By JOHN VAN KLAVEREN
THE Barwon region is the seventh most expensive nationally for median land prices, according to new figures.
HIA-RP Data’s latest Residential Land Report said the region’s median lot price was $179,000.
Only six New South Wales and Queensland regions, including Richmond-Tweed Heads, Sunshine Coast and Gold Coast, ranked higher.
The most expensive regions ranged from $241,500 to $180,000.
Barwon, which includes Geelong, the Bellarine Peninsula and Surf Coast, was the only Victorian region in the national top 10.
The median value for regional Australia was $153,710 in the June 2013 quarter, the report said.
However, the report noted that sales were still “substantially lower” than in the last growth phase more than two years ago.
Housing Industry Association economist Harley Dale said the strong prices reflected higher volume of residential land sales, posting strong growth of 18.2 per cent in the June 2013 quarter.
“This is the highest quarterly volume achieved since the March quarter of 2010,” Mr Dale said.
“The recovery in residential land sales is impressive but from a very low base.”
Mr Dale said residential land prices had generally recorded “modest” growth.
He said residential land increased in value at only 1.7 per cent over the year, less than general inflation.
RP Data research director Tim Lawless said the improved vacant land market conditions were in line with growth across the broader housing market.
“The improved number of land sales reflects a higher level of buyer demand but we’re continuing to record a substantially lower number of land sales than during the last growth phase in 2009/2010.”
