Lot Prices Moderate in Melbourne, Rise Sizeably in Geelong
Melbourne’s median lot price contracted by a marginal 0.6% over January, from last month’s record, to $351,950. New releases outpaced lot absorption, alleviating the upward pressures on prices. However, median lot size diminished 2.1%, resulting in per sqm prices continuing to increase. Conversely, dwindling active estates in Geelong has resulted in lots on the market falling to a long term low, with current supply equating to less than one month’s worth of demand. This induced a sizeable 12% escalation in Geelong’s median lot price to a new record of $368,000.