Powered by MOMENTUM MEDIA
development
1 minute read

Melbourne land sales jump 48%

Melbourne land sales jump 48%

by Emma Ryan | November 25, 2019 | 1 minute read

Melbourne’s land market has become a hot commodity, with sales jumping 48 per cent in the last quarter, according to new research.

Melbourne
November 25, 2019

RPM Real Estate Group’s Residential Market Review has found that there has been an uplift in gross lot sales for the sixth consecutive month. Across the last quarter alone, Melbourne and Geelongs land market increased 48 per cent from the previous quarter, representing 2,657 sales.

RPM’s head of communities, Luke Kelly, said renewed confidence and increasing housing values in the established market is encouraging “move up” buyers to sell their current home and upgrade to a new house and land package.

“This buyer cohort is supporting still prevalent first home buyers who comprise 68 per cent of owner-occupier purchases, providing a more balanced land market.

“Although Melbourne’s median lot price rose marginally to $315,500, we’re finding that continued incentives in the order of five to 10 per cent, which equate to sub-$300,000 pricing, and well-priced titled stock is attracting still price-sensitive buyers.

Advertisement
Advertisement

“If buyer confidence continues to strengthen, incentives and rebates continue to materialise into net median pricing under $300,000 and the median lot size remains under 400 sqm, we will likely get back to a stable and sustainable market by mid-2020,” he said.

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

Melbourne land sales jump 48%
Melbourne
spi logo

Subscribe to get the latest news and updates - join a community of over 80,000 property investors.

Check this box to receive podcast updates

From the web

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.