Demand for housing is booming across Perth, with new figures from the Urban Development Institute of Australia in WA revealing a 92 per cent increase in the number of new land sales over the past 12 months.

According to the institute’s Urban Development Index for the December quarter 2023, new land sales in the Perth metro area increased 11 per cent and are up 31 per cent on the five-year average.

UDIA WA chief executive Tanya Steinbeck said the latest sales figures were the highest recorded since the dual Home Builder and Building Bonus stimulus impacted the September 2020 quarter sales results.

“With new land sales booming and supply struggling to keep up, there is upward pressure on prices, with the average price of new residential lots in Perth now sitting at $266,195,” she said.

To read the article in full, including further comments from UDIA WA CEO Tanya Steinbeck, click here. UDIA WA members can access the full results from the Urban Development Index, here.