Sale of new land keeps going strong
NEW land sales increased for the third consecutive quarter, according to the latest data from the Urban Development Institute of Australia (UDIA WA).
Nearly 1500 new lots were sold in the June quarter, an increase of 3.8 per cent on the previous period.
“This is a reflection of improved consumer confidence and a sign of positive growth in the Perth market,” chief executive Allison Hailes said.
“Buyers are recognising the current value for money that they can achieve.”
While sales volumes increased, the average price of new lots sold in Perth decreased 1.7 per cent for the quarter to $230,825.
“Several new estates were launched in the last year, which brought an influx of stock to the market,” Ms Hailes said.
“That increase in stock has put downward pressure on prices.
“However, with developers expecting to bring less land on to the market in the next 12 months, our declining stock levels are likely to lead to moderate price increases over the next year.”
The majority of new land sales (32 per cent) were in the northwestern corridor, which includes substantial growth areas such as the cities of Wanneroo and Joondalup.
The average price of new land in the City of Wanneroo was $228,297 and $213,577 in the City of Joondalup.
The northeastern corridor, primarily represented by the City of Swan, held 21 per cent market share