Land prices high in Richmond-Tweed
THE RICHMOND-Tweed region remains one of the most expensive places to buy land in Australia, according to figures released by RPdata.com.
The median lot price in the Richmond Tweed area is $225,700, making it the fifth most expensive place to by land in Australia. It is only marginally cheaper than the Gold Coast, where the median price is $230,000.
The data came in a report that showed land sales are at the lowest they have been in almost a decade, and prices are rising making housing less affordable.
“Land price appreciation is a key cause of Australia’s housing affordability problem, with higher prices cascading through the residential market to push up the price of both new and existing houses,” Housing Industry Association senior economist Andrew Harvey said.
RPdata.com senior research analyst Cameron Kusher said housing affordability was spiralling out of control.
“When you add on top of the land cost professional fees, government charges and the actual cost of constructing a home, it’s no surprise that many Australians are forced to remain in the rental market.
“Undoubtedly, something needs to be done to address affordability constraints and governments at all levels need to realise this is a serious problem.”
FIVE MOST EXPENSIVE LAND MARKETS
(median lot price)
- Sunshine Coast: $280,000
- Sydney: $269,000
- Perth: $245,000
- Gold Coast: $230,000
- Richmond Tweed: $225,700