The number of Australians buying land has risen sharply as buyers take advantage of affordability.

Land sales rose 46% across the nation in the six months to the end of the September 2019 Quarter, according to the latest data from the Housing Industry Association. The 10,563 lots sold during the period were much higher than the March 2019 Quarter, when sales were the lowest on record.

The uptake has yet to have an impact on land prices, though CoreLogic’s Eliza Owen says it may not be long until demand drives prices higher.

“Demand for land and dwellings has rebounded strongly since June last year, which is also reflected in a 6.7% rebound in national dwelling values over the past seven months,” she says.

The rebound in the housing market follows the Federal Election result, a relaxation in lending standards, tax cuts and reductions in interest rates.

The Federal Government’s first-home buyers lending scheme is contributing to a rise in the number of market entrants, with more than half of the 10,000 slots already filled.