The Research Division of RPM Real Estate Group is pleased to deliver the
Residential Market Report – June quarter 2017
The vacant land market has continued to experience strong purchaser demand through June quarter 2017. Overall, gross sales across the growth corridors within Melbourne, Geelong and Surf Coast reached a new peak of 6,788 lots in June quarter 2017 (+16.8% from March quarter 2017, and +23.4% from June quarter 2016).
This volume of lot sales has been significantly above the number of new lot releases, resulting in a diminished level of total stock on the market across most growth corridors. Consequently, price pressures have emerged, with the Melbourne median land price of $271,000 in June quarter 2017 equating to growth of 8.2% from March quarter 2017 and 23.2% from June quarter 2016.
In addition to this robust demand, supply levels have been squeezed by the delay of a number of required PSPs and the increasing delays in titles. This has resulted in many developers ‘managing’ stock releases which have impacted on prices. As a consequence, until supply level concerns are tackled we don’t see any price relief in the near term as we remain buoyant on demand.
Furthermore, this report provides you with an economic and housing construction update, along with the latest land analysis and news from the VPA.
Download the full report to find out more.