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Perth is the most affordable capital city in Australia to purchase a block of land in, with a median new land price of $228,000.
With the median land price growing a modest 6 per cent in 2022, Perth has assumed the mantle from Adelaide as having the most affordable residential blocks in the country, according to the Urban Development Institute of Australia’s State of the Land report, released at its national congress in Perth on Wednesday.
The report revealed new land sales in Perth have experienced a sharp decline, dropping 30 per cent in 2022, largely driven by a fall in consumer sentiment driven by rising interest rates, ongoing difficulties with accessing skilled labour and increased construction costs.
To read this article in full, including comments from UDIA WA CEO Tanya Steinbeck, click here. To read UDIA’s 2023 State of the Land report, click here.