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Land prices skyrocket in Melbourne

Land prices skyrocket in Melbourne

by Emma Ryan | November 15, 2019 | 1 minute read

Recent analysis by the REIV has found that Melbourne land values have climbed significantly over the past five years, particularly in the outskirts of the city.

Melbourne
November 15, 2019

According to REIV president Leah Calnan, research conducted by the body found that the outer Melbourne has recorded a 59.1 per cent boost in land values over the past five years, with the median price per square metre selling for $1,116 on average this year.

Metro and Middle Melbourne have also seen land values skyrocket, both recording a 41.8 per cent jump over the past five years.

Meanwhile, Inner Melbourne has seen land values climb by 36.1 per cent over the past five years, while regional Melbourne has seen them increase by 32.7 per cent over the same time period.

“Melbourne’s outer south-eastern and western suburbs are some of the fastest-growing parts of Australia,” Ms Calnan said.

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“Seventeen suburbs across Melbourne have had their land value more than double since 2014. Victorian property is a growth asset; anybody who bought into the market five years ago would see an amazing return.”

Ms Calnan said that while real estate commentary often focuses on clearance rates, “it’s important to look at how the long-term market is trending”.

“These figures make for great reading; the Victorian real estate sector has demonstrated long-term growth and stability,” she added.

“In signs of an improving market, we are again seeing increasing demand from interstate and international purchasers.

“…Location is always important, Middle Melbourne suburbs near the city like Essendon West and GlenroyGlenroy, NSW Glenroy, VIC recorded 125 per cent growth.”

“In the west, BrooklynBrooklyn, VIC Brooklyn, NSW Brooklyn, TAS provides great value with a median price of $1,892 per metre squared, competing with neighbouring Footscray or Maidstone.”

About the author

Emma Ryan

Emma Ryan

Emma Ryan is the deputy head of editorial at Momentum Media and editor of Smart Property Investment.

Emma has worked for Momentum Media since 2015, and has since been responsible for breaking some of the biggest stories in corporate Australia, including across the legal, mortgages, real estate and wealth industries. In addition, Emma has launched several additional sub-brands and events, driven by a passion to deliver quality and timely content to audiences through multiple platforms.

Email Emma on: [email protected]com.au

Land prices skyrocket in Melbourne
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