The West Australian
WA land buyers are set to pay significantly more money for smaller blocks of land as dwindling land supply becomes the next major battleground in the housing crisis.
New figures from the Urban Development Institute, revealed at a recent housing roundtable, show land is back in hot demand, with a 70 per cent jump in the number of vacant lots sold in the September quarter this year — 2200 — compared to the same period last year.
The sharp increase boosted the average price of a block of land to $257,500 for the quarter — up from the $245,000 annual average — prompting concerns about price pressure and fears the State could run out of saleable blocks.
UDIA figures show there are only 5121 lots currently listed for sale or under construction and set for release over the next 12 months — down from the 6802 sold in the past year.
To read the full story, including comments from UDIA WA CEO Tanya Steinbeck, click here.