Sale of new land keeps go­ing strong

The Advocate (Perth) - - RESIDENTIAL -

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

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