Lot Prices Reach New Record in Melbourne
Melbourne’s median lot price escalated by 2.6% over March to a new peak of $389,000, while growth in per sqm rates was stronger, after the median lot size reduced by 3.6% to 350sqm. Geelong also experienced higher per sqm rates, with monthly growth in its median lot price of 7.7% outpacing the 6.1% enlarging of its median lot size. However, it should be noted that both median lot price figures are likely inflated when taking into consideration the increased prevalence of rebates/incentives in the new home market, which are lowering the overall net purchase price. Nevertheless, price points in general are continuing to hold up steady in this challenging environment.