoreLogic RESIDENTIAL LAND REPORT P19
0 50 100 150 200 250 300 0 50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 Sep-2012 Mar-2013 Sep-2013 Mar-2014 Sep-2014 Mar-2015 Sep-2015 Mar-2016 Sep-2016 Mar-2017 Sep-2017 Mar-2018 Sep-2018 Mar-2019 Sep-2019 Mar-2020 Sep-2020 Mar-2021 Sep-2021 Mar-2022 Sep-2022 $ No. of sales Median Price
MEDIAN
HOBART Source: CoreLogic, HIA Economics 0 50 100 150 200 250 300 0 50,000 100,000 150,000 200,000 250,000 Sep-2012 Mar-2013 Sep-2013 Mar-2014 Sep-2014 Mar-2015 Sep-2015 Mar-2016 Sep-2016 Mar-2017 Sep-2017 Mar-2018 Sep-2018 Mar-2019 Sep-2019 Mar-2020 Sep-2020 Mar-2021 Sep-2021 Mar-2022 Sep-2022 $ No. of sales Median Price
Source: CoreLogic, HIA Economics Region Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Launceston and North East No. of sales 41 39 25 23 20 Median Price $170,000 $240,000 $250,000 $285,000 $283,500 No. of sales 23 22 19 6 10 Median Price $190,000 $165,000 $252,000 $157,500 $295,000 No. of sales 31 27 30 54 23 Median Price $125,000 $135,000 $135,000 $35,000 $157,750 Rest of Tas. No. of sales 95 88 74 83 47 Median Price $155,000 $220,000 $190,000 $80,500 $230,000 No. of sales 55 55 43 31 36 Median Price $270,000 $318,000 $290,000 $300,000 $350,000 South East West and North West Greater Hobart Source: CoreLogic, HIA Economics Tasmania Regions
MEDIAN
Median Lot Value ($)
MEDIAN LOT SIZE (SQM) BY REGION - SEP 2022 QUARTER
HIA–CoreLogic RESIDENTIAL LAND REPORT P20 Quarter Greater Sydney Greater Melbourne Greater Brisbane Greater Adelaide Greater Perth Greater Hobart Weighted Median Mar Qtr 19 425,000 320,000 239,500 215,000 240,000 160,000 286,528 Jun Qtr 19 418,000 305,250 239,000 205,000 243,000 170,007 277,779 Sep Qtr 19 420,000 310,000 240,750 225,000 245,000 183,000 281,587 Dec Qtr 19 421,700 315,000 240,000 213,000 249,500 197,000 282,671 Mar Qtr 20 428,000 312,000 249,900 214,500 242,000 191,000 284,182 Jun Qtr 20 426,500 310,000 238,000 210,000 233,500 195,000 274,209 Sep Qtr 20 438,000 310,000 239,500 213,000 230,000 210,000 274,998 Dec Qtr 20 453,375 314,000 237,000 209,000 240,000 195,000 281,070 Mar Qtr 21 480,000 316,000 242,700 200,000 250,000 220,000 290,402 Jun Qtr 21 517,800 337,000 244,250 192,900 245,000 300,000 298,234 Sep Qtr 21 570,000 348,000 237,000 219,500 243,000 270,000 308,971 Dec Qtr 21 610,500 370,000 240,000 240,000 240,000 318,000 320,825 Mar Qtr 22 695,000 404,000 231,875 247,000 243,000 290,000 340,632 Jun Qtr 22 672,500 420,000 280,000 300,000 240,500 300,000 348,813 Sep Qtr 22 614,500 439,000 240,000 319,990 244,000 350,000 342,072 % Change previous quarter -8.6% 4.5% -14.3% 6.7% 1.5% 16.7% -1.9% previous year 7.8% 26.1% 1.3% 45.8% 0.4% 29.6% 10.7%
New South Wales Median Lot Size (sqm) Victoria Median Lot Size (sqm) Greater Sydney 410 Greater Melbourne 420 Illawarra 551 Geelong 458 Hunter Valley exc Newcastle 581 Ballarat 475 Central Coast 639 Bendigo 567 Far West and Orana 657 Warrnambool and South West 648 Richmond - Tweed 664 Mornington Peninsula 655 Coffs Harbour - Grafton 677 Latrobe - Gippsland 666 Mid North Coast 680 Hume 668 Southern Highlands and Shoalhaven 681 North West 686 Newcastle and Lake Macquarie 683 Shepparton 802 Riverina 720 Capital Region 721 South Australia Median Lot Size (sqm) Murray 728 Greater Adelaide 579 Central West 744 South Australia - Outback 700 New England and North West 751 South Australia - South East 764 Barossa - Yorke - Mid North 781 Queensland Median Lot Size (sqm) Logan - Beaudesert 398 Western Australia Median Lot Size (sqm) Greater Brisbane 546 Greater Perth 375 Ipswich 601 Mandurah 466 Gold Coast 601 Bunbury 598 Sunshine Coast 624 Western Australia - Outback (South) 732 Toowoomba 647 Western Australia - Wheat Belt 752 Townsville 690 Cairns 710 Tasmania Median Lot Size (sqm) Central Queensland 727 Greater Hobart 670 Mackay - Isaac - Whitsunday 779 West and North West 731 Wide Bay 806 Launceston and North East 788 South East 816
Source: CoreLogic, HIA Economics
Source: CoreLogic, HIA Economics
