Research from RP Data has revealed the most expensive land prices in Australia.
The study compared the value of land based on a rate per square meter, making it a more accurate measure than simply using median land prices in each region – which does not take into account the size of the block.
Perth was revealed at the most expensive vacant land in the country, at an average cost of $555 per square meter.
Sydney follows at $547, and Adelaide comes in third at $486 per square meter, despite having the second most affordable median sale price.
According to the RP Data blog, the difference comes down to the size of the blocks being sold.
“The median land area for vacant land sales in Adelaide is the smallest of any capital city at just 375sqm,” the blog says. “So, despite being the most affordable mainland capital city based on median prices, on a rate per square meter basis, Adelaide land is actually relatively expensive.”
“Conversely, the most densely populated capital city, Sydney, still has the third largest median land area across the major capitals at 544sqm.”