Median vacant land prices rose 417% on average in capital cities and 422% across the combined regional areas in the past 25 years, according to a Property Pulse report.
The report noted vacant land prices are much higher than all other capital cities in Sydney, while the cost of vacant land has risen sharply over the past year in Sydney, Melbourne and Perth.
Research analyst Cameron Kusher said: “With higher prices and fairly steady land areas, the rate per square metre of land has continued to rise over the past year across the combined capital cities, while it has fallen in regional markets.
“Our research shows that median lot sizes have been reasonably stable across the combined capital cities over the past 12 months. “On a rate per square metre basis, vacant land in Sydney and Perth is much more expensive than all other capital cities. The rate per square metre has generally risen over the past year.”