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Brisbane land prices top Australian average

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  • Brisbane land prices top Australian average

    Brisbane land prices top Australian average

    Article from:
    Melissa Ketchell
    October 26, 2009 11:00pm

    LAND prices in Brisbane have jumped 7.1 per cent in the three months to June, well above the national increase of 1.1 per cent, but sale volumes are down.
    The latest HIA-rpdata.com Residential Land Report shows the average residential land price in Brisbane was $223,900 in the June 2009 quarter, 7.1 per cent higher than the previous quarter and 12 per cent higher than the same time last year.Nationally, the average land price was $174,490, with Sydney the most expensive city boasting a median of $255,000.
    The cheapest market was Mallee, in Victoria, with a median price of $70,000.
    Three Queensland locations were ranked in the five most expensive regional areas.
    The Sunshine Coast recorded an average land price of $236,750, the Gold Coast $232,250 and north Queensland's average land price was $180,000.
    But while prices increased, the report found the 1435 land sales recorded in Brisbane were down 8.5 per cent on the corresponding time last year. The executive director of HIA Queensland, Warwick Temby, said the market had a long way to go.
    He said only the Darling Downs and Mackay saw increases in land sales during the first half of 2009.
    Nationally, the Darling Downs was the second-fastest growing region in terms of sales with a 50 per cent increase on the same time last year.
    "Although a recovery is expected for Queensland's residential property market in 2010, this land sales result suggests the extent to which new home building bounces back across the state will be both limited and slow to materialise," Mr Temby said.
    He urged governments to work to ensure that land was unlocked in a timely manner.
    "Getting land release right will help avoid an unnecessary deterioration in housing affordability," Mr Temby said.
    HIA chief economist Harley Dale said new home building would not recover properly without an adequate and affordable land supply.
    The rising cost of land already had led to an increase in the number of smaller blocks for sale.
    "There's one way to find out if a man is honest-ask him. If he says 'yes,' you know he is a crook." Groucho Marx