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Land values are experiencing significant increases in Australia’s smaller capital cities, driven by growing demand. The latest HIA-CoreLogic Residential Land Report highlights rapid value growth in Adelaide, Brisbane, and Perth.

According to HIA Senior Economist Matt King, the median price for a typical residential lot in the March quarter of 2024 rose to $343,480, reflecting a 3.3% increase from the same period last year. King notes that “Perth, Brisbane, and Adelaide are currently experiencing double-digit annual increases in residential land prices,” positioning them as leaders in this growth trend.

In contrast, Hobart saw a 2.4% increase over the year, Sydney’s prices remained stable, and Melbourne experienced a decline compared to the previous year. King observes that the residential land market is experiencing divergent growth rates, with smaller and more affordable capital cities seeing sharper price increases.

Regionally, land values have dropped by 0.9% over the same period. Additionally, the volume of lots sold decreased by 9.1% in the March quarter compared to the end of 2023.

King attributes these trends partly to the challenges policymakers face in delivering sufficient residential land supply in a timely manner. “Excessive taxation and charges on land under residential development contribute to the high cost of land. The ongoing inadequacy of land supply, combined with inefficient and inequitable taxes like stamp duty, has further inflated land costs and exacerbated the issue.”

Underscoring the complexities of the residential land market and the need for more effective policy measures to address these challenges.

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