Lot sales reach new monthly high for 2025
Gross sales across metropolitan and regional growth areas rose by 12% in November to 1,541 lots, marking a new monthly high for 2025. This suggests that momentum in new home demand remains resilient despite recent changes in the interest rate outlook and ongoing uncertainty about future movements. Buyers continue to benefit from increased purchasing capacity throughout 2025. Supporting this, the Westpac-Melbourne Institute Consumer Sentiment Index moved into optimistic territory in November, for the first time since early 2022.
Geelong drives momentum across growth corridors
Geelong led the market with a 53% surge in lot sales, recording 206 lots – the highest monthly volume and share of total sales (13%) in four years. The Western corridor also performed well, with sales up 21%, though its share of total sales (29%) remained slightly below Northern Melbourne’s (31%) for the second consecutive month. The northern growth corridor’s sales rose 17%, although a contraction in lot sales in the South East corridor led to its share reducing to 17%.
Prices remain steady in Melbourne, Geelong lifts due to larger lots
Lot prices mirrored movements in lot sizes, supported by ongoing rebate and discount activity across the new home market. Melbourne’s median lot price edged down 1% to $395,000, with the median lot size unchanged at 350sqm. In contrast, Geelong recorded an 8% increase in median lot size, which underpinned a 10% lift in the median lot price to $403,000.