Land prices skyrocket
Data from the Urban Development Institurte of Australia (UDIA) revaled that median lot prices in Sydney have increased by +49.4 per cent in only the past three years.
The increase in 2015 alone was $100,975 or +22.9 per cent. to $440,725.
What is more, the typical lot size has shrunk from 524 square metres in 2010, to 454 square metres in 2015, meaning that lot prices per square metre have "almost doubled" (+73.5 per cent) with lot sizes anticipated to decrease further over the decade ahead.
The next most expensive lot prices are now to be found in South East Queensland at $255,750.
Land release evidently has not kept pace with demand.
Jennie Duke reports the dynamics in more detail at Domain here.