Land sales eased in most Australian capital cities over the June 2010 quarter, according to recent data.
The Housing Industry Association’s latest residential land report found the weighted median residential land value for Australia eased by 3.6 per cent over the quarter.
Sydney remains the most expensive residential land market in the nation with a median value of $280,000.
The Sunshine Coast in Queensland is the second most expensive land market with a median value of $261,750, followed by the Gold Coast ($235,000), Richmond Tweed ($228,700) in New South Wales, and Perth ($227,000).
HIA chief economist Harley Dale said the report signals a weaker outlook for new home building in 2011.
“A sustained weakening in residential land sales volumes over the nine months to June 2010 and a raft of other leading indicators point to a renewed downturn in new home starts next year,” Dr Dale said.
“That is a sobering outlook, particularly in the context of a very tight rental market, which is already placing enormous pressure on low and middle income renters and aspiring first home buyers.”
The most affordable land market in Australia is the Mallee region of Victoria, with a median price tag of $72,250.
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