Sydney land values on the rise

Sydney is Australia’s most expensive capital city to buy land, the Housing Industry Association’s (HIA) latest residential report has found.

According to the report, the price of an average Sydney lot rose 5.3 per cent in the March quarter to $259,000.

When comparing on a per square metre basis, the price of a residential lot in Sydney was at least $487 higher than in every other capital city.

HIA’s NSW acting executive director Brenton Gardner said a lack of adequate land and development charges were forcing land prices up in the city.

In regional NSW, median land prices grew by 6.1 per cent in the March quarter to $140,000.