Tweed land tops rural property rich list
THE Richmond-Tweed area has topped the list of most expensive places to buy land outside of Sydney, according to the Housing Institute Association.
The recently released 2017 June quarter HIA-CoreLogic Residential Land Report revealed buying land in the region costs an average of $320,000 per lot, almost $100,000 more than the cost of land on the Gold Coast per lot.
HIA principal economist Tim Reardon said the data indicated there was more interest in owning land in Richmond-Tweed than there was in actual available land.
"Demand is clearly outstripping the supply,” he said.
"That's then the responsibility of the councils in the area to open any readily available land, otherwise you see price increases like this.”
While the Richmond- Tweed area had the largest reduction in land turnover across Australia with 35.1per cent, the region also experienced the largest increase in median lot price of plus 9.9 per cent from June 2016-17, reflecting once again the high demand-low supply scenario.
The report comes as property in the Tweed continues to run red- hot, with homes selling fast.
One Pottsville homeowner sold his duplex last month within hours of publishing an advert online, while renters continue to lament the lack of available homes.
While the data showed Sydney was the most expensive location to buy land, estimating land values to be on average $470,000 per lot, Mr Reardon said the data indicated people were more likely to move elsewhere to own property, like the Richmond-Tweed.
"As those other hubs develop, they draw in more younger workers, not just retirees, as they're looking at an entry into the housing market,” he said.
Compared to the 47 regions analysed, the HIA report also found the Richmond-Tweed region had the third most expensive residential land value per square metre at $438/sq m, just behind the Gold and Sunshine coasts.
Mr Reardon warned land prices could continue to rise unless new land became available. The Kings Forest and Cobaki Lakes estates are due to come online soon, with 10,000 new homes between them.