Melbournites don't wait to buy land
Melbourne's median lot value increased by another 41 per cent year-on-year to a record $359,000, according to HIA figures.
That's up from just above $200,000 five years ago.
Lot sizes have been shrinking over time too.
Indeed, on a price per square metre Sydney's land price was more than 8 per cent higher than a year earlier.
A 700sqm block in Kellyville sold for $1,200,000 this week, some 36 kilometres from the CBD and located close to the M7 motorway.
Sales volumes have declined significantly, which combined with rising prices suggests limited availability on the market.
Overall, it's been another strong decade for land prices.