Top 5 Most Affordable Suburbs | May. ‘18
The median land price ladder shows the price movements across all seven growth area municipalities and where the decreases occurred.
The south-eastern municipalities are the only regions this month to record an increase, with Cardinia recording the highest of 7.1 percent, accounting for new and larger stock coming to market. (817 sqm median land size close to double that of other regions).
The rest of the growth regions had recorded a decline in price, with the exception being Melton, where no change occurred leaving the land price and size as $323,000 and 400 sqm respectively.
It was Whittlesea that recorded the greatest drop in price, with new stock being released to the somewhat long spell of dwindling land releases, the new median sits at $363,000, a 3.7 percent decrease month on month. Wyndham and Mitchell also recorded a decline – both over 2 percent.
The correction in land prices may come as no surprise with a drawn-out period of intense price growth, and it’s worth noting that any cooling of market conditions, though in the near future, shouldn’t have a dramatic impact on Melbourne’s residential land market.
The number of trading land projects remains below trend.