Whilst much of the recent media coverage of the Victorian property market has focused on the rebound in house prices in 2019, the Real Estate Institute of Victoria has released a recent analysis of vacant land values over the past 5 years which has confirmed that the price per square metre of vacant land has risen strongly over that period.
The REIV data shows that between 2014 and 2019 the median price per square metre of land in metropolitan Melbourne grew from $1,021 to $1,448, a rise of 41.8 percent. In regional Victoria the growth over the same period was 32.7 percent, reaching $535 in 2019.
The REIV’s analysis also provides some interesting insights into which areas of Melbourne experienced the strongest price growth. Between 2014 and 2019 the median price per square meter of land in Inner Melbourne grew by 36.1 percent, by 41.8 percent in Middle Melbourne, and by 59.1% in Outer Melbourne.
Some of the outer suburban regions that experienced the strongest growth rates were areas like Tyabb with 420 percent growth, Eumemmering with 244 percent, Bittern with 239 percent and St Andrews with 189 percent. Clearly proximity to water was a factor in the strongest growth, with four of the Top 10 growth suburbs being located near Westernport Bay or on the Mornington Peninsula.
It is also worth noting that over this five-year period, the median size of a vacant homesite dropped from 607sqm to 585sqm in the metropolitan area, a decrease of 3.6 percent.
If you are in the market for a place to build your next home, or wondering about the best way to sell your current home in order to make that mover, why not give the helpful Customer Service team at Ian Reid Vendor Advocates a call today on 1300 400 400.
You’ll also find lots of tips on how to maximise your result in our free booklet, “Fatal Real Estate Traps Exposed”.