Business News

New residential land sales have dropped by 17 per cent in the last quarter and by 4.6 per cent in the financial year, figures from the Urban Development Institute of Australia show.

The UDIA’s latest survey of land developers showed 1,565 new lots were sold in the June 2022 quarter across the Perth metropolitan area.

UDIA WA chief executive Tanya Steinbeck said while sales have declined, anecdotal evidence pointed to demand being strong.

“Developers are hamstrung by ongoing skills and materials shortages that are compounding land supply shortages following the rollercoaster ride of 2020 and 2021,” Ms Steinbeck said.

To read the full article, including extensive comments from UDIA WA CEO Tanya Steinbeck and using data from UDIA WA’s Urban Development Index, click here.