Boosted Grant: Queensland’s Housing Challenges Addressed
In a proactive response to the declining home ownership rates among young…
30 March 2022
Vacant lots of land within the nation’s suburbs and cities are running low, causing desperation amongst homebuilders. The Urban Development Institute of Australia has released the flagship ‘State of the Land’ report. This report was prepared with input from CoreLogic and greenfield land market research firm Research4.
Vacant residential lots were sold across capital cities, surging by 33% from the spike in 2020. Melbourne led the way with volumes of sales skyrocketing 125%. This was followed by Adelaide at 40% and South-East Queensland at 31%. The only reason Sydney is not in the top 3, experts report, is because the availability of vacant land is already exceedingly low.
This trend is of course resulting in higher costs of land, especially in Sydney, which raised an average of 17% across homes within the city.
This is due to the Commonwealth HomeBuilder Grant, lower interest rates and a preference for detached home builds from the results of the pandemic.
While this has been great for market confidence, a continued demand and supply issue will result in housing prices surging further, across all Australian cities and states.