Perth land prices now highest median per square metre in Australian Capital Cities

Perth land prices now highest median per square metre in Australian Capital Cities 01/04/2016

A rise in land prices and a reduction in lot sizes could lead to new types of houses in Perth.
 
Perth land prices have leapt ahead in the past 12 months with new figures out this week revealing a 10.7 percent increase.
 
Our city now has the highest median price a square metre for land out of all the Australian Capital Cities at $733.00.
 
According to figures from Core Logic RP Data, Perth median land price is now $299,000, however the average lot size across the metropolitan region has reduced considerably at an average of only 428sqm (Source: Perth Now)
 
With this in mind, there is absolutely no question that prices of land in the Perth Hills, and in particular the Roleystone, Mount Nasura and Bedfordale precincts, still represent exceptional value when one considers that the average 2000sqm lot transacts at around the $300,000 mark ($150 per square metre).  It would be correct to assume that these prices will follow suit and rise accordingly as per Perth’s more suburban areas.
 
This is further confirmation of what I have documented in the previous 3 editions of this publication, that irrespective of the mining downturn,  Western Australian Real Estate, and in particular the metropolitan area, will increase in capital value as we progress into the second half of 2016.
 
 

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